Capricorn Partners joins in a € 10 million Pre-Series A financing round in neotiv to accelerate Alzheimer’s diagnosis
9 November 2022
Magdeburg-based digital health company neotiv, which is working on the development of digital biomarkers for early Alzheimer's screening, has successfully expanded its Pre-Series A financing round and raised 10 million euros. With the additional funds, neotiv is now able to drive nationwide supply of the neotivCare® app, accelerate internationalization, and fight Alzheimer's.
The funding of 10 million euros is led by renowned investors Capricorn Partners via their Capricorn Digital Growth Fund, High-Tech Gründerfonds and bmp with IBG Fonds. Convergence Partners, RSJ Investments as well as Sana Future GmbH and Vega Ventures are also participating. Strong partners are thus driving the expansion of the company, which was founded in 2017 and whose focus is the neotivCare® app. Using digital memory tests, the neotivCare® app supports people with subjective cognitive decline (SCD), their relatives and doctors in diagnosing mild cognitive impairment (MCI).
Dr Chris Rehse, CEO and co-founder of neotiv, notes:
This financing round illustrates the support of renowned international investors for our successful science transfer. Above all, this will benefit patients. neotiv has set itself the goal of making an important contribution to the fight against Alzheimer's disease. The funds provided will enable neotiv to further develop targeted platform solutions in the area of patient journeys in the coming years and thus also advance the company economically."
Detecting memory problems early - combat Alzheimer's disease
neotivCare® is a CE labelled medical device classified as risk class I that also meets the strict data protection requirements for digital health applications. The basis for neotiv's digital memory tests are research results from scientific collaborations in Germany and international studies.
Worldwide, the number of dementia patients with Alzheimer's disease is estimated at 32 million. Another 69 million are in the prodromal phase of the disease, which indicates mild cognitive impairment (MCI) due to initial episodic memory impairment.
Dr David Berron, Chief Science Officer and co-founder of neotiv, states:
Mild cognitive impairment (MCI) is an important clinical gateway for early prevention and intervention of Alzheimer's disease. However, diagnosing the memory deficits typical of MCI in routine care is a major challenge because available screening methods cannot detect them. This is exactly where neotiv kicks in."
Contribution to primary care of the future
Working closely with physicians, healthcare insurers and strategic pharmaceutical partners, neotiv has revolutionized the patient journey for people with subjective cognitive decline and implemented it in regional as well as nationwide care programs. The digital cognitive tests have now been used in 5,250 cases in care programs, citizen research and clinical trials.
Antoine D’Hollander, Investment Manager at Capricorn Partners, says:
neotiv fits perfectly within the strategy of the Capricorn Digital Growth Fund to invest in data driven companies improving healthcare at lower cost. We invested in the company since we believe MCI is a major societal challenge requiring a solid diagnostic tool. neotiv has proven to offer a scientifically validated and easy solution applicable to this market. Together with the other investors, we strive to further scale neotiv’s business within and outside Germany.”
Increased chances of approval for drugs with a disease-modifying approach
Although there is currently no cure for Alzheimer's disease, researchers around the world are working hard to develop new therapies, especially drugs with a disease-modifying approach. These drugs target the protein deposits in the brain that are characteristic of Alzheimer's disease and are associated with the destruction of nerve cells. The recently published positive results from the Phase 3 trial of Lecanemab are likely to be followed by others, further increasing the chance of drug approval in the US and Europe.
Prof Dr med. Emrah Düzel, Chief Medical Officer and co-founder of neotiv:
The technological basis that we have established with neotivCare® allows all physicians to examine suspicious cases of MCI in a reliable and low- threshold manner in view of increasing case numbers. As a result, we are already improving the care of patients with memory problems and are uniquely positioned to deliver medications with a disease-modifying approach to patients quickly and inclusively."
More information on neotiv's website.