Akili Interactive, a Boston startup that made the first prescription video game treatment authorized by the Food and Drug Administration, is going public after merging with a special purpose acquisition company, or SPAC, raising less money than initially anticipated.
The company said Friday that it completed its merger with the publicly traded Social Capital Suvretta Holdings Corp. I. The newly combined company will begin trading Monday on the Nasdaq exchange under the ticker symbol “AKLI.”
Akili reported raising more than $163 million from the transaction, about 60 percent less than the $412 million that the firm said it might raise when the merger was first announced in January.
The company said the new funds will support its business for at least two years, and aid the commercial launch of its video game treatment, EndeavorRx, which was designed to improve attention in children with attention-deficit hyperactivity disorder, or ADHD. The US launch of the software is scheduled for the fourth quarter of 2022.
Akili is a leader in the emerging field of digital therapeutics where biotech companies develop software programs, rather than pills, to help treat or manage a condition. EndeavorRx was cleared by the FDA as a first-of-its-kind treatment for children ages 8 to 12 just over two years ago. The company is still testing the treatment in younger and older children with ADHD, as well as adults with the condition.
The video game is not intended to replace medications. It can only be accessed after a prescription from a doctor and subsequent subscription payments. The firm said it costs no more than at $99 a month even without insurance.
The company is working on digital therapeutics to improve attention and cognitive dysfunction in several additional neuropsychiatric diseases, including autism spectrum disorder, major depressive disorder, and multiple sclerosis. The company is also researching treatments for people with COVID brain fog.