Digital therapeutics company Big Health announced the acquisition of Limbix, a maker of prescription digital therapeutics used to treat depression in teens and young adults.
Limbix is the creator of SparkRxa PDTx that uses the principles of cognitive behavioral therapy to treat depression in teenagers and young adults aged 13 to 22.
The self-directed CBT-based treatment was Approved in October 2021 under the FDA’s relaxed regulatory requirements for digital health devices used to treat psychiatric disorders during the pandemic.
SparkRx joins Big Health’s portfolio, which includes Daylight therapeutics for anxiety and Sleepio for insomnia.
“Limbix and Big Health are broadly aligned in our culture and our focus on delivering best-in-class digital therapeutics across a range of mental illnesses,” said Ben Lewis, co-founder and CEO of Limbix, in a statement. “As an industry leader, Big Health is a natural home for SparkRx, our upcoming product pipeline and our team to accelerate the delivery of tools to young people they can use themselves to meaningfully benefit from clinically proven digital depression treatments,” he added .
THE BIGGER TREND
In 2021, Limbix made the breakthrough $15 million in Series A2 funding for total revenue of $31 million.
In 2020, the company scored $9 million in Series A funding, approximately four months after the Palo Alto-based startup was one of 27 digital health companies selected in MassChallenge HealthTech’s 2020 accelerator class.
Last year, Big Health scored $75 million in Series C funding, just two years after raising $39 million in Series B funding.
Evernorth, the healthcare services division of insurer Cigna, also announced that it has added five programs to its digital healthcare catalogue, including Big Health’s Sleepio and Daylight.
in 2020, CVS Health announced that it is expanding its point solution management service to include a handful of digital health apps, including Big Health’s Daylight. The retail giant said Point Solution aims to help CVS Caremark customers manage pharmacy benefits for signing up for third-party health apps.