Elkedonia backed by $12 million seed round for novel depression therapy

Angelini Ventures has joined a syndicate of European life sciences investors to back Elkedonia, a French biotech developing a new class of neuroplastogens to treat depression and other neuropsychiatric conditions.

The 11.25 million euro ($12 million) financing marks the first major milestone for Elkedonia, which is the debut spinout from Argobio, a Paris-based venture studio.

Elkedonia is working on first-in-class, non-hallucinogenic compounds that act on Elk1, an intracellular protein previously seen as undruggable. Elk1 plays a role in brain reward pathways and neuroplasticity — processes often disrupted in depression, PTSD, and addiction. The company aims to deliver a fast-acting therapy without the side effects associated with psychedelics or ketamine-based treatments, such as sedation or hallucinations.