TIDMPRTC
RNS Number : 6952W
PureTech Health PLC
22 August 2022
22 August 2022
PureTech Health plc
PureTech Founded Entity Akili to List on Nasdaq Following
Successful Business Combination with Social Capital Suvretta
Holdings Corp. I
Akili, Inc. common stock to begin trading on Nasdaq under the
ticker symbol "AKLI" on August 22, 2022
Total gross proceeds of more than $163 million will support
launch of first FDA-cleared video game treatment and advancement of
late-stage pipeline
PureTech Health plc (Nasdaq: PRTC, LSE: PRTC) ("PureTech" or the
"Company"), a biotherapeutics company dedicated to changing the
treatment paradigm for patients with devastating diseases, today
announces that its Founded Entity, Akili, a leading digital
medicine company, completed its previously announced business
combination with Social Capital Suvretta Holdings Corp. I ("SCS")
(Nasdaq: DNAA), a publicly traded special purpose acquisition
company. The newly formed company, Akili, Inc. ("Akili"), is
expected to start trading on The Nasdaq Capital Market ("Nasdaq")
under the new ticker symbol "AKLI" on August 22, 2022.
Akili raised more than $163 million from the transaction, before
deducting transaction expenses and advisory fees, which, together
with cash on hand, the company expects will be sufficient to fund
at least 24 months of business operations, excluding any
contributions from EndeavorRx(R) revenues. Proceeds from the
transaction will fund the commercial launch of EndeavorRx, a
first-of-its-kind, U.S. Food and Drug Administration (FDA) cleared
and Conformité Européenne (CE) Mark certified prescription digital
therapeutic for pediatric attention-deficit/hyperactivity disorder
(ADHD) (see full indication and safety information below), as well
as potential expansion into additional ADHD patient populations.
Proceeds will also support the advancement of the company's
late-stage pipeline of product candidates designed to treat
neuropsychiatric diseases, including autism spectrum disorder
(ASD), multiple sclerosis (MS), and major depressive disorder
(MDD). SCS shareholders approved the transaction at a general
meeting on August 18, 2022.
The full text of the announcement from Akili is as follows:
Digital Medicine Leader Akili to List on Nasdaq Following
Successful Business Combination with Social Capital Suvretta
Holdings Corp. I
Akili, Inc. common stock to begin trading on Nasdaq under the
ticker symbol "AKLI" on August 22, 2022
Total gross proceeds of more than $163 million will support
launch of first FDA-cleared video game treatment and advancement of
late-stage pipeline
BOSTON, Mass. and PALO ALTO, Calif. - August 19, 2022 - Akili, a
leading digital medicine company, today completed its previously
announced business combination with Social Capital Suvretta
Holdings Corp. I ("SCS") (Nasdaq: DNAA), a publicly traded special
purpose acquisition company. The newly formed company, Akili, Inc.
("Akili"), is expected to start trading on The Nasdaq Capital
Market ("Nasdaq") under the new ticker symbol "AKLI" on August 22,
2022.
Akili raised more than $163 million from the transaction, before
deducting transaction expenses and advisory fees, which, together
with cash on hand, the company expects will be sufficient to fund
at least 24 months of business operations, excluding any
contributions from EndeavorRx(R) revenues. Proceeds from the
transaction will fund the commercial launch of EndeavorRx, a
first-of-its-kind, U.S. Food and Drug Administration (FDA) cleared
and Conformité Européenne (CE) Mark certified prescription digital
therapeutic for pediatric attention-deficit/hyperactivity disorder
(ADHD) (see full indication and safety information below), as well
as potential expansion into additional ADHD patient populations.
Proceeds will also support the advancement of the company's
late-stage pipeline of product candidates designed to treat
neuropsychiatric diseases, including autism spectrum disorder
(ASD), multiple sclerosis (MS), and major depressive disorder
(MDD). SCS shareholders approved the transaction at a general
meeting on August 18, 2022.
Eddie Martucci, CEO of Akili, said: "Today's milestone reflects
the combined efforts of the committed Akili team and SCS who
together made this defining moment possible. Millions of people
worldwide live with cognitive impairment without effective
treatments. I am proud of our talented employees - leaders in
neuroscience, entertainment and consumer technology - who are
propelling Akili's innovative software-based therapeutics forward
to deliver an engaging, immersive experience. I am extremely
excited about what's ahead as we begin to scale and serve patients
in need."
Chamath Palihapitiya, Chairman and CEO of SCS, commented: "With
this milestone completed, Akili has a number of others ahead,
including its upcoming commercial launch of EndeavorRx and a strong
clinical pipeline of breakthrough digital therapeutic candidates
that have the potential to treat a host of cognitive impairments. I
look forward to working with Eddie and the Akili team as they enter
this new and exciting chapter."
A commercial-stage company, Akili develops digital therapeutics
that combine science and technology to address cognitive
impairments in patients, representing a new category of
software-based medicine that is designed to directly target brain
function and is delivered through engaging consumer entertainment.
Cognitive impairments - including inattention, poor concentration,
memory loss, difficulties learning new skills, and difficulties
with decision making - are in aggregate among the largest unmet
medical needs and are increasingly recognized as contributing to or
associated with dozens of chronic diseases and acute illnesses.
Scheduled for U.S. launch in the fourth quarter of 2022,
EndeavorRx is the first-ever prescription video game and the
first-ever FDA-cleared digital therapeutic indicated to improve
attention function in children with ADHD (see full indication
below). In addition, the company's patented and clinically
validated Selective Stimulus Management Engine (SSME(TM) ) has
demonstrated proof-of-concept efficacy in controlled trials
targeting attention and cognitive dysfunction in ASD, MS, and
MDD.
Akili CEO and co-founder Eddie Martucci will continue to lead
Akili's management team and serve on Akili's board. Chamath
Palihapitiya, Chairman and CEO of SCS, will chair Akili's board.
Akili's board also includes William ("BJ") Jones, Jr., Chief
Commercial Officer of Biohaven Pharmaceuticals Holding Company
Ltd.; Christine Lemke, Co-Chief Executive Officer and Director of
Evidation Health, Inc.; Kenneth Ehlert, former Chief Scientific
Officer of UnitedHealth Group; Bharatt Chowrira, Ph.D., J.D.,
president of PureTech Health plc.; and Adam Gazzaley, M.D., Ph.D.,
Akili co-founder, David Dolby Distinguished Professor of Neurology,
Physiology, and Psychiatry and the Founder & Executive Director
of Neuroscape at the University of California, San Francisco.
Advisors
Morgan Stanley & Co. LLC ("Morgan Stanley") and Cowen and
Company, LLC ("Cowen") served as financial advisors to Akili.
Morgan Stanley, Credit Suisse, and Cowen served as co-placement
agents to SCS with respect to the portion of the PIPE financing
raised from non-insider qualified institutional buyers and
institutional accredited investors. Morgan Stanley, Credit Suisse,
and Cowen did not act as agents or participate in any role with
respect to, and did not earn any fees from, the portion of the PIPE
financing raised from insiders and individual investors. Credit
Suisse and Cowen served as capital markets advisors to Akili. BofA
Securities, Inc. served as capital markets advisor to SCS. Goodwin
Procter LLP served as legal counsel to Akili. Wachtell, Lipton,
Rosen & Katz served as legal counsel to SCS. Skadden, Arps,
Slate, Meagher & Flom LLP served as legal advisor to the PIPE
placement agents.
EndeavorRx Indication and Overview
EndeavorRx is the first-and-only FDA-cleared treatment delivered
through a video game experience. EndeavorRx is indicated to improve
attention function as measured by computer-based testing in
children ages 8 to 12 years old with primarily inattentive or
combined-type ADHD, who have a demonstrated attention issue.
Patients who engage with EndeavorRx demonstrate improvements in a
digitally assessed measure Test of Variables of Attention (TOVA(R))
of sustained and selective attention and may not display benefits
in typical behavioral symptoms, such as hyperactivity. EndeavorRx
should be considered for use as part of a therapeutic program that
may include clinician-directed therapy, medication, and/or
educational programs, which further address symptoms of the
disorder. EndeavorRx is available by prescription only. It is not
intended to be used as a stand-alone therapeutic and is not a
substitution for a child's medication. The most common side effect
observed in children in EndeavorRx's clinical trials was a feeling
of frustration, as the game can be quite challenging at times. No
serious adverse events were associated with its use. EndeavorRx is
recommended to be used for approximately 25 minutes a day, 5 days a
week, over initially at least 4 consecutive weeks, or as
recommended by your child's health care provider. To learn more
about EndeavorRx, please visit EndeavorRx.com.
About Akili
Akili is pioneering the development of cognitive treatments
through game-changing technologies. Our approach of leveraging
technologies designed to directly target the brain establishes a
new category of medicine - medicine that is validated through
clinical trials like a drug or medical device but experienced like
entertainment. Akili's platform is powered by proprietary
therapeutic engines designed to target cognitive impairment at its
source in the brain, informed by decades of research and validated
through rigorous clinical programs. Driven by Akili's belief that
effective medicine can also be fun and engaging, Akili's products
are delivered through captivating action video game experiences.
For more information, please visit www.akiliinteractive.com.
About Social Capital Suvretta Holdings Corp. I
Social Capital Suvretta Holdings Corp. I was led by Chamath
Palihapitiya and Kishen Mehta and was a blank check company formed
for the purpose of effecting a merger, amalgamation, share
exchange, asset acquisition, share purchase, reorganization or
similar business combination with one or more businesses. The
company was focused on businesses operating in the biotechnology
industry and within the neurology subsector. To learn more about
Social Capital Suvretta Holdings, visit
https://www.socialcapitalsuvrettaholdings.com/.
Forward-Looking Statements
This communication may contain certain forward-looking
statements within the meaning of the federal securities laws. These
forward-looking statements generally are identified by the words
"believe," "project," "expect," "anticipate," "estimate," "intend,"
"strategy," "future," "opportunity," "plan," "may," "should,"
"will," "would, " "will be," "will continue," "will likely result,"
and similar expressions and include statements regarding Akili's
expectations for EndeavorRx and digital medicine, the development
of its platform and advancement of late-stage pipeline product
candidates designed to treat neuropsychiatric diseases, including
ASD, MS) and MDD, expectations and timing regarding the commercial
launch of EndeavorRx and plans for the potential expansion of
EndeavorRx into additional ADHD populations. Forward-looking
statements are predictions, projections and other statements about
future events that are based on current expectations and
assumptions and, as a result, are subject to risks and
uncertainties. Many factors could cause actual future events to
differ materially from the forward-looking statements in this
communication, including but not limited to (i) the ability of
Akili to successfully commercialize EndeavorRx and continue to
advance its clinical development pipeline, (ii) the ability to
recognize the anticipated benefits of the proposed transaction,
which may be affected by, among other things, competition, the
ability of the combined company to grow and manage growth
profitably, maintain relationships with customers and suppliers and
retain its management and key employees, (iii) the evolution of the
markets in which Akili competes, (iv) the ability of Akili to
defend its intellectual property and satisfy regulatory
requirements, (v) the impact of the COVID-19 pandemic on Akili's
business, (vi) Akili's expectations regarding its market
opportunities, (vii) the risk of downturns and a changing
regulatory landscape in the highly competitive industry in which
Akili operates and (viii) the timing and results expected from
Akili and its partners' clinical trials. The foregoing list of
factors is not exhaustive. You should carefully consider the
foregoing factors and the other risks and uncertainties proxy
statement/prospectus filed with the SEC on July 21, 2022, under the
heading "Risk Factors," and other documents that SCS filed or Akili
has filed or will file, with the SEC. These filings identify and
address other important risks and uncertainties that could cause
actual events and results to differ materially from those contained
in the forward-looking statements. Forward-looking statements speak
only as of the date they are made. Readers are cautioned not to put
undue reliance on forward-looking statements, and Akili assumes no
obligation and does not intend to update or revise these
forward-looking statements, whether as a result of new information,
future events, or otherwise. Akili gives no assurance that it will
achieve its expectations.
About PureTech Health
PureTech is a biotherapeutics company dedicated to changing the
treatment paradigm for devastating diseases. The Company has
created a broad and deep pipeline through the expertise of its
experienced research and development team and its extensive network
of scientists, clinicians and industry leaders.
This pipeline, which is being advanced both internally and
through PureTech's Founded Entities, is comprised of 27
therapeutics and therapeutic candidates, including two that have
received both U.S. FDA clearance and European marketing
authorization, as of the date of PureTech's most recently filed
Annual Report and corresponding Form 6-K. All of the underlying
programs and platforms that resulted in this pipeline of
therapeutic candidates were initially identified or discovered and
then advanced by the PureTech team through key validation points
based on unique insights in immunology and drug development.
For more information, visit www.puretechhealth.com or connect
with us on Twitter @puretechh
Ownership Information
Following the closing of the business combination, PureTech
holds 12,549,207 shares of Akili common stock, which is equal to
approximately 14.7% of Akili's outstanding common shares.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. All statements contained in this press release that do not
relate to matters of historical fact, including without limitation
those statements that relate to the commencement of trading in
Akili's stock following the close of its business combination with
Social Capital Suvretta Holdings Corp. I ("SCS") (Nasdaq: DNAA) or
matters related thereto, the use of proceeds from the business
combination, Akili's plans with respect to the commercial launch of
EndeavorRx(R), the competitive environment in which Akili operates,
and Akili's and PureTech's future prospects, development plans, and
strategies. The forward-looking statements are based on current
expectations and are subject to known and unknown risks,
uncertainties and other important factors that could cause actual
results, performance and achievements to differ materially from
current expectations, including, but not limited to, those risks,
uncertainties and other important factors described under the
caption "Risk Factors" in our Annual Report on Form 20-F for the
year ended December 31, 2021 filed with the SEC and in our other
regulatory filings. 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, we disclaim any obligation to update or revise these
forward-looking statements, whether as a result of new information,
future events or otherwise.
Contact:
PureTech
Public Relations
publicrelations@puretechhealth.com
Investor Relations
IR@puretechhealth.com
EU Media
Ben Atwell, Rob Winder
+44 (0) 20 3727 1000
ben.atwell@FTIconsulting.com
U.S. Media
Nichole Sarkis
+1 774 278 8273
nichole@tenbridgecommunications.com
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