Closed Loop Medicine has closed £13 million of new investment from a range of top UK and European venture capital investors.
The money has been raised to finance its personalised ‘drug + digital therapy’ combination products which are being developed to improve outcomes for patients and clinicians through precision dosing.
The company, which was ninth on our MedTech 50 ranking, has two products in clinical development to treat insomnia and hypertension and a pipeline of future combination products in other therapeutic areas.
The financing will accelerate the development, registration and commercialization of its platform and precision dosing products.
The round was led by Ananda Impact Ventures and BGF, joined by a strong syndicate of investors including LifeArc, Longwall, Meltwind, IQ Capital, Downing Ventures and Cambridge Angels.
Clare Terlouw (pictured), head of LifeArc Ventures, joins the Closed Loop Medicine board. It brings the total raised by the company to more than £22m.
“This is an area of innovation at the intersection of data, digital health and traditional therapeutics, and one that LifeArc strongly supports. We look forward to working with the team and investors,” said Terlouw.
CEO and co-founder Hakim Yadi said: “We are delighted to have the support of such highly respected investors working alongside us to move forwards with our work on improving patient outcomes. We are also very pleased to welcome the experience and insight of LifeArc’s Clare Terlouw to our board.
“This financing enables Closed Loop Medicine to take the next step towards creating a new standard for the future of care for patients with long term conditions. Until now, precision medicine has only been applied to a handful of medical conditions.
“However, the ability to combine ‘Software as a Medical Device’, as a DTx, delivering behavioural therapy integrated with drug therapy, as a single prescription, is ushering in a new chapter in tailored medicine and care.”
Lennart Hergel of Ananda Impact Ventures commented: “Closed Loop Medicine’s models of care will generate significant impact for individuals, who would have otherwise received standardised treatment, through better outcomes and addition to quality of life.
“At a systemic impact level, this approach promises to radically and impactfully change the capacity and performance of healthcare systems for the whole population’s benefit.”
Tim Rea, investor at BGF, added: “We have backed Closed Loop Medicine since February 2020 and are delighted to be supporting the next stage of the company’s growth journey.
“The team have pioneered a revolutionary approach to combining drug and digital therapies to offer more personalised care pathways for patients and clinicians. We look forward to continuing to work with the management team, as they respond to the growing market need for new digital models of healthcare.”