Singapore-based health tech startup Neuroglee Therapeutics, which builds personalized evidence-based digital therapeutics (DTx) and virtual care solutions to treat and manage patients with neurodegenerative diseases, announced on Thursday that it has closed a $10 million Series A funding round.
The funding injection will enable Neuroglee to launch virtual neurology clinics for patients diagnosed with mild cognitive impairment related to difficult-to-treat conditions such as Alzheimer’s disease, while also advancing the company’s DTx pipeline, the company said in a statement.
Openspace Ventures and EDBI led the round. Additional capital has come from existing investors including Raman Singh, ex-Chief Executive Officer of Mundipharma, Biofourmis founders Kuldeep Singh Rajput and Wendou Niu, and a pharmaceutical company Eisai Co, which is a strategic shareholder in the company.
“This funding will be instrumental in facilitating the continued development of Neuroglee’s digital therapeutics and virtual clinical services that combine best-in-class cognitive rehabilitation strategies and remote care management to help delay or slow the worsening of symptoms in patients with mild cognitive impairment due to Alzheimer’s disease,” Neuroglee Founder and Chief Executive Officer Aniket Singh Rajput said.
Neuroglee’s technology includes solutions for both care-at-home and for DTx, in which physicians prescribe digital therapy the same way as a prescription drug.
“Neuroglee’s solution has tremendous potential to meaningfully benefit global patients as they and their families bravely combat the progression of the neurodegenerative disease,” said Openspace Co-Founder Shane Chesson.
Neuroglee said its adaptive learning platform uses machine-learning and several novel digital biomarkers to personalize treatment to each patient’s cognitive and physical needs. Treatment includes both therapeutic interventions and evidence-based lifestyle and cognitive behavior therapies tied to cognitive function, mood, and behavior, the company said.
Currently, 5.7 million Americans and 50 million people worldwide are living with Alzheimer’s disease. Neuroglee’s initial focus on mild cognitive impairment due to Alzheimer’s–the most common cause of dementia–fills a huge market need, given that there is no known cure and only a handful of FDA-approved medications to treat the condition, Rajput added.
In addition to the funding round, Neuroglee has announced plans to establish its new headquarters in downtown Boston in the fourth quarter of 2021, where the company will focus on building and scaling engineering, clinical operations, and commercial teams.
Featured image credits: Neuroglee Therapeutics