Synaptogenix increases stake in psilocybin drug discovery company

Synaptogenix has increased its stake in psilocybin drug discovery company PsygaBio through its partnership with Cannasoul Analytics. Synaptogenix acquired a 25% stake in Cannasoul during November 2023 in support of R&D for psilocybin mushroom and cannabinoid-based therapeutics. Cannasoul is founded by the Technion Research & Development Foundation, the commercialization arm of The Technion-Israel Institute of Technology. Cannasoul’s subsidiary, PsygaBio, is engaged in mushroom cultivation, psilocybin extraction, and the exploration of active compounds and formulations for therapeutic benefits. Its initial therapeutic targets inflammatory and central nervous system disorders such as Alzheimer’s disease, Parkinson’s disease, inflammatory bowel disease, and ocular conditions. Synaptogenix, through its partnership with Cannasoul, expanded its stake in PsygaBio, enabling Synaptogenix Chairman Josh Silverman and Director Bruce Bernstein to join PsygaBio’s board of directors. As of December 31, 2023, Synaptogenix reported a cash balance of $28.7M. Psilocybin was the highest revenue-grossing segment in the global psychedelic drugs market in 2023.