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Alex Therapeutics secures €3.5M in funding round

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Alex Therapeutics has secured €3.5M in an oversubscribed funding round, the Swedish company announced today.

This capital will be used to accelerate Alex’s growth in Europe and the US.

The round was led by European life science venture fund Hadean Ventures and joined by Scale Capital and Bonit Capital.

John Drakenberg Renander, co-founder and CEO at Alex Therapeutics, said:

“We’re overwhelmed by the interest from the investor community and are glad to welcome some incredible institutional investors to join us as we take the next major leap with Alex.

“We’re looking forward to learning from their many years of experience in developing medical devices and scaling Nordic tech platforms internationally.

“They perfectly complement our current investors, who have a unique perspective on building engaging consumer technology.

The company uses its AI-powered digital therapeutics platform to develop and launch prescription digital therapies (DTx).

The products, typically developed in partnership with pharmaceutical companies, are clinically validated and approved medical devices prescribed by doctors.

Alex DTx combines evidence-based psychology, primarily Cognitive Behavioral Therapy (CBT), with AI and machine learning to provide personalised treatments that address the needs of patients worldwide.

Dr. Ingrid Teigland Akay, MD, MBA, Managing Partner at Hadean Ventures, said:

“We’ve been following the digital therapeutics space for a long time and are now seeing major markets such as Germany and the US open up for prescription and reimbursement of digital therapies.

“Alex Therapeutics’ impressive track record, dedication to developing treatments with and for patients, combined with their utilization of advanced technology make them an attractive partner for companies seeking to launch digital therapeutics.”

Alex Therapeutics recently announced a strategic commercial partnership with Pfizer.

The initial focus of the partnership is a digital therapy called Eila aimed at treating nicotine addiction.

The DTx market is projected to grow to 1.4billion users by 2025, according to a report published in November 2020.

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