TIDMPRTC
PureTech Health PLC
26 May 2021
26 May 2021
PureTech Health plc
PureTech Founded Entity Akili Secures $160 Million in Financing;
Poised to Deliver on the Promise of Digital Therapeutics
Funding expected to accelerate commercialization of Akili's
flagship treatment, EndeavorRx(TM), enable expansion of core
technologies to treat acute and chronic cognitive disorders, and
drive further research and development of new digital
therapeutics
PureTech Health plc (Nasdaq: PRTC, LSE: PRTC) ("PureTech" or the
"Company"), a clinical-stage biotherapeutics company, today
announced that its Founded Entity, Akili Interactive ("Akili"), has
secured $160 million of combined equity and debt financing.
The financing included a $110 million Series D equity financing
round led by Neuberger Berman Funds and joined by new investors
Polaris Partners, Mirae Assets, Shionogi & Co., Ltd., New Leaf
Venture Partners, Dave Baszucki (Founder and CEO of Roblox
Corporation), QUAD Investment Management, and Ladera Venture
Partners. Existing investors Temasek, Baillie Gifford, JAZZ Venture
Partners, Evidity Health Capital, Omidyar Technology Ventures,
Fearless Ventures, Amgen Ventures, and M Ventures (the corporate VC
fund of Merck KGaA, Darmstadt, Germany) also participated. In
conjunction with the Series D financing, Akili also closed a credit
facility for up to $50 million with Silicon Valley Bank.
The Series D brings Akili's total equity funding to $230 million
to date and further positions Akili to continue leading the
industry in bringing digital therapeutics to patients.
In June 2020, Akili's flagship product, EndeavorRx(TM), received
U.S. Food and Drug Administration (FDA) clearance as the first and
only prescription video game treatment.
The full text of the announcement from Akili is as follows:
Akili Secures $160 Million in Financing; Poised to Deliver on
the Promise of Digital Therapeutics
Funding will accelerate commercialization of Akili's flagship
treatment EndeavorRx(TM), enable expansion of Akili's core
technology to treat acute and chronic cognitive disorders, and
drive further research and development of new technologies to treat
broader range of conditions
BOSTON, May 26, 2021 - Akili Interactive ("Akili" or "Company")
, maker of EndeavorRx(TM), the first and only prescription video
game treatment, today announced $160M in combined equity and debt
financing. Akili is a pioneer of a new class of medicine and
treatments that are not only effective and clinically-validated but
that deliver amazing experiences to patients. The Company's
flagship product made history in June 2020 when it received U.S.
Food and Drug Administration (FDA) clearance. With the completion
of the oversubscribed Series D financing, Akili will continue to
push the boundaries of traditional medicine to deliver on the
promise of digital therapeutics for patients.
The $110M Series D equity financing was led by Neuberger Berman
Funds and joined by new investors Polaris Partners; Mirae Assets;
Shionogi & Co., Ltd., New Leaf Venture Partners; Dave Baszucki,
Founder and CEO of Roblox Corporation; QUAD Investment Management,
and Ladera Venture Partners. Existing Akili investors Temasek,
Baillie Gifford, JAZZ Venture Partners, Evidity Health Capital,
Omidyar Technology Ventures, Fearless Ventures, Amgen Ventures, and
M Ventures (the corporate VC fund of Merck KGaA, Darmstadt,
Germany) all participated in the financing round.
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. By investing in
these priorities, Akili is continuing to reimagine treatment
options for the hundreds of millions of people living with
cognitive impairments.
"Akili is a leader in the digital therapeutics industry, setting
the standard for clinical validation and advancing innovative
medicine that challenges the imagination," said Gabe Cahill,
Managing Director of Neuberger Berman. "We are excited to partner
with Akili as the company continues to break new ground with
innovative therapies that improve care, reduce healthcare costs,
and provide an amazing experience for patients and their
caregivers."
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.
"Our $160M financing announced today is another significant step
in delivering on Akili's mission to reinvent medicine," stated
Santosh Shanbhag, Chief Financial Officer at Akili. "This is the
latest milestone in what has been a revolutionary journey for
Akili. It will enable us to bring EndeavorRx to as many appropriate
patients as possible, advance our core technology, expand our
global footprint, and fund research across a wide range of
cognitive impairments."
Since its inception, Akili has set new standards for the digital
therapeutics industry with its unparalleled commitment to advancing
pioneering technology, robust clinical validation and use of
data-driven insights to create amazing experiences for patients.
Akili's Series D funding will support the Company's long-term
strategic vision to usher in a new age of cognitive treatments and
forever change the experience of medicine.
"Akili set the bar high when we set out to challenge the status
quo of medicine in 2011. Since then, we've developed a completely
new treatment category that has the potential to help hundreds of
millions of people living with cognitive impairments," said Eddie
Martucci, PhD, Akili's co-founder and CEO. "This latest round of
funding enables us to take another meaningful step towards
delivering on this promise to patients, and fully realize the
potential of digital treatments. Beyond treating disease, digital
therapeutics of the future will be data-rich, adapt to the unique
needs and preferences of each user, deliver amazing experiences,
and even integrate into our everyday lives. We look forward to
continuing to make the future of medicine a reality for
patients."
EndeavorRx(TM) is a registered trademark of Akili Interactive
Labs, Inc.
About EndeavorRx(TM)
EndeavorRx(TM) is the first-and-only FDA-cleared treatment
delivered through a video game experience. Indicated to improve
attention function in children with ADHD (see full indication here
), EndeavorRx is built on the Akili Selective Stimulus Management
Engine (SSME(TM)) core technology, a proprietary technology
designed to target key attentional control systems in the brain.
Delivered through an action video game experience, SSME presents
specific sensory stimuli and simultaneous motor challenges designed
to target and activate the neural systems that play a key role in
attention function while using adaptive algorithms to personalize
treatment for each individual patient. To learn more about
EndeavorRx, please visit www.EndeavorRx.com .
About Akili
Akili is combining scientific and clinical rigor with the
ingenuity of the tech and entertainment industries to challenge the
status quo of medicine. Akili is pioneering the development of
digital treatments and care solutions to help people affected by
cognitive impairments. Akili's treatments are designed to directly
activate the networks in the brain responsible for cognitive
function and have been rigorously tested in extensive clinical
studies, including prospective randomized, controlled trials.
Driven by Akili's belief that effective medicine can also be fun
and engaging, Akili's treatments are delivered through captivating
action video game experiences. For more information, please visit
www.akiliinteractive.com .
About PureTech Health
PureTech is a clinical-stage biotherapeutics company dedicated
to discovering, developing and commercializing highly
differentiated medicines for devastating diseases, including
inflammatory, fibrotic and immunological conditions, intractable
cancers, lymphatic and gastrointestinal diseases and neurological
and neuropsychological disorders, among others. 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 26 therapeutics and therapeutic
candidates, including two that have received FDA clearance and
European marketing authorization, as of the date of PureTech's most
recently filed Annual Report on Form 20-F. 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 the Company's unique insights into the biology of the
brain, immune and gut, or BIG, systems and the interface between
those systems, referred to as the BIG Axis.
For more information, visit www.puretechhealth.com or connect
with us on Twitter @puretechh.
Ownership Information
PureTech's percentage ownership of Akili following the financing
is approximately 23.4 percent on a diluted basis. This calculation
of PureTech's holding includes issued and outstanding shares as
well as options and warrants to purchase shares, but excludes
unallocated shares authorized to be issued pursuant to equity
incentive plans.
Cautionary Note Regarding Forward-Looking Statements
This press release contains statements that are or may be
forward-looking statements, including statements that relate to the
Akili's use of proceeds from the combined equity and debt financing
and the related goals, 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, our expectations
regarding the use of the funding to accelerate the
commercialization of EndeavorRx(TM) and to further advance its
pipeline of prescription digital therapeutics, and 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.
Contact:
Investors EU media
Allison Mead Talbot Ben Atwell, Rob Winder
+1 617 651 3156 +44 (0) 20 3727 1000
amt@puretechhealth.com ben.atwell@FTIconsulting.com
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