Altoida Receives Investment from Alzheimer’s Drug Discovery Foundation’s Diagnostics Accelerator to Advance Precision Neurology
WASHINGTON, Sept. 9, 2021 /PRNewswire-PRWeb/ — Altoida, Inc., the world’s leading Precision Neurology company, announced new financing from the Alzheimer’s Drug Discovery Foundation (ADDF) Diagnostics Accelerator, an initiative to advance bold ideas for easier, more accurate, and earlier diagnosis of Alzheimer’s disease and related dementias. The financing will support novel research and development of Altoida’s digital medical device for predictive diagnosis in the earliest possible phases of Alzheimer’s, like the preclinical phase.
From just a 10 minute set of activities completed on a smartphone or tablet, Altoida’s device will use artificial intelligence to help predict if an individual aged 55+ with Mild Cognitive Impairment will or will not convert to Alzheimer’s within 12 months. This industry-first predictive diagnostic won Altoida Breakthrough Device Designation from the U.S. Food and Drug Administration (FDA) in July 2021.
Now, Altoida is working to pioneer another industry-first by testing their device for predictive diagnosis in the preclinical phase of Alzheimer’s, which could enable diagnosis many years before onset and enable intervention before irreversible disease effects may occur.
“We are thrilled to partner with the Alzheimer’s Drug Discovery Foundation in our shared fight to treat and defeat Alzheimer’s disease,” said Travis Bond, CEO of Altoida. “We know that developing and deploying effective treatment for Alzheimer’s, and other neurological diseases, will begin with early and accurate diagnosis. The Diagnostics Accelerator’s support will be integral as Altoida works to create better patient outcomes through Precision Neurology.”
“Through Precision Neurology, we are pushing the boundaries of early diagnosis,” said Ioannis Tarnanas, Ph.D., Chief Scientific Officer of Altoida. “Built on a foundation of more than twenty years of research, we are working to redefine neurological disease diagnosis with AI-backed prediction.”
Altoida’s device is a Computerized Cognitive Assessment Aid that is classified as Class II, 510(k) exempt.
Created in 2018, the Diagnostics Accelerator is a partnership of funders with funding commitments totaling nearly $50 million over three years from ADDF Co-Founder Leonard A. Lauder, Bill Gates, Jeff Bezos, MacKenzie Scott, the Dolby family, the Charles and Helen Schwab Foundation, and The Association for Frontotemporal Degeneration, among others, to develop novel biomarkers for the early detection of Alzheimer’s disease and related dementias.
“The ADDF is delighted to support the researchers at Altoida as they leverage rapidly evolving technology in innovative ways to improve early diagnosis of Alzheimer’s disease,” said Dr. Howard Fillit, Founding Executive Director and Chief Science Officer of the Alzheimer’s Drug Discovery Foundation (ADDF). “Digital biomarkers can truly revolutionize our approach to this complex disease by giving us accessible, easy to use, inexpensive and accurate ways to diagnose patients earlier than ever before, even before symptoms appear.”
The ADDF awarded $15 million in new investments in the second quarter of 2021, reaching into nearly every corner of Alzheimer’s research, including novel drug compounds, disease pathologies, and digital biomarker innovations, like Altoida.
About Altoida, Inc.
Altoida, Inc is creating a new gold standard in brain health with Precision Neurology. Our innovative approach combines novel digital biomarkers (dBM) with immersive augmented reality (AR) and powerful artificial intelligence (AI). The result is our validated device and platform built on more than twenty years of cutting-edge scientific research. Our products are backed by peer-reviewed publications and multinational clinical trials, and are built by our expert team of scientists, clinicians and engineers. Altoida, Inc. is funded by M-Ventures, Eisai Innovation, Hikma Ventures, GreySky Venture Partners, FYRFLY, Alpana Ventures and VI Partners. For more on Altoida, please visit http://www.altoida.com and connect with us on LinkedIn and Twitter.
About the Alzheimer’s Drug Discovery Foundation
Founded in 1998 by Leonard A. and Ronald S. Lauder, the Alzheimer’s Drug Discovery Foundation is dedicated to rapidly accelerating the discovery of drugs to prevent, treat and cure Alzheimer’s disease. The ADDF is the only public charity solely focused on funding the development of drugs for Alzheimer’s, employing a venture philanthropy model to support research in academia and the biotech industry. Through the generosity of its donors, the ADDF has awarded more than $168 million to fund over 650 Alzheimer’s drug discovery and biomarker programs and clinical trials in 19 countries. To learn more, please visit: http://www.alzdiscovery.org/.
Media Contact
Henry Peck, Altoida, Inc., +1 (240) 720-7538, pr@altoida.com
SOURCE Altoida, Inc.
