CHICAGO and NEW YORK, Oct. 12, 2022 (GLOBE NEWSWIRE) — Phello holy, a venture capital fund focused on supporting and building emerging psychedelic therapeutic companies, announced the closing of its $50 million fund (the “Fund”). The Oversubscribed Fund is positioned to make a transformational impact in the field of mental health by funding a diverse portfolio of companies developing innovative psychedelic medicines and therapies targeting both mental health and a range of CNS disorders.
“After decades of criminalization, psychedelics are showing their potential to treat mental health disorders faster and longer than currently available treatments, in a field that has not seen substantial innovation in more than 30 years,” he said. Tim Schlidt, co-founder of Palo Santo. “In the context of a growing global mental health crisis, our mission is to advance the clinical development and FDA approval of these much-needed therapies that we believe will become the future standard of care. We are proud to play a role in this paradigm shift and look forward to creating value for our portfolio companies, investors and most importantly, patients and their loved ones.”
Palo Santo co-founder Daniel Goldberg added: “It is very encouraging to see the momentum in psychedelic drug development backed by leading academic institutions, investors, regulators and politicians on both sides of the aisle. MDMA is expected to be approved within the next two years as a breakthrough therapy for the treatment of PTSD and psilocybin about two years after depression. With approximately fifty percent of our Fund yet to deploy, we are well positioned to put money to work in a more favorable investment environment while fostering innovation in the field of mental health.”
The Palo Santo Fund is currently invested in more than 20 portfolios companies throughout the psychedelic ecosystem, including beckley psychiatrist, tachogenic, bexson biomedical, Ksana’s Health, Gilgamesh Pharmaceuticals, Delix Therapeutics, Clinical JourneyY creep, among others. Palo Santo combines its investment and portfolio building expertise with the expertise of leading academics and advisors in psychedelic science. Palo Santo’s distinguished advisory council includes pharmacology expertise with leading serotonin 2A researchers Dr Charles D Nichols Y Dr John D McCorvy; psychiatric expertise with Julie Holland, MD Y Dr. John F. Green; clinical and commercial experience with Dr Stephen Wright; knowledge of intellectual property Gretchen Temeles, PhD, JD; and aptitude around medicinal chemistry with Dr David Sherman.
Beckley Psytech CEO Cosmo Feilding Mellen commented: “Globally, there is a huge unmet need from patients for more effective mental health treatments. Psychedelic therapies represent a potentially exciting new class of neuropsychiatric treatments and it has been very important for this nascent industry to have the backing of diligent investors like Palo Santo. We are grateful for your support, which has helped us advance our portfolio of psychedelic programs, and we look forward to continuing to work with your team.”
Palo Santo Scientific and Medical Advisor to the Multidisciplinary Association for Psychedelic Studies (“MAPS”), Julie Holland, MD, added, “Having been a clinical psychiatrist and psychopharmacologist for the past 25 years, I see incredible potential in psychedelics to benefit to patients, including those whose therapies are no longer effective. It is critical that the most promising companies and therapies receive the funding necessary to advance psychedelics through clinical trials in a timely manner, and I am proud to be part of a team of experts who share the same goal.
About Palo Santo
Palo Santo is a venture capital fund focused on emerging psychedelic medicines and therapies poised to address the growing mental health crisis and create a new paradigm in wellness. The fund targets a wide range of companies offering innovative solutions in biopharmaceuticals, drug development, digital therapies, healthcare services and technology solutions to address the growing global mental health crisis. From cutting-edge science to commercial application, Palo Santo’s portfolio includes more than 20 companies focused on advancing the field of psychedelic medicines and expanding access and affordability for patients. For more information please visit https://rosewood.vc/ either https://twitter.com/PaloSantoFund.
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