Singaporean health tech company Neuroglee Therapeutics has bagged USD 10 million in a Series A funding round led by Openspace Ventures and Singapore-headquartered investor EDBI, the company said on Thursday. Pharmaceutical company Eisai Co also participated in this round, along with several entrepreneurs in the healthcare industry, including Raman Singh, former CEO of pharmaceutical firm Mundipharma, as well as Kuldeep Singh Rajput and Wendou Niu, co-founders of biotech startup Biofourmis.
The startup builds personalized evidence-based digital therapeutics and virtual care solutions to treat patients with neurodegenerative diseases. With the fresh investment, Neuroglee will be able to launch virtual neurology clinics for patients diagnosed with mild cognitive impairment related to Alzheimer’s disease. Neuroglee is also set to open its new headquarters in Boston in the fourth quarter of 2021. At this location, the company will focus on building and scaling its engineering capabilities, clinical operations, and commercialization.
Neuroglee uses machine learning and several new digital biomarkers to personalize treatment and match each patient’s cognitive and physical needs. The treatment includes both therapeutic interventions and evidence-based lifestyle and cognitive behavior therapies tied to cognitive function, mood, and behavior.
There are around 5.7 million Americans and 50 million people worldwide living with Alzheimer’s disease or a related form of dementia. Neuroglee CEO Aniket Singh Rajput said in a statement that there’s a huge need for mild cognitive impairment related to Alzheimer’s given there is no known cure and only a handful of FDA-approved medications to treat the condition.
The company is partnering with Mayo Clinic to co-develop a novel clinical care program called Neuroglee Connect that is based on Mayo Clinic’s Healthy Action to Benefit Independence & Thinking program, or HABIT, a ten-day skill-training module for patients who have been diagnosed with mild cognitive impairment but want to maintain personal independence.
By combining the HABIT program and Neuroglee’s adaptive learning platform, Neuroglee Connect will create personalized, real-time responsiveness and interventions to manage patients in their home. Patients are monitored through the Neuroglee mobile app, and supported closely by clinical care teams for near real-time assessment and interventions.