Stockholm-based digital therapeutics startup Alex Therapeutics raised €3.5 million ($3.8 million) in a financing spherical led by Hadean Ventures.
Others collaborating within the spherical embrace Scale Capital, Bonit Capital and former investor Candy Studio.
WHAT IT DOES
Alex gives a platform that goals to assist pharma and life science companions create and launch digital therapeutics.
Earlier this 12 months, the startup introduced it had entered right into a strategic business settlement with Pfizer to construct a therapeutic for nicotine habit, initially targeted on the German market. The product, Eila, is presently present process scientific trials.
Different merchandise in Alex’s pipeline embrace a therapeutic for anxiousness and despair in sufferers with idiopathic pulmonary fibrosis (IPF), a device utilizing the ideas of cognitive behavioral remedy for weight problems, and a despair and anxiousness therapeutic for sufferers with breast most cancers.
WHAT IT’S FOR
The corporate mentioned it can use the funding for development in Europe and the U.S., in addition to for growing new digital therapeutics with its companions.
“We have been following the digital therapeutics house for a very long time and at the moment are seeing main markets similar to Germany and the U.S. open up for prescription and reimbursement of digital therapies,” Dr. Ingrid Teigland Akay, managing associate at Hadean Ventures, mentioned in a press release.
“Alex Therapeutics’ spectacular observe report, dedication to growing therapies with and for sufferers, mixed with their utilization of superior expertise, make them a gorgeous associate for firms in search of to launch digital therapeutics.”
MARKET SNAPSHOT
Digital therapeutics startups raised $3.4 billion in funding globally final 12 months, in accordance with a report by CB Insights.
One other firm within the house is Pear Therapeutics, which gives prescription digital therapeutics for substance use dysfunction, opioid use dysfunction and continual insomnia. The corporate hit the general public markets within the U.S. late final 12 months, and lately introduced it was partnering to develop a digital therapeutic for sleep-wake issues for the Japanese market.
Happify Well being has additionally made strikes to develop internationally. Final month it introduced an settlement with healthcare companies and pharmaceutical firm Zuellig Pharma to commercialize two prescription digital therapeutics in Asia.
One other participant within the digital therapeutics house, Huge Well being, raised $75 million in Collection C funding earlier this 12 months.
