BOSTON: Akili, a leading digital medicine company, completed its previously announced business combination with Social Capital Suvretta Holdings Corp. I (SCS), a publicly traded special purpose acquisition company.
The newly formed company, Akili, Inc. (“Akili”), is expected to start trading on The Nasdaq Capital Market (“Nasdaq”) under the new ticker symbol “AKLI” on August 22, 2022.
Akili raised more than $163 million from the transaction, before deducting transaction expenses and advisory fees, which, together with cash on hand, the company expects will be sufficient to fund at least 24 months of business operations, excluding any contributions from EndeavorRx® revenues.
Proceeds from the transaction will fund the commercial launch of EndeavorRx, a first-of-its-kind, U.S. Food and Drug Administration (FDA) cleared and Conformité Européenne (CE) Mark certified prescription digital therapeutic for pediatric attention-deficit/hyperactivity disorder (ADHD) (see full indication and safety information below), as well as potential expansion into additional ADHD patient populations.
Proceeds will also support the advancement of the company’s late-stage pipeline of product candidates designed to treat neuropsychiatric diseases, including autism spectrum disorder (ASD), multiple sclerosis (MS), and major depressive disorder (MDD). SCS shareholders approved the transaction at a general meeting on August 18, 2022.
Eddie Martucci, CEO of Akili, 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.”
Chamath Palihapitiya, Chairman and CEO of SCS, commented: “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.”
A commercial-stage company, Akili develops digital therapeutics that combine science and technology to address cognitive impairments in patients, representing a new category of software-based medicine that is designed to directly target brain function and is delivered through engaging consumer entertainment. Cognitive impairments – including inattention, poor concentration, memory loss, difficulties learning new skills, and difficulties with decision making – are in aggregate among the largest unmet medical needs and are increasingly recognized as contributing to or associated with dozens of chronic diseases and acute illnesses.
Scheduled for U.S. launch in the fourth quarter of 2022, EndeavorRx is the first-ever prescription video game and the first-ever FDA-cleared digital therapeutic indicated to improve attention function in children with ADHD (see full indication below). In addition, the company’s patented and clinically validated Selective Stimulus Management Engine (SSMETM) has demonstrated proof-of-concept efficacy in controlled trials targeting attention and cognitive dysfunction in ASD, MS, and MDD.
Akili CEO and co-founder Eddie Martucci will continue to lead Akili’s management team and serve on Akili’s board. Chamath Palihapitiya, Chairman and CEO of SCS, will chair Akili’s board. Akili’s board also includes William (“BJ”) Jones, Jr., Chief Commercial Officer of Biohaven Pharmaceuticals Holding Company Ltd.; Christine Lemke, Co-Chief Executive Officer and Director of Evidation Health, Inc.; Kenneth Ehlert, former Chief Scientific Officer of UnitedHealth Group; Bharatt Chowrira, Ph.D., J.D., president of PureTech Health plc.; and Adam Gazzaley, M.D., Ph.D., Akili co-founder, David Dolby Distinguished Professor of Neurology, Physiology, and Psychiatry and the Founder & Executive Director of Neuroscape at the University of California, San Francisco.