The Life Sciences team advised Akili on its business combination with Social Capital Suvretta Holdings Corp. I (Nasdaq: DNAA). The newly formed company, Akili, Inc., began trading on The Nasdaq Capital Market under the new ticker symbol “AKLI” today. Akili raised more than $163 million from the transaction, before deducting transaction expenses and advisory fees.
Proceeds from the transaction will fund the commercial launch of EndeavorRx, a first-of-its-kind, U.S. Food and Drug Administration cleared and Conformité Européenne Mark certified prescription digital therapeutic for pediatric attention-deficit/hyperactivity disorder (ADHD) as well as potential expansion into additional ADHD patient populations.
Akili is pioneering the development of cognitive treatments through game-changing technologies. Akili’s platform is powered by proprietary therapeutic engines designed to target cognitive impairment at its source in the brain, informed by decades of research and validated through rigorous clinical programs. EndeavorRx is the first-and-only prescription treatment delivered through a video game.
Social Capital Suvretta Holdings Corp. I was led by Chamath Palihapitiya and Kishen Mehta and was a blank check company formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses.
For more details on the transaction, please read the press release.