BOSTON & PALO ALTO, Calif. – (BUSINESS WIRE) – Acili, a leading digital pharmaceutical company, today completed its previously announced business combination with Social Capital Suvaretta Holdings Corp. I (“SCS”) (Nasdaq: DNAA). A publicly traded special purpose vehicle. The newly formed company Akili, Inc. (“Akili”) is expected to begin trading on the Nasdaq Capital Market (“NASDAQ”) on August 22, 2022 under the new ticker symbol “AKLI”.
Before deducting transaction costs and advisory fees, Akili raised more than $163 million from the transaction, which the Company expects to hold cash from any contribution to EndeavorRX® revenues. That would be enough to fund at least 24 business months of operations. Proceeds from the transaction will fund the commercial launch of EndeavorRx, a first of its kind, US Food and Drug Administration (FDA) and Conformité Européenne (CE) Mark Certified Prescription Digital Therapeutic for Pediatric Attention-Deficit/Hyperactivity Disorder (ADHD) (see full indications and safety information below) and potential expansion to other ADHD patient populations. Proceeds will also support the advancement of the company’s pipeline of late-stage product candidates being developed to treat neuropsychiatric disorders, including autism spectrum disorders (ASD), multiple sclerosis (MS) and major depression (MDD). SCS shareholders approved the transaction at a general meeting on August 18, 2022.
Akili CEO Eddie Martucci said, “Today’s milestone reflects the combined efforts of the dedicated Akili team and SCS, who together made this pivotal moment possible. Millions of people around the world live with cognitive impairment without effective treatment. I’m proud of our talented people – leaders in neuroscience, entertainment and consumer technology – who advance Akili’s innovative software-based therapeutics to deliver a compelling, immersive experience. I am very happy when we start helping patients in need.”
Chamath Palihapitiya, President and CEO of SCS, commented, “With the completion of this milestone, Akili has many more ahead of us, including the upcoming commercial launch of EndeavorRx and a solid clinical pipeline of successful digital therapeutic candidates. which have the potential to treat a variety of cognitive disorders. I look forward to working with Eddie and Akili’s team as they enter this new and exciting chapter.”
As a commercial company, Akili develops digital therapeutics that combine science and technology to address cognitive impairment in patients and represents a new class of software-based medicine designed to directly target brain function. Designed and distributed by Consumer Entertainment. Cognitive impairment is one of the greatest unmet medical needs and is recognized as a contributor to or associated with dozens of chronic and acute illnesses – including inattention, poor concentration, memory loss, difficulty learning new skills and difficulty making decisions. Hm.
Scheduled for US launch in Q4 2022, EndeavorRX is the first prescription video game and first FDA-cleared digital therapeutic indication to improve attentional function in children with ADHD (see full indications below). Additionally, the Company’s patented and clinically validated Selective Stimulus Management Engine (SSMETM) has demonstrated proof-of-concept efficacy in controlled studies targeting attention and cognitive dysfunction in ASD, MS and MDD.
Eddie Martucci, CEO and co-founder of Akili, will continue to lead Akili’s management team and serve on Akili’s Board of Directors. Chamath Palihapitiya, President and CEO of SCS, will chair Akili’s Board of Directors. Akili’s Board of Directors also includes William (“BJ”) Jones, Jr., Chief Commercial Officer of Biohaven Pharmaceuticals Holding Co., Ltd.; Christine Lemke, co-CEO and director of Evidence Health, Inc.; Kenneth Ehlert, former chief scientific officer of UnitedHealth Group; Bharat Chaurira, Ph.D., JD, President of PureTech Health plc; and Adam Gazale, MD, PhD, co-founder of Akili, David Dolby Distinguished Professor of Neurology, Physiology and Psychiatry and Founder and CEO of Neuroscape at the University of California, San Francisco.
Morgan Stanley & Company LLC (“Morgan Stanley”) and Cowen & Company, LLC (“Cowen”) acted as financial advisors to Akili. Morgan Stanley, Credit Suisse and Cowen acted as co-placement agents for SCS with respect to the portion of the PIPE financing raised from non-internal qualified institutional buyers and institutionally accredited investors. Morgan Stanley, Credit Suisse and Cowen did not act as agents or participate in any role and did not earn fees from that portion of PIPE funding raised by insiders and individual investors. Credit Suisse and Cowen acted as capital markets advisors to Akili. BofA Securities, Inc. acted as capital markets advisor to SCS. Goodwin Proctor LLP acted as legal counsel to Akili. Wachtel, Lipton, Rosen and Katz acted as legal counsel to SCS. Skadden, Arps, Slate, Meagher & Flom LLP acted as legal counsel to PIPE Placement Agents.
EndeavorRx Notes and Overview
EndeavorRx is the first and only FDA-expired treatment to be delivered through a video game experience. EndeavorRx is indicated for the improvement of attentional function, as measured by computer-assisted testing, in children ages 8 to 12, primarily with inattentive or mixed ADHD, who have a proven attention span. there is a problem. Patients treated with EndeavorRx have shown improvement in the Test of Attention of Attention (TOVA®), a digitally assessed measure of sustained and selective attention, and may not show benefit for common behavioral symptoms such as hyperactivity. EndeavorRx should be considered for use as part of a therapeutic program that may include medical, drug, and/or educational programs as directed by a physician that further manage the symptoms of the disorder. EndeavorRx is only available by prescription. It is not intended as a therapeutic agent in its own right and is not a substitute for a pediatric drug. The most common side effect observed in children in clinical trials with EndeavorRx was a feeling of hopelessness, as the sport can be quite challenging at times. No serious adverse events have been associated with its use. It is recommended to use EndeavorRx for approximately 25 minutes a day, 5 days a week, initially for at least 4 consecutive weeks, or as recommended by your child’s doctor. To learn more about EndeavorRx, please visit EndeavorRx.com.
More about Akili
Akili is at the forefront of developing cognitive therapy through pioneering technologies. Our approach of using technologies that target the brain directly establishes a new class of medicine—medicine that is validated by clinical trials like a drug or medical device, but experienced like entertainment. goes. Akili’s platform is powered by a proprietary therapeutic engine designed to target cognitive impairment at its source in the brain, informed by decades of research and validated by rigorous clinical programs. Driven by Akili’s belief that effective medicine can be fun and engaging, Akili’s products are delivered through entertaining action video game experiences. Please visit www.akiliinteractive.com for more information.
About Social Capital Suvaretta Holdings Corp.
Social Capital Suvaretta Holdings Corporation I was directed by Chamath Palihapitiya and Kishan Mehta and was formed for the purpose of effecting a merger, amalgamation, stock exchange, asset acquisition, share purchase, reorganization or similar business combination of one or more companies. There was a blank check. Company. The Company focused on companies operating in the biotechnology industry and the neurology sub-sector. To learn more about Social Capital Suvaretta Holdings, visit
This release may contain certain forward-looking statements within the meaning of the federal securities laws. These forward-looking statements are usually identified by the words “belief”, “forecast”, “expectation”, “estimate”, “estimate”, “intention”, “strategy”, “future”, “opportunity”, “plan”. . ” Is. “Perhaps”, “should”, “will”, “will”, “will proceed”, “result” and includes similar expressions and statements about Akili’s expectations for EndeavorRx and digital therapy, development and advancement of a late-stage pipeline product candidate platform for treatment of neuropsychiatric disorders, including ASD, MS) and MDD, expectations regarding commercial launch of EndeavorRx and timing and plans for potential expansion of EndeavorRx into additional ADHD populations. Forward-looking statements are predictions, estimates and other statements about future events that are based on current expectations and assumptions and therefore involve risks and uncertainties. Several factors could cause actual future events to differ materially from the forward-looking statements contained in this release, including (i) Akili’s ability to successfully commercialize EndeavorRx and advance its clinical development pipeline, including but not limited to (ii) the ability to detect the anticipated benefits of the proposed transaction, which may be adversely affected by, among other things, competition; the combined company’s ability to operate profitably and accommodate growth; , maintaining customer and supplier relationships and retaining management and key employees, (iii) developing the markets in which Akili competes, (iv) protecting its intellectual property and meeting regulatory requirements, Akili’s potential, (v) impact of COVID -19 pandemic on Akili’s business, (vi) Akili’s expectations regarding its market opportunity, (vii) the risk of a recession in the highly competitive industry and the changing regulatory landscape in which Akili operates. nd (viii) Akili and its partners Expected timeline and clinical trial results. The foregoing list of factors is not exhaustive. You should review the proxy statement/prospectus regarding the foregoing factors and other risks and uncertainties filed with the SEC on July 21, 2022 under the heading “Risk Factors” and other documents filed or to be filed by SCS or Akili, check carefully. seconds. These filings identify and address other significant risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to place undue reliance on any forward-looking statements, and Akili undertakes no obligation and does not intend to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. . Akili makes no assurances that he will live up to his expectations.