PsychoGenics, a Paramus-based biotechnology company dedicated to revolutionizing drug discovery, said it was awarded a Fast Track Small Business Innovation Research grant by the National Institute of Mental Health, worth up to $3 million over four years.
The funding will support PsychoGenics in using eCube, its artificial intelligence-enabled EEG platform, along with its advanced machine learning tools, to identify novel applications for existing drugs targeting rare diseases.
There are approximately 10,000 identified rare diseases affecting up to 400 million people worldwide, with more than 90% lacking any treatment options. Half of all rare disorders impact children, with 90% of them being neurological. PsychoGenics has numerous rare disease mouse models, which it will evaluate using its eCube platform. The results will be used to predict possible treatments, which will then be tested in the models.
“We are honored to once again receive SBIR grant support from the NIH for this groundbreaking project. By leveraging our expertise in drug discovery and advanced machine learning techniques to find new applications for existing treatments in rare diseases, we expect 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,” Emer Leahy, CEO of PsychoGenics, said.
Daniela Brunner, chief information officer/chief technical officer of PsychoGenics, echoed this sentiment, stating: “The SBIR program underscores the importance of public-private partnerships in driving innovation within the biotechnology sector. This grant is yet another example of how we can leverage our validated AI-enabled platforms to address critical unmet needs for patients suffering from severely disabling conditions. The funding from NIMH will enable PsychoGenics to develop this new 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 medications.”
