Akili Interactive has raised $55m financing to advance its digital medicine platform and product pipeline intended at treating cognitive dysfunction.
The Series C financing was led by Temasek with new and existing investors including Baillie Gifford, Amgen Ventures, M Ventures, JAZZ Venture Partners, Canepa Advanced Healthcare Funds, and Brooklands Capital Strategies.
Akili will use the proceeds to advance commercial and clinical-stage pipeline in attention deficit/hyperactivity disorder (ADHD), multiple sclerosis, and depression
The financing follows the positive results last December from the company’s multicenter, randomized, controlled pivotal study of AKL-T01, which is designed to treat pediatric ADHD.
The company is planning to file clearance with the US Food and Drug Administration (FDA) for AKL-T01 in the coming months. It will enable the drug to be prescribed by physicians as a stand-alone treatment for children and adolescents with ADHD.
It is claimed that if approved, AKL-T01 will be the first prescription digital treatment for pediatric ADHD.
Akili stated that AKL-T01 is one of the several products across its pipeline that uses its patented technology platform.
The present financing will be used to advance its pipeline of prescription digital treatment candidates including AKL-T01, through key regulatory milestones and preparation of commercial launch.
They will also be used to advance product candidates in depression and multiple sclerosis (MS) to registration trials and to broaden its pipeline of products.
Akili co-founder and CEO Eddie Martucci said: “We are fortunate to be supported by such experienced investors, who bring successful long-term track records in innovative technology, medical device and pharmaceutical investment.
“We are thrilled with the vote of confidence in the potential of our technology platform to redefine healthcare, and we’re excited about the progress we continue to make towards turning that vision into a reality for patients.”
Apart from filing a lead product candidate AKL-T01 with the FDA, Akili anticipates several key clinical milestones this year across its products in development.
Study results from a pilot randomized controlled trial (RCT) evaluating AKL-T02 in high-functioning children with autism spectrum disorders (ASD), are slated to be presented this month at the International Meeting for Autism Research (IMFAR).
It is also expecting to receive results this year for it Phase 2 study of AKL-T03 for treating cognitive dysfunction in adults with depression, and a pilot RCT for the treatment of cognitive dysfunction in MS.