Investment supports the development of first-in-class, non-addictive, non-hallucinogenic molecules with a non-synaptic target, differentiated from existing drugs

First start-up company from Argobio’s portfolio to reach a financing milestone – Argobio is an international startup studio backed by leading investors, including Angelini Ventures

Angelini Ventures, the corporate venture firm of Angelini Industries focused on investing in companies developing innovative solutions in BioTech and Digital Health, announces its investment in Elkedonia SAS (Strasbourg, France), a pioneering biotech company developing a first-in-class neuroplastogen for the treatment of depression and other neuropsychiatric disorders. This €11.25 million seed round was co-led by Kurma Partners, WE Life Sciences and Bpifrance, with participation from Angelini Ventures, Argobio, Carma Fund, Capital Grand Est and Sambrinvest.

The funds raised will be used to advance Elkedonia’s novel neuroplastogen approach to identify and optimize drug-like small molecule inhibitors of Elk1, a novel intracellular target previously considered to be "undruggable". Elk1 plays a pivotal role in reward brain circuits and neuroplasticity. These mechanisms are often altered in conditions like depression, Post-Traumatic Stress Disorder (PTSD), and addiction, making them chronic instead of transient. Preclinical and clinical studies suggest that Elk1 inhibition offers a promising and differentiated new approach to treating treatment-resistant depression, with rapid efficacy and without the side effects of psychedelics or ketamine derivatives, such as sedation, dependence, or hallucinations. Part of the financing will be directed toward biomarker research and validation efforts, supporting a precision-based therapeutic strategy.

This scientific and commercial potential was identified early by Argobio, which selected and developed Elkedonia within its venture studio. Founded in Paris and backed by leading investors including Angelini Ventures, Argobio partners with European academic institutions to transform early-stage discoveries into biotech companies, with a focus on rare diseases, neuroscience, oncology and immunology.

Elkedonia is the first of these ventures to reach a significant financing milestone — a clear validation of Argobio’s model and approach. This strong European investor syndicate reflects both the confidence of Argobio’s founding investors in its model and Elkedonia’s ability to attract leading life sciences investors at the seed stage. Building on this momentum, Argobio continues to expand its portfolio with the ambition to scale a repeatable model of biotech creation, driven by scientific excellence, entrepreneurial leadership and long-term investor alignment.

“We are excited to support Elkedonia’s groundbreaking work in advancing neuroplastogens, which represents a potential first-in-class approach to treating depression,” said Fabrizio Calisti, Medical Director at Angelini Ventures. “The novel nature of Elkedonia’s target Elk1, previously thought to be undruggable, sets the company apart in the landscape of depression treatments, and we are proud to be part of this transformative journey. This investment reflects Angelini Ventures’ commitment to supporting the exciting science coming out of European academic laboratories at the earliest stages via Argobio and subsequently providing further capital through our venture fund to accelerate the translation of cutting-edge research into therapies with the potential to transform outcomes for people with neuropsychiatric disorders.”

Fabrizio Calisti, M.D., Medical Director at Angelini Ventures, will join Elkedonia’s Board of Directors.

“I am thrilled to welcome our founding seed investors and thank my colleagues at Argobio for their support in creating Elkedonia. The novelty of our neuroplastogen approach offers a strong value proposition supported by groundbreaking neuroscience research. We are positioned to make a significant impact on the treatment of major depressive disorders, bringing relief to all patients, including young people, adolescents and the elderly,” said Delphine Charvin, Chief Executive Officer and Co-Founder of Elkedonia, previously Operating Partner at Argobio. “In addition, our development of biomarkers will allow us to pursue a precision medicine for patient selection and treatment efficacy monitoring.”