Kasvu Therapeutics Raises €30M to Advance Non-Hallucinogenic TrkB-Targeting Depression Drug KTX-0141
核心洞察
Kasvu Therapeutics (搜索) raised €30 million, the largest preclinical financing ever for a Finnish pharmaceutical development company, led by Norway's Hadean Ventures (搜索).
The funding will support IND-enabling studies and Phase 1/1b development of KTX-0141 (搜索), a small molecule for major depressive disorder (搜索), with human trials expected as early as summer 2027.
KTX-0141 (搜索) amplifies TrkB (搜索) signaling in response to BDNF while avoiding the 5-HT2A (搜索) serotonin receptor that drives psychedelics' hallucinogenic effects.
Kasvu Therapeutics (搜索) has raised €30 million to develop drugs for major depressive disorder (搜索) and other brain diseases, with the financing earmarked for advancing its lead candidate KTX-0141 (搜索) into human testing. The round is the largest ever raised by a Finnish pharmaceutical development company at the preclinical stage.
Norwegian venture capital investor Hadean Ventures (搜索), which focuses on drug development and health industry innovations, led the financing. Finnish participants included Tesi (Finnish Industry Investment Ltd), Innovestor Life Science Fund, Nordic Science Investments, Finnish Drug Discovery Center Ltd, Stephen Industries and University of Helsinki Funds.
The proceeds will fund the studies needed to begin human testing of KTX-0141 (搜索) and its subsequent Phase 1/1b development in major depressive disorder (搜索). Human trials are expected to begin as early as summer 2027.
A TrkB Mechanism Without Hallucinogenic Effects
KTX-0141 (搜索) is a small molecule designed to amplify TrkB (搜索) signaling in response to BDNF, a naturally occurring protein that supports neuronal function and plasticity. Rather than switching the receptor on indiscriminately, Kasvu says its approach preserves the pathway's physiological control. The drug avoids engaging 5-HT2A (搜索), the serotonin receptor responsible for the hallucinogenic effects of psychedelics.
Kasvu reported enhanced structural and functional neuroplasticity in preclinical studies, with no hallucinogenic activity observed in a standard animal model. The company's goal is a rapid-acting, long-lasting antidepressant suitable for use at home, although that promise remains untested in humans.
The scientific foundation comes from long-term work by research groups led by Eero Castrén, Research Director at the Neuroscience Center, and Ilpo Vattulainen, Professor of Biophysics. For 30 years, Castrén has studied neuroplasticity and antidepressants, including how the drugs affect the nervous system and neurotrophic factors. The breakthrough came in collaboration with Vattulainen's group, where the interaction between existing antidepressants and a neurotrophic factor receptor was modelled on supercomputers provided by CSC - IT Center for Science.
From Psychedelics Research to a Spinout
In 2021, Castrén was supervising the doctoral thesis of Rafael Moliner, who wanted to investigate whether psychedelics such as LSD and psilocybin can bind not only to serotonin receptors but also to neurotrophic factor receptors in the brain. Castrén was initially sceptical, since psychedelics carry significant adverse effects alongside their recognised antidepressant benefits.
A study conducted in laboratory cell cultures and mice demonstrated that psychedelics also bind to a neurotrophic factor receptor called TrkB (搜索), strengthening the effects of neurotrophic factors and neuroplasticity. The key finding was that no serotonin receptors were needed for a positive plasticity effect. According to the source material, the strong binding and positive effect of psychedelics on brain plasticity via TrkB receptors was a global breakthrough that laid the groundwork for new, non-hallucinogenic TrkB-mediated drug candidates.
Neuroplasticity is an intrinsic property of the brain that enables it to adapt, change and form new neural connections. Plasticity is most effective in children and decreases with age, reducing the ability of the brain and nervous system to regenerate. Strengthening neuroplasticity is believed to be a key factor in achieving treatment response in depression.
An invention disclosure was submitted and drew the attention of Jami Mandelin, who worked in drug development at the University of Helsinki's technology transfer company. Mandelin, a University of Helsinki alum who has worked with Roche, Novartis and Faron, said: "I recognised that an opportunity like this only comes along once in a lifetime."
A company was established around the breakthrough and spun out of the University of Helsinki in spring 2023, with Mandelin as CEO. He said the timing was optimal because clinical development of psychedelics had progressed in a promising manner to phase III trials. "Already in the initial investor discussions, it was evident that the approach based on neuroplasticity was seen as extremely interesting," Mandelin said. "Even at an early stage, many investors saw the same opportunity as us: if the approach based on TrkB (搜索) biology works clinically, the effect may extend considerably beyond the treatment of depression."
Kasvu's founders used a computer-generated 3D model of the receptor to develop compounds targeting the same binding pocket while remaining structurally distinct from psychedelics.
Unmet Need in Depression Treatment
Depression affects more than 400,000 people in Finland and more than 300 million globally. According to Castrén, response to antidepressants develops slowly and the topic is sensitive from many perspectives. The SSRI drugs commonly used in Finland were first developed in the early 1990s, and their use among young women has doubled in ten years. SSRIs work by strengthening the action of serotonin in the central nervous system, and Castrén's research group has shown that they also bind to the TrkB (搜索) receptor.
Despite many antidepressants being available, a proportion of patients treated globally do not achieve sufficient responses to first- and second-line treatments. Of people taking antidepressants regularly, 40-50% respond well, with symptoms disappearing fairly completely over a period of 4 to 12 weeks.
Psychedelics are classified globally as illegal drugs, with a few exceptions. In the United States, they are used to treat depression in some states under hospital conditions where patients can be monitored during treatment. Kasvu's approach instead seeks a molecule that binds effectively to the TrkB (搜索) neurotrophic receptor without binding to serotonin receptors, preserving the plasticity-related benefits while preventing the hallucinogenic effect and making the drug suitable for home use.
"KTX-0141 (搜索) has the potential to be a rapid-acting and long-lasting treatment that can be used at home, helping people regain healthier, fuller lives," Mandelin said.
Broader TrkB Activity in Europe
Kasvu's financing adds to a series of European moves around TrkB (搜索) this year, spanning psychiatric, neurodevelopmental and neurodegenerative conditions. Barcelona-based Connecta Therapeutics (搜索) raised €3.1 million to complete a Phase 2a trial of CTH120, another small molecule targeting TrkB, with initial efficacy results expected in mid-2027. In July, Sweden's AlzeCure (搜索) licensed its NeuroRestore platform to Denmark's QuantumCell (搜索); lead candidate ACD856 positively modulates both BDNF/TrkB and NGF/TrkA signaling.
Because the TrkB (搜索) receptor contributes to the survival and maintenance of neurons, potential applications of Kasvu's technology are also being investigated in neurodegenerative diseases such as Parkinson's and Alzheimer's disease (搜索), though these research areas remain at an early stage. Castrén said the aim is to grow Kasvu as a Finnish company for as long as possible.