Psychogeneticsa Paramus-based biotechnology company dedicated to revolutionizing drug discovery, said it has received a Fast Track Small Business Innovation Research grant from the National Institute of Mental Healthworth up to $3 million over four years.
The funding will support PsychoGenics in using eCube, its AI-powered EEG platform, along with its advanced machine learning tools, to identify new applications for existing drugs targeting rare diseases.
There are approximately 10,000 identified rare diseases affecting up to 400 million people worldwide, and more than 90% lack treatment options. Half of all rare disorders affect children, and 90% of these are neurological. PsychoGenics has numerous mouse models of rare diseases, which it will evaluate using its eCube platform. The results will be used to predict potential treatments, which will then be tested on the models.
“We are honored to once again receive NIH SBIR grant support for this innovative project. By leveraging our drug discovery expertise and advanced machine learning techniques to find new applications for existing treatments in rare diseases, we hope to make a rapid, positive impact for patients with limited or no treatment options. If successful, this approach can be expanded to address even more rare diseases,” said Emer Leahy, CEO of PsychoGenics.
Daniela Brunner, PsychoGenics’ Chief Information Officer and Chief Technical Officer, echoed this sentiment, stating, “The SBIR program underscores the importance of public-private partnerships to drive innovation in the biotechnology sector. This grant is another example of how we can leverage our validated AI-enabled platforms to address critical unmet needs of patients suffering from severely disabling diseases. NIMH funding will enable PsychoGenics to develop this novel platform for rare disorders, reinforcing our commitment to innovation and our goal of reducing the time and cost associated with traditional drug discovery methods, ultimately leading to the more efficient development of life-saving medicines.”