Neuroglee Therapeutics, a startup that develops digital therapies for neurodegenerative diseases, has secured a $10 million Series B led by Openspace Ventures. This funding will be used for the launch of virtual neurology clinics as well as to help Neuroglees relocate to Boston. Ramen Singh, who was previously the chief executive officer at Mundipharma, and Wendou and Kuldeep Singh Rajput, co-founders of Biofourmis, were also present. Eisai Co. is the Japanese pharmaceutical that facilitated Neuroglees' last round.
Aniket Singh Rajput, the founder and chief executive officer of the company, told TechCrunch in an email that they are moving to Boston as the city is a major digital health hub. We believe Boston will provide us with the strategic support we need to develop our first line of treatments for mild cognitive impairment associated with difficult-to-treat neurodegenerative diseases such as Alzheimer's disease.
Neuroglee and Mayo Clinic are currently collaborating on a new platform called NeurogleeConnect. Neuroglees technology, which is based on the Mayo Clinic's 10-day in-person program HABIT for people with mild cognitive impairment and possible neurodegenerative conditions (Health Action to Benefit Independence & Thinking), will allow HABIT to be scaled up and made available to caregivers and patients at home. Neuroglee Connect users can also access health navigators that are available 24/7 and clinical care teams to assist with assessments and interventions.
Neuroglees also offers digital therapies for strokes and Parkinson's disease.
Rajput stated that Neuroglees has achieved milestones since its December 2020 funding announcement. Rajput also said it had begun work on its proof of concept study to earn NG001 a Breakthrough Designation by the Federal Drug Administration.
Neuroglees adaptive technology uses machine learning and biomarkers to determine cognitive function, mood, and behavior. This allows patients to access the software via a smartphone or tablet to create personalized therapy plans.
Rajput explained that the device camera can identify facial expressions and determine the type and number of tasks or games the patient is willing to do. Reminiscence therapy is another option, which uses images taken from patients' pasts to trigger positive emotions and memories. This has been proven to improve cognitive function.
