JLS Fund

Dec 16, 2022

Gilgamesh Pharmaceuticals , a New York-based mental health science-focused biotechnology company, raised $39M in Series B funding. The round was led by Prime Movers Lab with additional investment from Alumni Ventures, Palo Santo, Negev Capital, Route 66, JLS Fund, Satori Capital and Gron Ventures. Led by CEO Dr. Jonathan Sporn, Gilgamesh is developing a portfolio of rapid-acting and durable treatments for depression and other mental health disorders. The company has a disciplined focus on developing innovative new chemical entities (NCEs) leveraging combination of medicinal chemistry, intellectual property strategy, neuroscience & neurobiology, and drug development expertise. Gilgamesh intends to use the funds for the advancement of two programs into clinical trials and the development of a pipeline of novel pre-clinical programs for the treatment of depression and other neuropsychiatric disorders. The additional capital will be used, in part, to further advance Gilgamesh’s 2 lead programs, GM-1020 and GM-2505 through Phase 1/1b safety and efficacy studies. GM-1020 is a novel, patented (composition of matter), orally active small molecule antagonist of the N-methyl-D-aspartate (NMDA) receptor with the potential to have rapid-acting antidepressant (RAAD) activity without adverse behavioral effects at therapeutic doses. GM-1020 is orally bioavailable and retains rapid effects in preclinical models of depression while avoiding side effects typically associated with IV ketamine and IN esketamine. Together, these properties may make GM-1020 suitable for at-home use, reducing the burden of treatment and increasing compliance. GM-2505 is a novel, patented (composition of matter), small molecule, short-acting 5-HT2A receptor agonist/5-HT releaser that is expected to have a rapid and durable antidepressant effect. GM-2505 is anticipated to produce dramatic changes in human consciousness, perception, emotion, and cognition. In addition, the 5-HT releaser component may add empathogenic features to the patient experience. GM-2505 was designed to have an ideal PK profile in humans, allowing for sufficient target engagement to provide RAAD effects without requiring a burdensome, extended-duration in-clinic experience, thereby significantly reducing the patient/therapist time. Consequently, given the limited number of trained therapists, Gilgamesh hopes to be able to treat many times more patients than longer-duration alternatives. FinSMEs 16/12/2022