Palo Santoa venture capital fund focused on backing and building emerging psychedelic therapeutics companies announced the closure of its $50 million fund.
The oversubscribed fund is positioned to have a transformative impact on the space mental health by funding a diverse portfolio of companies developing innovative psychedelic medicines and therapies targeting both mental health and a range of central nervous system (CNS) disorders.
“After decades of criminalization, psychedelics are demonstrating their potential to treat mental disorders faster and more permanently than currently available treatments, in a field that hasn’t seen significant innovation in over 30 years,” he said Tim SchlidtCo-founder of Palo Santo.
“Against the backdrop of a growing global mental health crisis, our mission is to advance the clinical development and FDA approval of these much-needed therapies, which 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 families.”
Daniel Goldberg, The Palo Santo co-founder added, “It is very encouraging to see the momentum in psychedelic drug development, supported by leading academic institutions, investors, regulators and policymakers on both sides. MDMA is expected to be approved as a breakthrough therapy for the treatment of PTSD within the next two years and psilocybin for depression approximately two years later.”
The Palo Santo Fund is currently invested in over 20 portfolio companies in the psychedelic ecosystem. In addition, the firm combines its investment and portfolio construction experience with the expertise of leading academics and consultants in the psychedelic science.
A group of authoritative researchers will serve on the Palo Alto Advisory Board.
“Around the world, there is a tremendous unmet patient need for more…
