Closed Loop Medicine secures £13m investment round
Closed Loop Medicine has closed £13m 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 (DTx) combination products which are being developed to improve outcomes for patients and clinicians through precision dosing.
This new investment brings the total raised by the Company to over £22m since it was founded. The round was led by the UK growth capital investor, BGF and one of European impact investors, Ananda Impact Ventures.
The syndicate includes life science medical research charity LifeArc, with Meltwind and Downing Ventures also joining as new investors alongside IQ Capital, Cambridge Angels and Longwall Venture Partners. Clare Terlouw, Head of LifeArc Ventures joins the Closed Loop Medicine Board.
Closed Loop Medicine has established a proprietary platform for the creation of drug plus digital combination products, the next generation of patient-centric pharmaceuticals. The company has two products in clinical development to treat insomnia and hypertension and a pipeline of future combination products in other therapeutic areas. This financing will accelerate the development, registration and commercialization of its platform and precision dosing products.
Hakim Yadi, CEO and co-founder at Closed Loop Medicine, 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.”