Australia-based biotech startup Psylo has entered into a Sponsored Research Agreement with global Japanese pharmaceutical company, Daiichi Sankyo, to support the advancement of psychiatric medicines for patients struggling with chronic mental illness.

As part of the agreement, Psylo will utilise its expertise in neuropsychiatric therapies and leverage Daiichi Sankyo's extensive experience in drug discovery and clinical development to advance research and development of new treatments for chronic mental illness.

Psylo will establish an office at the B+labs incubation space in Philadelphia in US, providing the company with access to cutting-edge research and development resources. 

The Sponsored Research Agreement between Psylo and Daiichi Sankyo will help advance the development of non-hallucinogenic psychiatric therapies as novel antidepressants, bringing new hope to patients struggling with chronic mental illness.