London, May 4, 2020 – 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.
4 May 2020
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 healthcare 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 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."
"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 Association. Yet, research shows 1 in 3 dementia cases are preventable if diagnosed before permanent and irreversible brain damage occurs.