Saturday, August 27, 2022 11:55:00 AM
Less than two years after scoring its first FDA clearance, Akili Interactive is betting big on its digital therapeutic technology.
The Massachusetts-based company has signed a reverse-merger deal with Social Capital Suvretta Holdings Corp. I—a special purpose acquisition company (SPAC) that completed a $220 million IPO last summer—to make its own public debut. Once the deal is complete, the combined company will operate under the Akili name and trade on the Nasdaq as “AKLI.”
At the close of the transaction, the newly public Akili is expecting to boast a total equity value of about $1 billion. The transaction is forecast to be finalized sometime around the middle of this year.
RELATED: Prescription video game developer Akili snags $160M to launch ADHD treatment
According to the startup, the SPAC deal will help ramp up the commercial launch of EndeavorRx, Akili’s FDA-cleared and CE marked program designed to improve attention function in children with attention deficit hyperactivity disorder (ADHD).
Plus, the proceeds from the transaction and Akili’s subsequent public debut will help speed up development of its other digital therapeutics to treat symptoms associated with a range of neuropsychiatric diseases including multiple sclerosis, autism, depression and more.
Those proceeds are expected to tally up to $412 million, including a $162 million private investment round from several new and existing backers that Akili is planning to close in the lead-up to the reverse merger.
The bulk of the private round, $100 million, will come from Social Capital, parent company of Akili’s SPAC partner, while the remaining $62 million has already been pledged by a group of investors that includes Averill Strategy, Apeiron Investment Group, Temasek, Polaris Partners, Evidity Health Capital, Jazz Venture Partners, Omidyar Technology Ventures and PureTech Health, which helped establish Akili in 2011.
RELATED: Akili expands its prescription video game portfolio with $37M offer for Tali's attention-improving tech
Akili’s EndeavorRx technology in 2020 became the first prescription video game cleared by the FDA. The system tasks children with ADHD between the ages of eight and 12 with working their way through multiple levels of an interactive game filled with sensory stimuli and motor challenges that have been clinically proven to activate the parts of the brain linked to attention.
Clinical trial results included in the FDA submission showed that playing the game—which relies on an internal algorithm to constantly adapt to fit each player’s needs and abilities—can alleviate ADHD symptoms, with about 50% of parents reporting improvements in their child’s day-to-day symptoms and nearly 60% saying the game improved attention.
Since garnering the groundbreaking FDA nod, Akili has proceeded on a path of rapid growth. Last May, it blew its own previous fundraising tally out of the water, closing a series D funding round worth $110 million. And the following August, it shelled out about a third of that amount to license a new portfolio of attention-improving digital therapeutics from Tali Digital.
Recent AKLI News
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 05/14/2024 08:16:54 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/14/2024 08:10:09 PM
- Akili Reports First Quarter 2024 Financial Results and Provides Business Update • Business Wire • 05/14/2024 08:01:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/06/2024 09:32:11 PM
- Akili Announces Amended Agreement with Shionogi, Shift in Corporate Strategy and Release Date for First Quarter 2024 Financial Results • Business Wire • 04/30/2024 12:00:00 PM
- Form ARS - Annual Report to Security Holders • Edgar (US Regulatory) • 03/06/2024 09:28:17 PM
- Form DEFA14A - Additional definitive proxy soliciting materials and Rule 14(a)(12) material • Edgar (US Regulatory) • 03/06/2024 09:11:56 PM
- Form DEF 14A - Other definitive proxy statements • Edgar (US Regulatory) • 03/06/2024 09:07:56 PM
- Akili Reports Fourth Quarter and Full Year 2023 Financial Results and Provides Business Update • Business Wire • 02/29/2024 09:01:00 PM
- PureTech Founded Entity Akili Announces Positive Results from Shionogi’s Phase 3 Clinical Trial of Localized Version of Akili’s EndeavorRx ® for Pediatric ADHD Patients in Japan • Business Wire • 02/27/2024 07:00:00 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/26/2024 02:04:31 PM
- Akili Announces Positive Results from Shionogi’s Phase 3 Clinical Trial of Localized Version of Akili’s EndeavorRx® for Pediatric ADHD Patients in Japan • Business Wire • 02/26/2024 01:47:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/23/2024 10:43:26 PM
- Form 3 - Initial statement of beneficial ownership of securities • Edgar (US Regulatory) • 02/23/2024 10:28:43 PM
- Form PRE 14A - Other preliminary proxy statements • Edgar (US Regulatory) • 02/23/2024 12:57:50 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/21/2024 09:11:05 PM
- Akili Announces Release Date for Fourth Quarter and Full Year 2023 Financial Results, Provides Investor Communications and Board and Corporate Governance Updates • Business Wire • 02/21/2024 09:05:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 01/05/2024 09:17:52 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 12/20/2023 09:58:01 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 12/18/2023 01:10:59 PM
- EndeavorRxⓇ, World’s First and Only Prescription Video Game Treatment, Secures FDA Label Expansion for Pediatric ADHD Patients Aged 13-17 • Business Wire • 12/18/2023 01:00:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 12/08/2023 10:32:30 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 11/09/2023 09:12:01 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 11/09/2023 09:08:01 PM
- Akili Reports Third Quarter 2023 Financial Results and Provides Business Update • Business Wire • 11/09/2023 09:02:00 PM
Avant Technologies Engages Wired4Tech to Evaluate the Performance of Next Generation AI Server Technology • AVAI • May 23, 2024 8:00 AM
Branded Legacy, Inc. Unveils Collaboration with Celebrity Tattoo Artist Kat Tat for New Tattoo Aftercare Product • BLEG • May 22, 2024 8:30 AM
"Defo's Morning Briefing" Set to Debut for "GreenliteTV" • GRNL • May 21, 2024 2:28 PM
North Bay Resources Announces 50/50 JV at Fran Gold Project, British Columbia; Initiates NI 43-101 Resources Estimate and Bulk Sample • NBRI • May 21, 2024 9:07 AM
Greenlite Ventures Inks Deal to Acquire No Limit Technology • GRNL • May 17, 2024 3:00 PM
Music Licensing, Inc. (OTC: SONG) Subsidiary Pro Music Rights Secures Final Judgment of $114,081.30 USD, Demonstrating Strength of Licensing Agreements • SONGD • May 17, 2024 11:00 AM