PureTech's video game for ADHD gets big Series D financing; Day One increases term sheet ahead of expected IPO
The maker of the first prescription video game treatment announced it received $110 million in Series D financing Wednesday.
Akili’s EndeavorRx is an FDA-approved video game to improve attention function in children with ADHD. The game is designed to target attentional control systems in the brain and present sensory and motor challenges to activate the nervous systems.
The company was founded by PureTech, the Boston-based biotherapeutics company.
The financing round brings Akili’s total funding to $230 million so far, and will allow the company to further its prescription digital therapeutics that target cognitive disorders. It also received a $50 million credit from Silicon Valley Bank. Neuberger Berman Funds led the financing round, and were joined by Polaris Partners, Mirae Assets, Shionogi & Company and Dave Baszucki, among others.
“Our $160M financing announced today is another significant step in delivering on Akili’s mission to reinvent medicine,” CFO Santosh Shanbhag said in the release. “It will enable us to bring EndeavorRx to as many appropriate patients as possible, advance our core technology, expand our global footprint, and fund research across a wide range of cognitive impairments.”
In April, PureTech announced that they’re using a 200-year-old discovery into a new approach to treat Alzheimer’s disease. Already public in London, Puretech rang the Nasdaq opening bell in January, in celebration of its IPO. — Josh Sullivan
Day One increases term sheet ahead of expected IPO
Ahead of an expected IPO pricing Wednesday evening, pediatric cancer biotech Day One has increased the number of shares offered.
Day One plans to offer 10 million shares between $14 and $16 apiece with an estimated raise of $150 million, up from 8.4 million shares at the same range, according to Renaissance Capital. That’s an increase of 19% with less than 24 hours to go for the biotech’s Nasdaq debut.
Day One’s mission revolves around the gap it says exists between adult cancer drugs and the pediatric space, arguing pharma has left this field behind. Their lead program is a former Takeda program called DAY101, an oral pan-RAF inhibitor that can cross the blood-brain barrier and block mutations in gliomas.
Researchers are targeting an indication to treat pediatric low-grade gliomas, the most common form of brain tumors in children. Day One plans to list under the ticker $DAWN. — Max Gelman
AstraZeneca announces bond sale to help with Alexion purchase
AstraZeneca will sell $7 billion in bonds to help fund its acquisition of Alexion Pharmaceuticals, the company announced Wednesday.
The pharma company will buy the Boston-based biotech for a deal worth $39 billion in a deal that was announced in December. British regulators are investigating the deal over competition concerns, and will be done by July 21, they said.
The FTC has already approved the deal. Another 9 countries, including Brazil and Canada, have all approved the deal as well. More than 99% of shareholders at both companies voted in favor of the deal in separate meetings earlier in May. — Josh Sullivan