22nd Aug 2022 09:15
(Alliance News) - PureTech Health PLC said founded entity Akili Inc will start trading on the Nasdaq Capital Market on Monday, after raising funds which will go towards video-game based treatment for children.
PureTech, a Boston, Massachusetts-based biotherapeutics company, said Akili raised gross proceeds of USD163 million from the initial public offering.
The proceeds will fund the launch of EndeavorRx, a US Food & Drug Administration-cleared and CE Mark-certified video game treatment, PureTech said, as well as advance its late-stage pipeline.
This pipeline includes product candidates designed to treat neuropsychiatric diseases, including autism spectrum disorder and multiple sclerosis.
Video game treatment EndeavorRx aims to improve attention function in children aged 8 to 12 who primarily have attention deficit hyperactivity disorder. "Patients who engage with EndeavorRx demonstrate improvements in a digitally assessed measure [known as] Test of Variables of Attention of sustained and selective attention and may not display benefits in typical behavioural symptoms, such as hyperactivity," Akili said.
The treatment was approved by the FDA in June 2020.
Akili is a digital medicine company which recently combined its business with Social Capital Suvretta Holdings Corp I, a special purpose acquisition company.
PureTech shares were 0.8% lower at 254.84 pence each in London on Monday morning.
By Tom Budszus; [email protected]
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