Elkedonia SAS, a Franco-Belgian biotechnology startup, has successfully closed an oversubscribed €11.25 million seed funding round to advance its novel neuroplastogen approach for treating depression and other neuropsychiatric disorders. The round was co-led by Kurma Partners, WE Life Sciences, and the French Tech Seed fund managed by Bpifrance as part of France 2030, with participation from Argobio, Angelini Ventures, CARMA Fund, Capital Grand Est, and Sambrinvest.
The company, founded by Argobio and headquartered in Strasbourg, France with an affiliate in Charleroi, Belgium, is developing first-in-class, non-addictive, non-hallucinogenic molecules that target a novel intracellular protein called Elk1. This approach represents a significant departure from existing treatments such as ketamine derivatives and psychedelics.
Novel Mechanism Targets Neuroplasticity
Elkedonia's therapeutic strategy is based on translational research led by Dr. Jocelyne Caboche, PhD, Director of Research at the National Center for Scientific Research (CNRS) at Sorbonne University. The research focuses on Elk1, which plays a pivotal role in reward brain circuits and neuroplasticity—key mechanisms that are altered in conditions such as depression, post-traumatic stress disorder (PTSD), and addiction.
"The novelty of our neuroplastogen approach offers a strong value proposition supported by groundbreaking neuroscience research," said Delphine Charvin, Chief Executive Officer and Co-Founder of Elkedonia, who previously served as Operating Partner at Argobio. "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."
Trauma, chronic stress, substance abuse, and other factors can contribute to major depressive disorders and anhedonia (the inability to experience pleasure), driven by impaired neuroplasticity. This disruption in the brain's ability to adapt leads to a breakdown in its normal functioning. Elkedonia's neuroplastogen aims to restore neuroplasticity without the side effects commonly associated with existing treatments.
Addressing Treatment-Resistant Depression
Supporting evidence from preclinical and clinical studies suggests that Elk1 inhibition represents a therapeutic lever in depression, with rapid efficacy and without sedation, dependence, hallucinations, or other side effects commonly associated with existing antidepressant treatments.
The market need is substantial. Major Depressive Disorder affects approximately 25 million individuals in the United States, the same number in Europe, and 300 million people worldwide. The condition is highly linked to suicide risk, which is the third leading cause of death among 15-29 year-olds. Critically, one-third of patients affected by MDD do not respond to existing treatments, leading to the growing issue of treatment-resistant depression (TRD).
"Major depressive disorder is a large market of 300 million people globally that remains poorly addressed, with roughly one third of patients resistant to currently available treatments," said Thierry Laugel, Chairman of the Management Board of Argobio and Managing Partner at Kurma Partners.
Precision Medicine Approach
The company plans to develop biomarkers alongside its therapeutic compounds to enable precision medicine for patient selection and treatment efficacy monitoring. Proceeds from the seed financing will support the identification and optimization of drug-like small molecule inhibitors of Elk1, with part of the funding directed toward biomarker research and validation efforts.
"In addition, our development of biomarkers will allow us to pursue a precision medicine for patient selection and treatment efficacy monitoring," Charvin noted.
Strong European Investment Syndicate
The funding round attracted a diverse group of European life sciences investors. "Investing in Elkedonia demonstrates WE Life Sciences' commitment to advancing the best cutting-edge innovations through collaboration with top-tier European life sciences investors," said Valentin Tonnel, Investment Director at WE Life Sciences.
Jean-François Morin, Investment Director Life Sciences at Bpifrance, emphasized the strategic importance of the investment: "We are thrilled to develop the foundational research that comes from CNRS at Sorbonne University. This investment underscores our commitment to advancing mental health solutions, which is currently a priority for France."
The company represents the first proof of concept for Argobio, an international biotech startup studio that sources early-stage therapeutic projects from leading European academic research institutions. Argobio focuses on rare diseases, neurological disorders, oncology, and immunology, aiming to develop projects into fully-fledged biotech companies.
