TIDMPRTC
RNS Number : 6576M
PureTech Health PLC
22 January 2016
PureTech Health plc
Operating Company Akili Interactive Labs Raises $30.5 Million to
Advance Product Development and Build Commercial Infrastructure
PureTech Health plc ("PureTech", LSE: PRTC), a
cross-disciplinary healthcare company developing novel medicines to
tackle fundamental healthcare needs in disruptive ways, is pleased
to note that its operating company, Akili Interactive Labs, Inc.
("Company"), today announced it has raised $30.5 million in new
equity investments.
Several investors, including JAZZ Venture Partners, Canepa
Advanced Healthcare Fund and PureTech participated in the
financing.
Proceeds of the financing will be used to support the further
development of the Company's late-stage products and build-out of a
commercial infrastructure for a potential product launch in
2017.
Daphne Zohar, CEO of PureTech said: "This successful fundraising
represents a meaningful inflection point for Akili, and will
support the Company's product development across multiple patient
populations as well as the commercial build-out as Akili prepares
for the potential launch of its lead product candidate in
paediatric ADHD."
The full text of the announcement from Akili Interactive Labs is
as follows:
Digital Medicine Company Akili Interactive Labs Raises $30.5
Million to Advance Product Development and Build Commercial
Infrastructure
Funds will Support Development Towards Launch of First-in-Class
Digital Treatments for Multiple Cognitive Conditions
BOSTON, Massachusetts, January 22, 2016 - Akili Interactive
Labs, Inc. ("Akili"), a company focused on developing clinically
validated digital medicine for cognitive assessment and
personalised treatment, announced today that it has raised $30.5
million in new equity investments to support the further clinical
development of the company's late-stage products and build a
commercial infrastructure for a potential U.S. Food and Drug
Administration (FDA) clearance and product launch in 2017. Several
investors, including JAZZ Venture Partners, Canepa Advanced
Healthcare Fund and PureTech Health participated in the
financing.
Akili is currently conducting multiple clinical trials of its
digital medicine platform across a variety of patient populations,
including paediatric attention deficit hyperactivity disorder
(ADHD), autism spectrum disorder (in strategic collaboration with
Autism Speaks), depression, Alzheimer's disease (in strategic
collaboration with Pfizer, Inc.) and traumatic brain injury.
"The need for safe and effective treatment of cognitive
disorders, including ADHD and autism, continues to grow, and new
modalities are needed for millions of patients. Particularly in
paediatric populations, we see a significant demand for
non-pharmacological options," said Eddie Martucci, Co-founder and
Chief Executive Officer of Akili. "We're excited that, with the
support of our new and existing investors, we can continue to
advance our adaptive software platform towards clinical validation
and commercialisation as a fundamentally new type of mainstream
medicine."
Akili develops mobile software-based treatments and monitors
that are designed to function as action video games. Akili intends
to develop its products in billion-dollar drug markets, starting in
paediatric ADHD. Akili's lead product candidate, Project: EVO, is
based on a platform technology exclusively licensed from the lab of
Dr. Adam Gazzaley at the University of California, San Francisco,
and was previously published as the cover story of the journal
Nature. The proprietary platform targets cognitive interference
processing while also adapting difficulty automatically in
real-time, allowing individuals of wide-ranging ability levels to
interact with the product in their homes without the need for
physician calibration or additional hardware.
In a recent open-label pilot study of Project: EVO in paediatric
ADHD, results demonstrated that Project: EVO improved attention,
inhibition and working memory in children with ADHD. Based on these
promising data, and the results of the earlier randomised,
controlled study conducted by Gazzaley on the technology platform,
Akili will initiate a large, randomised, controlled pivotal study
to further validate the efficacy and safety of Project: EVO as a
treatment for paediatric ADHD. Results from the pivotal study are
expected in 2017, which, if successful, will potentially position
Akili for a product launch by year-end 2017.
"We're seeing the emergence of an entirely new category of
non-pharmacological therapies, and Akili is leading the charge. We
love their ability to target some of the most under-served patient
populations and disrupt massive markets at the same time," said
John Spinale, former SVP of Social Games at Disney, and Partner at
JAZZ Venture Partners.
ADHD is the most common neurobehavioral disorder of childhood.
It is usually first diagnosed in childhood and often lasts into
adulthood. ADHD impacts children's performance in school, their
ability to make and keep friends and their ability to function in
society. According to the U.S. Centers for Disease Control and
Prevention (CDC), approximately one in 10 children is diagnosed
with ADHD.
About Akili Interactive Labs
Akili is building clinically validated cognitive therapeutics,
assessments and diagnostics that look and feel like high-quality
video games. Leveraging medical-grade science and consumer-grade
software technology, the company is seeking to produce a new type
of healthcare product that is both highly-effective and
highly-engaging. The company was founded by PureTech Health,
together with leading neuroscientists and game designers. Akili has
garnered investment from Shire PLC and has strategic partnerships
with Pfizer Inc. and Autism Speaks.
About PureTech Health
PureTech Health (PureTech Health plc, PRTC.L) is a
cross-disciplinary healthcare company, developing innovative
products that could improve the lives of billions of patients.
PureTech has a pipeline of 12 operating companies, seven of which
are "growth stage" with external validation including strategic
partnerships, outside funding, proof-of-concept or peer review in
prestigious scientific journals. PureTech also has a pipeline of
ten "concept phase" initiatives resulting from review of more than
650 ideas annually. PureTech is focused on areas including immune
and inflammatory disorders, cognitive and psychiatric disorders,
diabetes and obesity, oncology and infectious diseases, and has
over 110 patents and patent applications. PureTech's leading team
and board, along with an advisory network of more than 50 expert
founder-scientists and advisors across multiple disciplines, gives
PureTech access to potentially ground-breaking science and
technological innovation. For more information, visit
www.puretechhealth.com and connect with us on Twitter.
Ownership Information
As a result of PureTech's additional equity contribution of
approximately $22.0 million (in two approximately equal tranches in
2016), PureTech's percentage ownership of Akili will increase to
approximately 63% on a diluted basis(1) .
Additionally, PureTech's ownership adjusted value will increase
by approximately $30 million from the previously reported
balance(2) .
(1) This calculation of PureTech's holding includes issued and
outstanding shares as well as options to purchase shares, but
excludes unallocated shares authorised to be issued pursuant to
equity incentive plans.
(2) Ownership adjusted value represents PureTech's interest in
the equity value of Akili = (Business Enterprise Value - Debt +
Cash) x PureTech's percentage ownership after additional equity
contribution.
Forward Looking Statement
This press release contains statements that are or may be
forward-looking statements, including statements that relate to the
company's future prospects, developments and strategies. The
forward-looking statements are based on current expectations and
are subject to known and unknown risks and uncertainties that could
cause actual results, performance and achievements to differ
materially from current expectations, including, but not limited
to, those risks and uncertainties described in the risk factors
included in the regulatory filings for PureTech Health plc. These
forward-looking statements are based on assumptions regarding the
present and future business strategies of the company and the
environment in which it will operate in the future. Each
forward-looking statement speaks only as at the date of this press
release. Except as required by law and regulatory requirements,
neither the company nor any other party intends to update or revise
these forward-looking statements, whether as a result of new
information, future events or otherwise.
# # #
For further information please contact:
PureTech
Julie DiCarlo, Senior Vice President,
Communications and Investor Relations +1 617 456 0032
FTI Consulting (Communications
adviser to PureTech) +44 (0)20 3727
Ben Atwell / Matthew Cole 1000
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCSEUESFFMSESF
(END) Dow Jones Newswires
January 22, 2016 02:00 ET (07:00 GMT)
Puretech Health (LSE:PRTC)
Historical Stock Chart
From Jun 2024 to Jul 2024
Puretech Health (LSE:PRTC)
Historical Stock Chart
From Jul 2023 to Jul 2024