LONDON, May 4, 2020 /PRNewswire/ -- Hikma Pharmaceuticals PLC announces that its venture capital arm, Hikma Ventures has invested in Altoida, Inc. following the company's $6.3 million Series A round in 2019.
Altoida is a health technology firm with an FDA-cleared and CE Mark-approved medical device and brain health data platform designed to support the early detection of Alzheimer's disease up to ten years prior to onset – with up to 94% accuracy. Altoida's technology offers health care professionals a novel way to use active digital biomarkers and the latest advancements in artificial intelligence, machine learning and augmented reality to classify patients' risk of Mild Cognitive Impairment (MCI) due to Alzheimer's Disease (AD) and drive better clinical outcomes for brain diseases.
Altoida's key product, the Altoida Neuro Motor Index (NMI), analyzes visuospatial and executive function during complex activities of daily living through a battery of tests that ask patients to hide and seek virtual objects in a real-life environment. The company has validated its platform and methodology in more than 12 peer-reviewed journal publications and in more than 200 independent studies. It is currently being used in clinics across the US, Japan, Europe and Brazil.
"We are excited to invest in Altoida and their digital health technology, which is helping patients and health care providers by reinventing digital biomarkers to drive better clinical outcomes for brain disease," said Lana Ghanem, Managing Director of Hikma Ventures. "This is the latest example of Hikma Ventures' commitment to supporting innovative companies utilizing machine learning and other cutting-edge technologies to meaningfully improve patients' lives."
"Hikma Ventures is the perfect addition to our investor syndicate and we are extremely happy to have such an experienced partner on board, who has a remarkable expertise and reputation in the industry," commented Dr. Richard Fischer, President & CEO of Altoida Inc. "Altoida is in the middle of a dynamic phase to execute on our clearly defined commercial strategy and Hikma's investment will play an integral part of our business success in the focus markets USA, Japan and Europe."
The number of people living with Alzheimer's disease is rapidly growing. In 2019 alone, Alzheimer's disease and other dementias cost the US $290 billion. By 2050, these costs could rise as high as $1.1 trillion, according to the 2019 Facts and Figures report of the Alzheimer's Association1. Yet, research shows 1 in 3 dementia cases are preventable if diagnosed before permanent and irreversible brain damage occurs.
Managing Director, Hikma Ventures
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Hikma helps put better health within reach every day for millions of people in more than 50 countries around the world. For more than 40 years, we've been creating high-quality medicines and making them accessible to the people who need them. Headquartered in the UK, we're a global company with a local presence across the United States (US), the Middle East and North Africa (MENA) and Europe, and we use our unique insight and expertise to transform cutting-edge science into innovative solutions that transform people's lives. We're committed to our customers, and the people they care for, and by thinking creatively and acting practically, we provide them with a broad range of branded and non-branded generic medicines. Together, our 8,400 colleagues are helping to shape a healthier world that enriches all our communities. We are a leading licensing partner, and through our venture capital arm, are helping bring innovative health technologies to people around the world. For more information, please visit www.hikma.com.
About Hikma Ventures
Founded in August 2015, Hikma Ventures operates as the corporate venture capital arm of Hikma Pharmaceuticals. Hikma Ventures invests in global start-ups where Hikma's expertise can accelerate revenue growth and enhance value creation by providing ventures with access to the resources of a multinational pharmaceutical company.
For more information, please visit www.hikmaventures.com.
About Altoida, Inc.
Altoida Inc. is a health technology firm that uses active digital biomarkers and cutting-edge technology in Artificial Intelligence (AI) and Augmented Reality (AR) to classify patients' risk of Mild Cognitive Impairment (MCI) due to Alzheimer's Disease (AD) and drive better clinical outcomes for brain diseases. Led by an international team of esteemed neuroscientists, computer scientists and medical business professionals, the company offers an FDA-cleared and CE Mark-approved medical device and brain health data platform to support early detection of Alzheimer's disease up to ten years prior to onset – with up to 94% accuracy. The company is privately held and supported by the current investor syndicate of M-Ventures (lead investor), GreySky Venture Partners, FYRFLY, VI Partners. Altoida has offices in Houston, San Diego, and Lucerne, Switzerland. For more information, please visit www.altoida.com and follow us on LinkedIn https://www.linkedin.com/company/altoida.
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