TORONTO, July 26,
2024 /PRNewswire/ - RetiSpec Inc., an innovator
in AI-driven eye diagnostics for brain health, announced the
successful closing of its $10M USD
Series A financing. This funding will enable RetiSpec to accelerate
the commercialization of its groundbreaking technology aimed at
early detection of Alzheimer's disease.
The Series A financing was led by iGan Partners and included new
strategic investors, Eli Lilly and Company and Topcon Healthcare,
Inc., along with existing investors, Gentex Corporation, the
Alzheimer's Drug Discovery Foundation's Diagnostics Accelerator,
Verge HealthTech Fund, University of
Minnesota's Discovery Capital, Ontario Brain Institute,
Centre for Aging + Brain Health Innovation, and private investors.
This financing brings RetiSpec's total fundraising to $17M USD.
RetiSpec's clinically validated test aims to help healthcare
providers predict amyloid burden, a core biomarker of Alzheimer's
disease. The test is now available for Research Use Only, it is
expected to be utilized in routine clinical office visits globally
in the near future. RetiSpec's AI solutions applied to non-invasive
retinal images, provide real-time assessments at the point of care.
The company's goal is to also develop additional AI-driven
diagnostics for neurodegenerative diseases and side effects of
Alzheimer's therapeutics.
In related developments, RetiSpec will take part in the upcoming
Bio-Hermes-002 study sponsored by the Global Alzheimer's Platform
Foundation (GAP). The study aims to investigate the relationship
between novel markers of Alzheimer's disease, including RetiSpec's
test, and the gold standard for diagnosis across a sample of 1,000
cognitively normal and impaired participants. Bio-Hermes-002 is
expected to include an unprecedented number of participants from
traditionally underrepresented populations in Alzheimer's studies
in order to benefit everyone impacted by Alzheimer's and related
dementias.
Along with the financing, RetiSpec is pleased to welcome
Lance Patton, Chief Commercial
Officer at Topcon Healthcare, Inc., to its board of directors. His
28 years of expertise in driving adoption of diagnostic imaging
technologies via eyecare settings will be invaluable as RetiSpec
continues to scale and bring its innovative solutions to
market.
"The closing of this Series A financing is a testament of the
significant strides we've achieved and marks a significant step
forward in our mission to enable widespread early and accurate
detection of neurodegenerative disease markers with our innovative
AI-driven eye test," said Eliav Shaked, Co-founder and CEO of
RetiSpec. "We are thrilled to welcome such strong new
investors, alongside existing investors, such as Gentex, who
have been key contributors throughout our journey. Together, this
investment will allow us to accelerate the commercialization of our
AI-driven eye test, which has the potential to transform patient
outcomes and enable early, accurate, and equitable access to
treatment".
About RetiSpec
RetiSpec is a Toronto-based
medical AI company that aims to enable widespread early and
accurate detection of neurodegenerative disease markers through a
simple eye exam. RetiSpec's AI solutions applied to non-invasive
retinal images, provide real-time results at the point of care.
RetiSpec's first clinically validated AI is intended to predict
amyloid burden to aid in the evaluation of individuals for
Alzheimer's disease. RetiSpec's AI solutions are currently
available for Research Use Only.
RetiSpec acknowledges generous support from the Alzheimer's Drug
Discovery Foundation's Diagnostics Accelerator, Davos Alzheimer's
Collaborative, University of
Minnesota's Center for Drug Design, Ontario Brain Institute,
and Centre for Aging + Brain Health Innovation. For more
information on RetiSpec, visit retispec.ai.
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SOURCE RetiSpec Inc.