Emerging Technology Loan Helps Finance Atentiv Holdings Technology to Reverse ADHD
April 4, 2016
FOR IMMEDIATE RELEASE
Kelsey Abbruzzese, MassDevelopment, 617-330-2086 & 617-448-9077 (cell)
Amy Phillips, AP Communications, Inc., 412-327-9499
MassDevelopment has provided a $3 million working capital term loan from the Emerging Technology Fund to Atentiv Holdings, Inc. The Waltham-based company is using loan proceeds to help fuel its growth as it introduces the ATENTIVmynd™ Games to the medical, consumer and education market. The Emerging Technology Fund loan will support costs associated with manufacturing, molds and design prototypes of AV™ Headsets, finished inventories and new full-time personnel. Atentiv expects its growth will create about 94 new jobs.
“Atentiv is using innovative learning technologies in its mission to improve childhood academic performance and home behavior and help counter ADHD,” said MassDevelopment President and CEO Marty Jones. “The Emerging Technology Fund provides a financing source for growing high-tech companies in the Commonwealth, so MassDevelopment is pleased to assist Atentiv as the company expands and reaches more families.”
Atentiv Holdings, Inc. develops and intends to manufacture and market a variety of digital education products exclusively for consumer and education markets. Atentiv’s digital therapeutic platform combines a novel electroencephalography-based brain-to-computer communications technology with dynamic cognitive modeling to train specific components of attention and inhibition skills. Attention Therapeutics, LLC, a subsidiary company, develops and intends to manufacture and market a variety of digital health products exclusively for medical professionals to help diagnose and treat mental illnesses, beginning with ADHD. In February, the company announced the results of a clinical trial, which demonstrated that ATENTIVmynd™ Game training resulted in significant and sustained reduction in the core symptoms of Attention Deficit/Hyperactivity Disorder in children aged 8-12, along with significant improvement in academic performance. The study is available online ahead of print in the peer-reviewed Journal of Attention Disorders.
Eric Gordon, Atentiv CEO and Founder, said, “Millions of children diagnosed with ADHD may soon have access to an effective digital therapeutic that could help to remediate ADHD by a simple, engaging and rapid training of the vital cognitive skills of attention and impulse control, through which newly learned skills quickly become a routine of everyday life. Parents searching for significant improvements in academic performance and home behavior with sustained duration, may soon have access to this novel non-pharmacological therapeutic.”
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2015, MassDevelopment financed or managed 294 projects generating investment of more than $2.5 billion in the Massachusetts economy. These projects are projected to create about 6,100 jobs and build or rehabilitate about 2,000 residential units.