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Monique Fayad, CEO & Marla Dubinsky, Co- founder of Trellus Health #TRLS & Director of Icahn School Of Medicine, Mount Sinai, New York discuss the major milestones achieved in 2021 including their AIM IPO raising $40.4m, launching TrellusElevateTM platform & the strategy for 2022.
Financial Highlights
· Successful admission to AIM with fundraising of gross proceeds of c. $40.4m (£28.5m)
· Approximately $4.3m capital investment in technology platform development to date
· Net cash of $32.0m (31 December 2020: $3.7m) - above market expectations, reflecting effective cash management
· Adjusted EBITDA* loss of $5.7m, in line with expectations (FY 2020: $0.8m loss)
* Earnings before interest, tax, depreciation and amortisation adjusted for exceptional items
Key Accomplishments
· TrellusElevateTM platform launched, along with companion App
· Established organization, operations and licensed clinical team - licensed in NY, NJ and CT and credentialed in Mount Sinai Clinical Integrated Network
· First Business-to-Business ("B2B") demonstration contract with Mount Sinai Health System
· Managed Services Organization agreement with Connected Health Medicine PC, a Professional Corporation that provides multidisciplinary patient care services via telehealth
· Evaluated condition expansion opportunities beyond IBD with targeted expansion to address IBS - 30m US patients / $61bn annual healthcare spend
Post-period end
· Launch of Direct-to-Consumer ("DTC") offering
· Evolution to a new service delivery model utilizing an integrated resilience team, to address certain regulatory challenges, costs and delays associated with establishing licensed clinical care management operations. This new delivery model will support the broader, more efficient and profitable scaling of both DTC and BTB value propositions across all 50 US states and will enable Trellus Health to move more rapidly into other chronic conditions.
About Trellus Health
Trellus Health is the first digital health company focused on the intersection of chronic physical conditions and mental health. Trellus Health integrates its proprietary resilience-based methodology with the technology, tools and team to deliver a whole-person technology-enhanced experience that results in relieving disease burden and promoting individual health behaviors that enable thriving in the face of a chronic condition.
Through its TrellusElevate™ connected care platform and companion App, the Company addresses both clinical and behavioural health together, in context, to improve outcomes and reduce healthcare costs for patients, employers, and the healthcare system. The Company is initially focused on Inflammatory Bowel Disease ("IBD"), which includes the chronic incurable conditions of Crohn's Disease and ulcerative colitis, but considers its approach to have potential utility and demand across many chronic conditions, including Irritable Bowel Syndrome ("IBS").