CHICAGO, July 15, 2021 /PRNewswire/ -- Palo Santo,
the leading U.S.-based psychedelic investment fund, announced its
launch with an initial $35 million in
capital raised and an active portfolio of 20 companies. The
diversified venture fund is focused on tackling the growing global
mental health crisis by investing in innovative psychedelic-based
and adjacent therapies that are poised to shape the future of
psychiatry and fields beyond.
Innovative psychedelic-based and adjacent
therapies are poised to shape the future of psychiatry and fields
beyond.
In 2020, founders Daniel
Goldberg, Tim Schlidt and
Tony Eisenberg partnered to form
Palo Santo, and formally launched the venture capital fund in 2021.
Having seen the enormous therapeutic potential of psychedelic
medicines years ago, the partners have been active as early
participants and investors in the emerging industry.
Supported by a rapidly growing body of evidence and strong FDA
support, psychedelic-assisted treatments represent a paradigm shift
in mental healthcare. Yet, the emerging ecosystem of business
opportunities is highly fragmented, and with a lack of
institutional capital available, Palo Santo is targeting
early-stage, high-growth opportunities within biopharma, drug
development, digital therapeutics, healthcare services and tech
enabled solutions. These businesses are positioned to have a
profound impact on treating a wide range of conditions such as
depression, PTSD, anxiety, OCD, addiction, chronic or neuropathic
pain, neurodegenerative diseases and a range of
inflammatory-related illnesses.
To date, Palo Santo has partnered with and funded more
than 20 portfolio companies with notable investments such as
atai Life Sciences (NASDAQ: ATAI), Reset Pharma, Field Trip Health,
Tactogen, Eleusis, Bexson Biomedical, Ksana Health, neuroCare,
Bright Minds, Diamond Therapeutics and Gilgamesh, among
others.
With a track record of success in backing early-stage
enterprises, Palo Santo's team of investment professionals brings
together decades of venture capital, private equity, and
healthcare-focused experience. The team is further supported by
scientific advisors Charles Nichols,
one of the world's leading psychedelic pharmacologists;
Julie Holland, renowned
psychiatrist, psychopharmacologist and author; David Sherman, a medicinal chemist and head of
the University of Michigan psychedelic
collective; and John Greden,
chair emeritus, University of Michigan
Department of Psychiatry and the founder of the University of Michigan Depression Center.
Collectively, the team applies a diligent, in-depth scientific
approach to portfolio company selection, evaluation and
monitoring.
"We could not be more excited about how our portfolio has shaped
up, as well as its trajectory," said Palo Santo Co-Founder
Daniel Goldberg. "This is a moment
of validation for our model, and we will continue to support our
thesis by backing talented founders who are creating innovative
approaches to mental health and addiction treatment. At my first
psychedelics conference years ago, it felt as if only the leading
researchers and those 'in the know' were aware that psychedelics
were poised to change psychiatry forever. That's all changing now,
and with these compounds being destigmatized, medicalized, and
legalized, I couldn't think of a more impactful investment for our
society."
Palo Santo Co-Founder Tim
Schlidt, added, "Psychedelics represent a paradigm shift in
treating a range of illnesses, but a sense of scientific rigor and
thoroughness is still required in investing across this ecosystem.
Palo Santo applies a meticulous and selective approach to investing
and heavily leverages its network of scientific advisors and
academicians to evaluate opportunities. We must remember that much
of the investment opportunity-set is within biotech, and therefore
requires a deep focus on the science, mechanisms of action, and
review of the appropriate assays or human data at each phase of
drug development. With our background in healthcare and deep
network in the space, Palo Santo is well-positioned as a diligent,
validating investor. In addition to this, Palo Santo is providing
more than just capital. We actively work to support and synergize
our portfolio by connecting founders, advisers, and key opinion
leaders with a collaborative ethos in mind."
About Palo Santo
Palo Santo is the leading
U.S.-based psychedelic investment fund focused on increasing the
supply of clinically effective and accessible mental health and
addiction treatment solutions needed in today's world. The firm
targets a diverse range of companies offering innovative solutions
across biopharma, drug development, digital therapeutics,
healthcare services, and tech-enabled 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 patient access and affordability. For more
information, please visit https://palosanto.vc/ or
https://twitter.com/PaloSantoFund.
Media Contact:
Ellen
Mellody
MATTIO Communications
570-209-2947
ellen@mattio.com
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SOURCE Palo Santo