PureTech Health's Akili Labs expands its investment by $11.9m

Biotechnology company PureTech Health’s operating company Akili Interactive Labs expanded its series B financing by $11.9m from two new partnerships.

PURETECH HEALTH

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Amgen Ventures, the venture arm of Amgen, and Merck Ventures BV, a subsidiary of Merck KGaA, which is known as M Ventures in the US and Canada, joined existing investors at Akili, including PureTech.

In January, Akili raised $30.5m in new equity from investors including JAZZ Venture Partners, Canepa Advanced Healthcare Fund and PureTech. The latest $11.9m investment brings the round to $42.4m.

With the investments from Amgen Ventures and M Ventures, Akili now has four relationships with major biopharmaceutical companies or their investment affiliates. Akili’s existing partnerships are with Pfizer and an investment from Shire Pharmaceuticals.

Chief executive at PureTech, Daphne Zohar said: “The commitment from Amgen Ventures and M Ventures, alongside existing investors, demonstrates additional validation and confidence in Akili. We believe that these and other relationships signify our leadership position at the interface of mental health and digital medicine."

Chief executive of Akili, Dr Eddie Martucci said: "There exists a tremendous opportunity to deliver medicine that is efficacious and addresses the needs for safe, non-pharmacological treatments in many neurological and mental health patient populations. M Ventures' and Amgen Ventures' support, combined with that of our existing investors, will help us continue to advance our projects toward commercialisation."

Managing director of M Ventures, Roel Bulthuis added: "The investment in Akili represents the first investment from our recently announced new businesses fund. We believe digital medicine is the next frontier in healthcare, and we're committed to helping bring digital into mainstream biopharma for a variety of patient and clinical needs.”

Akili is currently conducting a trial of its lead product EVO in paediatric attention deficit hyperactivity disorder (ADHD) through the STARS-ADHD stud, with results expected in the first half of 2017.

If the results of the study are favourable, Akili said it plans to seek approval from the US food and drug administration (FDA) by the end of 2017.

Akili also expects data from its Alzheimer's pilot biomarker study funded by Pfizer to be available in the second half of this year.