BGF completes significant follow-on funding investment in Closed Loop Medicine
BGF has completed a significant follow-on investment in Closed Loop Medicine, the global leader in the development of single prescription drug plus digital therapy (DTx) combination products.
The £13 million investment has been raised to finance its personalised DTx combination products which are being developed to improve outcomes for patients and clinicians through precision dosing. This new funding brings the total raised by Closed Loop Medicine to over £22 million since it was founded.
The round was led by BGF and Ananda Impact Ventures. In addition, the syndicate includes leading 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 DTx 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 commercialisation of its platform and precision dosing products.
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.
Hakim Yadi, CEO and co-founder at Closed Loop Medicine
“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.”
Tim Rea, investor at BGF, commented: “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.”
Dr Andy Richards CBE, Closed Loop Medicine Chairman commented: “Providing the right dose of any medicine for a specific patient given the variability of individual therapeutic windows has largely been unaddressed by both the pharmaceutical industry and the clinical community. Through ‘drug plus DTx’ combination products this problem can be solved impacting on safer and more effective treatment of many diseases. This funding accelerates the achievement of that important goal”
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