Co-founder and CEO Eddie Martucci, Ph.D.
transitions to role of Board chair; Matt Franklin, president and
chief operating officer of Akili, appointed president and chief
executive officer
Akili, Inc. (Nasdaq: AKLI), a leading digital medicine company,
today announced that Eddie Martucci transitioned to the role of
Board chair, and Matt Franklin has been appointed to serve as
president and CEO of the company and as a member of its board of
directors, effective October 5, 2023. Martucci replaces former
Board chair, Chamath Palihapitiya, who has resigned from the Board,
effective October 4, 2023.
The leadership transition follows the company’s announcement in
September that it plans to shift from a prescription to a
non-prescription business model. As the company progresses into
this next critical phase, building on the vision and culture of
innovation established by Martucci, Franklin’s leadership will
bring significant expertise establishing and scaling robust and
cost-effective business models, effectively implementing creative
marketing and partnering strategies, and focusing on revenue growth
and profitability.
"From day one, Akili’s brand has been about establishing medical
credibility and constantly innovating to bring a new class of
products to patients. Matt excels at advancing both of these value
drivers in innovative models and was the spearhead of our recent
business model shift. His stepping into the role of CEO comes at an
optimal time, as Akili focuses on executing this new strategy to
bring our bold vision to life for millions of patients seeking
better cognitive and mental health solutions,” said Martucci.
“Akili’s transition to a non-prescription business is a springboard
to transform the company and remove friction for the customers we
serve. I look forward to collaborating with Matt and the leadership
team to explore and execute opportunities to drive success and
value for shareholders in this next phase of the company.”
“I am honored to have the opportunity to continue to work with
Eddie and the rest of the Board in my new role and to support
Akili’s mission of helping millions of people living with cognitive
impairments,” said Franklin. “Akili’s journey ahead will continue
to be shaped by our innovation and commitment to challenging and
redefining the status quo. I strongly believe that there is a
monumental opportunity for Akili to revolutionize the medical
industry by bringing clinically validated, consumer-focused
treatments directly to those who suffer from these chronic
conditions, to improve their cognitive function and enhance their
daily lives.”
Martucci co-founded Akili in 2011 with a vision to transform the
design, delivery and experience of cognitive medicine. He was the
COO until August 2015 and has been the sole CEO since that time.
Under his leadership, Akili realized the initial phase of its
vision, introducing the world’s first and only clinically validated
FDA-authorized video game treatment. With his transition to the
role of Board chair, Martucci replaced Palihapitiya who served as
chair of the Board since investing in the company and facilitating
its transition to a public listing in August 2022.
Franklin joined Akili in June 2022 as its president and chief
operating officer. He has a proven track record leading early
commercialization and growing disruptive healthcare business models
in the medical device and diagnostics industries for leading
companies such as Boston Scientific, Foundation Medicine, Thrive
Earlier Detection and Exact Sciences. As a part of these
organizations, Franklin also gained experience in mergers and
acquisitions, as both the strategist and the acquisition target.
Since joining Akili, Franklin has implemented metrics-driven
performance improvements and enhanced operational efficiency at
Akili including growth of EndeavorRxⓇ, which has now been
prescribed in every state in the U.S., guided the company’s launch
of its non-prescription adult ADHD product, EndeavorOTCTM, under
FDA guidance, and championed the plan to move the business to a
non-prescription model.
EndeavorOTC Indication and Overview EndeavorOTC is a
digital therapeutic indicated to improve attention function, ADHD
symptoms and quality of life in adults 18 years of age and older
with primarily inattentive or combined-type ADHD. EndeavorOTC
utilizes the same proprietary technology underlying EndeavorRx, a
prescription digital therapeutic indicated to improve attention
function in children ages 8-12. EndeavorOTC is available under the
U.S. Food and Drug Administration’s current Enforcement Policy for
Digital Health Devices for Treating Psychiatric Disorders During
the Coronavirus Disease 2019 (COVID-19) Public Health Emergency.
EndeavorOTC has not been cleared or authorized by the U.S. Food and
Drug Administration for its indications. It is recommended that
patients speak to their health care provider before starting
EndeavorOTC treatment. No serious adverse events have been reported
in any of our clinical studies. To learn more, visit
EndeavorOTC.com.
EndeavorRx Indication and Overview EndeavorRx is the
first-and-only FDA-authorized treatment delivered through a video
game experience. EndeavorRx is indicated to improve attention
function as measured by computer-based testing in children ages 8
to 12 years old with primarily inattentive or combined-type ADHD,
who have a demonstrated attention issue. Patients who engage with
EndeavorRx demonstrate improvements in a digitally assessed measure
Test of Variables of Attention (TOVA®) of sustained and selective
attention and may not display benefits in typical behavioral
symptoms, such as hyperactivity. EndeavorRx should be considered
for use as part of a therapeutic program that may include
clinician-directed therapy, medication, and/or educational
programs, which further address symptoms of the disorder.
EndeavorRx is available by prescription only. It is not intended to
be used as a stand-alone therapeutic and is not a substitution for
a child’s medication. The most common side effect observed in
children in EndeavorRx’s clinical trials was a feeling of
frustration, as the game can be quite challenging at times. No
serious adverse events were associated with its use. EndeavorRx is
recommended to be used for approximately 25 minutes a day, 5 days a
week, over initially at least 4 consecutive weeks, or as
recommended by your child’s health care provider. To learn more
about EndeavorRx, please visit EndeavorRx.com.
About Akili
Akili is pioneering the development of cognitive treatments
through game-changing technologies. Akili’s approach of leveraging
technologies designed to directly target the brain establishes a
new category of medicine – medicine that is validated through
clinical trials like a drug or medical device but experienced like
entertainment. Akili’s platform is powered by proprietary
therapeutic engines designed to target cognitive impairment at its
source in the brain, informed by decades of research and validated
through rigorous clinical programs. Driven by Akili’s belief that
effective medicine can also be fun and engaging, Akili’s products
are delivered through captivating action video game experiences.
For more information, please visit www.akiliinteractive.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, as amended. These forward-looking statements generally are
identified by the words “believe,” “project,” “expect,”
“anticipate,” “estimate,” “intend,” “strategy,” “future,”
“opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,”
“will continue,” “will likely result,” and similar expressions.
Forward-looking statements are predictions, projections and other
statements about future events that are based on current
expectations and assumptions and, as a result, are subject to risks
and uncertainties. These forward-looking statements include,
without limitation, statements in this press release related to:
the Company’s recently-announced business strategy and plans to
transition to a non-prescription model; the Company’s plans to
explore opportunities and to drive success and value for
shareholders; and the Company’s expectations regarding its ability
to increase patient access to its treatments and to remove friction
for customers by reducing its reliance on intermediaries. Any
forward-looking statements in this press release are based on
management’s current expectations and beliefs and are subject to a
number of risks, uncertainties and important factors that may cause
actual events or results to differ materially from those expressed
or implied by any forward-looking statements contained in this
press release, including, without limitation, risks and
uncertainties related to: the Company’s ability to successfully
navigate the leadership transition; the Company’s ability to
successfully further commercialize and obtain approval from FDA for
EndeavorOTC; the Company’s ability to successfully create, and
navigate, a new category of medicine and to achieve broad adoption
of digital therapeutics among healthcare providers, caregivers, and
patients; the Company’s ability to successfully commercialize and
support its EndeavorRx prescription product and to obtain further
FDA approval to successfully convert its EndeavorRx product to an
over-the-counter product; the Company’s ability to defend its
intellectual property and satisfy various FDA and other regulatory
requirements in and outside of the United States; the risk of
downturns and a changing regulatory landscape in the highly
competitive industry in which the Company operates; the timing and
results expected from the Company’s and its partners’ clinical
trials and its reliance on third parties for certain aspects of its
business; the Company’s ability to accurately estimate expenses,
capital requirements, and needs for additional financing; and other
risks identified in the Company’s current filings and any
subsequent filings made with the Securities and Exchange Commission
(SEC). The Company cautions you not to place undue reliance on any
forward-looking statements, which speak only as of the date hereof
and should not be relied upon as representing the Company’s views
as of any subsequent date. The Company disclaims any obligation to
publicly update or revise any such statements to reflect any change
in expectations or in events, conditions or circumstances on which
any such statements may be based, or that may affect the likelihood
that actual results will differ from those set forth in the
forward-looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20231006219855/en/
Investors: Santosh Shanbhag Chief Financial Officer
InvestorRelations@akiliinteractive.com
Media: Julie DiCarlo Communications
julie@akiliinteractive.com
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