Neuroglee Therapeutics, a Singapore-based digital health and wellness platform, has secured US$10 million in a Series A round led by Openspace Ventures.
The round also saw participation from EDBI and existing investors, including Raman Singh, ex-CEO of Mundipharma and Biofourmis co-founders Kuldeep Singh Rajput and Wendou Niu. Leading pharmaceutical company Eisai Co., a strategic shareholder in the company since the previous US$2.3 million pre-seed round, also joined.
Neuroglee will use the funding to launch virtual neurology clinics for patients diagnosed with mild cognitive impairment (MCI) related to difficult-to-treat conditions such as Alzheimer’s disease.
The fund will also advance the company’s personalised evidence-based digital therapeutics (DTx) pipeline.
In particular, Neuroglee will collaborate with Mayo Clinic’s HABIT programme to develop Neuroglee Connect, a remote care management platform and virtual speciality care clinic. This clinic will provide personalised, near real-time, and 24/7 responsiveness and interventions in managing patients with MCI in the comfort of their homes.
“With care expanding outside of the hospital and into the home, Neuroglee is assuring the management of neurodegenerative diseases is a simple, empowering, everyday event for patients,” Neuroglee CEO stated. “Actionable data and virtual clinical support will give more patients access to world-class care, no matter where they are.”
Founded in 2020 by Aniket Singh Rajput, Neuroglee discovers, develops and commercialises personalised evidence-based digital therapeutics (DTx) and virtual care-at-home solutions to treat and manage patients with neurodegenerative diseases. This approach serves as non-pharmacologic therapies to complement the current symptomatic therapies and investigational drugs.
Applying cognitive rehabilitation strategies and machine learning approaches, Neuroglee’s flagship software product NG-001 can capture digital biomarkers and learn from user behaviour to provide a more personalised experience tailored to patients’ needs.
“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.
According to a press statement, the company plans to move its headquarters from Singapore to Boston in Q4 2021. Leveraging Boston’s digital health innovation and investment hub, Neuroglee will focus on building and scaling engineering, clinical operations and commercial teams.
“This will expand our global footprint, adding to our growing regional management and technology development teams in Singapore and India,” added Rajput.
According to WHO, more than 55 million people live with dementia and nearly 10 million yearly new cases, of which Alzheimer’s disease is the most common form.
Image credit: Neuroglee Therapeutics
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