Oxford startup receives €2m through accelerator for Alzheimer's treatment
A ‘startup’ based at the Oxford Foundry, has received €2 million from an EIT Health acceleration programme to combat Alzheimer’s through artificial intelligence and photonics.
iLoF has created a portable system that serves as a file for the fingerprints of neurodegenerative diseases and allows non-invasive tests.
Dr Joana Paiva, one of the founders of iLoF says that the goal is now to “change the paradigm” of today, using methods such as artificial intelligence and photonics to “accelerate the development of new and personalised treatments” for Alzheimer’s disease.
She said: “Every three seconds someone in the world develops Alzheimer’s. Although there are 50 million people worldwide with Alzheimer’s, there has been no new treatment approved in the last 14 years and more than 400 clinical studies have failed. Another recognised fact is that the number of Alzheimer’s patients is expected to triple by 2050."
Though their research and development arm is based at the Medical Research Centre at the University of Porto in Portugal, the start-up has secured a place at the Oxford Foundry until May next year as part of the OXFO L.E.V8 accelerator. The L.E.V8 accelerator is a six month accelerator providing high-potential Oxford University student and alumni-founded ventures with mentorship, masterclasses, access to a global network of industry experts, mentors, advisors and investors, free legal, business, finance, creativity, tech support and much more.
The iLoF Team
iLoF is hoping to enable a new era of personalised, precision medicine, by providing screening and stratification tools in an affordable, fast, portable way. They are currently focusing their patented platform technology on Alzheimer's disease, having already established partnerships with Biobanks, Pharmaceutical Companies and research teams around the globe. However, the team hopes to grow beyond Alzheimer’s, expanding their digital library of optical fingerprints to other brain diseases, aiming to improve the development of new treatment for diseases like Parkinson’s and even brain tumours.
Talking of the disease, iLoF operational lead, Dr Mehak Mumtaz, said: "The high cost of drug development programs, primarily driven by expensive screening and recruitment is a massive barrier for pharma companies looking to enter or continue in this space. Through a non-invasive, inexpensive blood test, iLoF intends to make this recruitment process cheaper, more efficient and convenient for patients.
“By aiding the drug discovery process, we aim to open new avenues for AD treatment, providing a lifeline to millions around the globe."
The members of iLoF were brought together by the Wild Card competition – which supports projects in response to main health challenges. They will now join forces as a new start-up in the fight against Alzheimer’s disease.
iLoF will receive access to EIT Health's business mentors, as well as other academic and commercial support from the network, to develop and commercialise its solutions.