DGAP-News: Aladdin Healthcare Technologies SE / Key word(s): Miscellaneous/Investment
Aladdin Healthcare Technologies will obtain an equity stake in public spinoff No-Age Biotech Inc. at TSX, aimed to combat age-related diseases
- Aladdin has agreed to obtain a 25% equity stake in No-Age Biotech Inc., publicly traded spinoff at TSX, in late 2020.
- No-Age Biotech will be focused on the development of therapeutics to combat age-related diseases.
- Aladdin plans to develop a bespoke drug discovery platform to be contributed to No-Age Biotech in exchange for its stake.
- No-Age Biotech will be targeting an initial valuation of $50 - $75 million or their Series A investment round.
Among the other founding shareholders, there are renowned and experienced professionals in the field of age-related diseases: Professor David Rubinsztein, Fellowship of the Academy of Medical Sciences and Fellow of the Royal Society, who is the Deputy Director of Cambridge Institute for Medical Research, University of Cambridge; NO-Age, a Norwegian integrated, interdisciplinary, center for human ageing research at international top level.
Wade Menpes-Smith, CEO of Aladdin Healthcare Technologies, comments: "Aladdin plans to develop a bespoke drug discovery platform which we intend to contribute to No-Age Biotech in exchange for the 25% stake. We also expect to become the exclusive AI provider to No-Age Biotech and generate an annual fee for both development and management of the AI platform, therefore bringing significant potential value to Aladdin."
Aladdin has already achieved milestones in drug development against Alzheimer's and other age-related diseases, marking a new era for a faster and optimized identification of drug targets. In May this year, the Company announced the development of new mitophagy inducers through a novel system for virtual drug screening based on Artificial Intelligence, which is actually a key component of Aladdin's drug development platform (AIDD). This new agreement confirms again Aladdin's capability to play a relevant role in the worldwide scientific progress with its self-developed AI Drug Discovery platform AIDD and to improve the health conditions of patients with age-related and neurodegenerative diseases.
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24.09.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
Aladdin Healthcare Technologies SE
Unter den Linden 10
Regulated Market in Dusseldorf
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