Akili raises $110m to build its digital therapeutics pipeline (pharmaforum):
EndeavorRx became the first and so far only approved prescription video game treatment in the US when it was cleared by the FDA last year to treat attention-deficit hyperactivity disorder (ADHD), and has also been given a green light in Europe.
It is also being tested for other indications including fuzzy thinking in COVID-19 survivors, a condition sometimes known as ‘brain fog’.
The new funding, which is accompanied by a $50 million loan facility, is earmarked for the continued rollout of the app as well as Akili’s pipeline of prescription digital therapeutics for “a range of chronic and acute cognitive disorders,” said the Boston-based company.
The Series D was led by Neuberger Berman Funds and included a string of other investors, including venture capital arms of drugmakers like Shionogi, Amgen and Merck KGaA … Other programmes in the R&D phase are targeting cognitive dysfunction in depression and multiple sclerosis, autism spectrum disorder, a cognitive assessment tool and a gaming app that combines cognitive and physical training.
… This funding will support a go-to market approach that brings EndeavorRx to families and healthcare professionals at scale and expand Akili’s global footprint within attention-deficit/hyperactivity disorder (ADHD) and beyond. The financing will also enable Akili to build on the success of its patented technology platform, which has shown positive results in clinical trials across a number of indications, and further advance its pipeline of prescription digital therapeutics (PDTs) targeting a range of chronic and acute cognitive disorders … The financing round brings the Company’s total equity funding to date to $230M and further positions Akili to continue leading the industry in delivering on the promise of bringing digital therapeutics to patients. In conjunction with the Series D financing, Akili also closed a credit facility for up to $50M with Silicon Valley Bank that provides for an optimal capital structure.
News in Context:
- FDA clears first videogame to be prescribed to kids with ADHD: EndeavorRx by Akili Interactive Labs
- Reinventing Brain Medicine, Pharma adopts Digital Therapeutics: Evidence-based videogames, smartphone apps, and sensors
- Can brain training work? Yes, if it meets these 5 conditions
- What are cognitive abilities and how to boost them?