HOUSTON, May 4, 2020 /PRNewswire/ -- Altoida Inc., a predictive digital biomarker company, today announced it has secured financing from Hikma Ventures, the venture capital arm of Hikma Pharmaceuticals PLC.
The financing comes at a time of rapid growth for Altoida, as the company's -FDA cleared and CE Mark-approved medical device and brain health data platform is being used by researchers, patients and physicians across the globe to detect Alzheimer's Disease (AD) up to ten years prior to onset. The additional financing will be used to further expand Altoida's presence in the US, Japan, Europe and Brazil and follows the company's $6.3 million Series A round that closed early 2019.
"Hikma Ventures is a highly reputable venture capital firm, and we share a common vision of putting better health within reach for millions of people across the globe," said Dr. Richard Fischer, President & CEO of Altoida Inc. "Their investment in Altoida during these unprecedented times is a testament to their belief in the strength of our company and the value of our digital health technology. Hikma Ventures is the perfect addition to our investor syndicate and an important partner as we continue to execute on our clearly defined commercialization strategy."
Altoida leverages predictive digital biomarkers to drive better clinical outcomes for brain disease. By leveraging the latest advancements in Artificial Intelligence (AI), Machine Learning (ML) and Augmented Reality (AR), Altoida collects functional and cognitive biomarkers to help detect Mild Cognitive Impairment (MCI) due to Alzheimer's disease prior to its onset - with up to 94% accuracy. Now healthcare professionals have a novel way to objectively assess cognitive and everyday functions, in the most ecologically valid way.
Using Smart Device sensors, Altoida analyzes visuospatial and executive function during complex activities of daily living by asking patients to hide and seek virtual objects in a physical space. Altoida is able to detect "micro-errors" as both a prognostic and diagnostic digital biomarker, allowing medical professionals to detect Alzheimer's disease in patients 62+ years old between six and ten years prior to the onset of symptoms - and before irreversible damage occurs. The company has validated its platform and methodology in more than 12 peer-reviewed journal publications and in more than 200 independent studies.
"We are excited to invest in Altoida and their digital health technology, which is helping patients and healthcare 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."
(LSE: HIK) (NASDAQ Dubai: HIK) (OTC: HKMPY), (rated Ba1/stable Moody's and BB+/positive S&P)
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, the company has been creating high-quality medicines and making them accessible to the people who need them. Headquartered in the UK, Hikma is a global company with a local presence across the United States (US), the Middle East and North Africa (MENA) and Europe, and they use their unique insight and expertise to transform cutting-edge science into innovative solutions that transform people's lives. Hikma is committed to their customers, and the people they care for, and by thinking creatively and acting practically, they provide them with a broad range of branded and non-branded generic medicines. Together, Hikma's 8,400 colleagues are helping to shape a healthier world that enriches all our communities. The company is a leading licensing partner, and through its venture capital arm, is 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.
Managing Director, Hikma Ventures
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Hikma Pharmaceuticals PLC
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US Communications and Public Affairs
Emily Brady, BPR
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SOURCE Altoida Inc.