Kasvu raises €30M Series A to test depression drug without the trip
What's the deal? Helsinki-based Kasvu TherapeuticsDealroom has a profile for this one. Try Dealroom → has raised €30 million in a Series A round led by Hadean VenturesDealroom has a profile for this one. Try Dealroom → to advance its lead depression drug candidate into clinical trials. Participants included Tesi, existing investor Innovestor Life Science Fund, the Finnish Drug Discovery CenterDealroom has a profile for this one. Try Dealroom →, Stephen IndustriesDealroom has a profile for this one. Try Dealroom →, and seed backers Nordic Science InvestmentsDealroom has a profile for this one. Try Dealroom → and Helsinki University Funds.
What's the endgame? Kasvu is developing small-molecule potentiators of TrkB, a protein central to neuroplasticity. Its lead candidate, KTX-0141, aims to deliver the rapid, lasting antidepressant effects associated with psychedelics — without triggering the hallucinogenic effects. The funds will move the drug through IND/CTA-enabling studies and Phase 1/1b trials targeting major depressive disorder.
Why now? Kasvu expects clinical development to begin in the second half of 2027, starting with an efficacy assessment in patients that includes a control arm. In preclinical studies, the company says KTX-0141 showed enhanced TrkB signalling and no hallucinogenic activity in the industry-standard model.
"In just three years, we have advanced from a bold scientific hypothesis to a highly selective, first-in-class TrkB potentiator backed by compelling preclinical evidence," said chief executive officer and co-founder Jami Mandelin. He said the drug could offer a "rapid-acting and long-lasting treatment with convenient at-home use."
The context: The round ranks among the larger Finnish health Series A deals, sitting in the 91st percentile of such rounds by size across a sample of more than 2,000. It reflects growing investor appetite for depression treatments built around neuroplasticity rather than the decades-old monoamine drugs.
The signal: Clinical data on psychedelics has shifted what the field believes is possible in depression, and pharma has taken note. Kasvu's bet is that an at-home pill targeting the same biology — minus the supervised in-clinic experience — could reach patients who cannot access those therapies. As Georgina Askeland, incoming board member and principal at Hadean Ventures, put it: "Kasvu is exceptionally well placed to define this new class."
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Image credit: Kasvu Therapeutics
