Digital medicine firm Akili has announced its corporate merger with publicly traded special purpose acquisition company Social Capital Suvretta Holdings (SCS).

Akili, the newly created business, is anticipated to begin trading on The Nasdaq Capital Market under the new ticker symbol AKLI on 22 August 2022.

Before deducting transaction costs and advisory fees, Akili raised more than $163m from the deal.

According to the firm, the funds will be used for business operations for at least 24 months, excluding any contributions from EndeavorRx revenues.

Proceeds from the transaction will go toward the commercial launch of EndeavorRx, an FDA-cleared and CE Mark certified prescription digital therapeutic for paediatric attention-deficit/hyperactivity disorder (ADHD).

The company’s late-stage pipeline of pharmaceutical candidates for the treatment of neuropsychiatric conditions such as autism spectrum disorder, multiple sclerosis, and major depressive disorder will also benefit from the proceeds (MDD).

SCS shareholders voted to approve the deal in a general meeting on 18 August  2022.

Akili CEO Eddie Martucci 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.”

SCS Chairman and CEO Chamath Palihapitiya said: “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.”

The deal to combine with SCS was announced by Akili in January this year.