News Category: Portfolio

Aadi Enters into Exclusive License for Three-Asset ADC Portfolio Developed through a Collaboration between WuXi Biologics and HANGZHOU DAC

Aadi Enters Agreement to Sell FYARRO^® and Associated Infrastructure to KAKEN Pharmaceutical for $100M; Announces PIPE Financing of $100M

Cumulative Capital Expected to Fund Operations into Late 2028, Including Anticipated Clinical Data for the ADC Portfolio

Co-Founder and Former CEO of ProfoundBio, Baiteng Zhao, Appointed to Aadi Board of Directors

LOS ANGELES, CA—Dec. 19, 2024—PRNewswire—Aadi Bioscience, Inc. (NASDAQ: AADI) today announced it has entered into an exclusive license agreement for development and global commercialization of a three-asset portfolio of preclinical, next-wave antibody-drug conjugates (ADCs), in collaboration with WuXi Biologics (2269.HK), a leading global Contract Research, Development and Manufacturing Organization (CRDMO), and HANGZHOU DAC BIOTECHNOLOGY CO., LTD. (HANGZHOU DAC), a global leader in ADC innovation.

Per the terms of the license agreement, Aadi is granted exclusive rights to certain patents and know-how pertaining to three preclinical ADC programs leveraging HANGZHOU DAC’s CPT113 linker payload technology targeting each of Protein Tyrosine Kinase 7 (PTK7), Mucin-16 (MUC16) and Seizure Related 6 Homolog (SEZ6). Aadi will pay aggregate upfront payments of $44 million for in-licensing such ADC programs. Additionally, Aadi is obligated to pay cumulative development milestone payments of up to $265 million, cumulative commercial milestone payments of up to $540 million and single-digit royalties of sales.

To support this transaction, Aadi entered into a subscription agreement with certain qualified institutional buyers and accredited investors for a private investment in public equity (“PIPE”) financing that is expected to result in gross proceeds of approximately $100 million, before deducting placement agent fees and other offering expenses. The Company is selling an aggregate of 21,592,000 shares of its common stock (“Common Stock”) at a price of $2.40 per share, representing a premium of approximately 3.4% to the closing price on December 19, 2024 on Nasdaq, and pre-funded warrants (“Pre-Funded Warrants”) to purchase up to an aggregate of 20,076,500 shares of Common Stock at a purchase price of $2.3999 per Pre-Funded Warrant share.

The syndicate was led by Ally Bridge Group, with participation from new investors OrbiMed, Invus, Kalehua Capital and other accredited investors, Tae Han co-founder of ProfoundBio, as well as existing investors, including Avoro Capital, KVP Capital and Acuta Capital Partners. The PIPE financing is expected to close in the first half of 2025, subject to stockholder vote and satisfaction of customary closing conditions.

“I’m thrilled to announce our partnership with WuXi Biologics and HANGZHOU DAC to bring forward this thoughtfully selected ADC portfolio. We were deliberate in identifying broadly expressed tumor targets where first-generation ADCs have already shown proof of concept. With our next wave ADC portfolio, we aim to build upon these earlier therapies to deliver improved outcomes for people living with cancer,” said David Lennon, PhD, President and CEO of Aadi Bioscience. “The financing underscores the confidence our investors have in both the potential of this portfolio and the strength of Aadi’s management team.”

About the ADC Portfolio

Each of the three ADC assets utilizes HANGZHOU DAC’s CPT113 ADC platform, which consists of a highly stable yet cleavable linker that delivers a Topoisomerase I (TOPO1) inhibitor payload. The CPT113 platform’s linker stability and novel payload has the potential to be highly competitive among the next generation ADC platforms.

To effectively leverage the CPT113 platform, Aadi selected tumor targets that are upregulated in high-potential cancer indications and where clinical efficacy has been demonstrated by first-generation ADCs.

• PTK7-CPT113 potentially represents a differentiated opportunity to be among the first next-wave ADCs in clinical development for high PTK7 expressing cancers, including non-small cell lung cancer (NSCLC), ovarian cancer and several other major indications.
• mMUC16-CPT113 is the first ADC that targets membrane-bound portion of MUC16, a glycoprotein often overexpressed in cancers of female origin.
• biSEZ6-CPT113 is designed to address the neuronal target, SEZ6, which is often overexpressed in cancers of neuroendocrine origin. biSEZ6-CPT113 utilizes a dual epitope binding, or biparatopic, approach which can potentially improve internalization and effectiveness of the ADC.

These assets were discovered through the collaborative efforts of WuXi Biologics and HANGZHOU DAC, utilizing the innovative antibody discovery platform provided by WuXi Biologics and advanced linker-payload technology provided by HANGZHOU DAC.

“Leveraging our advanced antibody discovery service, we’re glad to enable Aadi to accelerate the discovery of precision therapies targeting some of the most challenging cancers,” said Dr. Chris Chen, CEO of WuXi Biologics. “This collaboration underscores our wide recognition as an industry leader in discovery service solutions, and further validates our ability to provide integrated discovery technology platforms for global partners to develop next-generation modalities. We look forward to partnering with Aadi and HANGZHOU DAC to expeditiously move these assets forward into clinical development and benefit patients worldwide.”

“HANGZHOU DAC’s CPT-ADC platform is designed to enable next wave ADC capabilities that surpass first-generation technologies, including two programs already in clinical development in China,” said Dr. Robert Y. Zhao, President and CEO of HANGZHOU DAC Biotechnology. “As a global leader in ADC innovation, we are excited to partner with Aadi and WuXi Biologics to deliver this promising portfolio to patients.”

Aadi to Sell FYARRO for $100 Million, Cumulative Capital Expected to Fund Operations into Late 2028

In a separate agreement, KAKEN Pharmaceutical Co., Ltd., an R&D driven pharmaceutical company in Japan, has entered into a stock purchase agreement under which KAKEN will acquire Aadi Subsidiary, Inc. and all of its assets, including FYARRO^® (sirolimus protein-bound particles for injectable suspension) (albumin-bound) and associated infrastructure, including the majority of Aadi employees who support the FYARRO^® business. FYARRO is approved by the U.S. Food and Drug Administration (FDA) for the treatment of adult patients with locally advanced unresectable or metastatic malignant perivascular epithelioid cell tumor (PEComa), with cumulative revenue of $25.2 million reported over the prior four quarters ended September 30, 2024.

Per the terms of the agreement, Kaken will pay Aadi $100 million in cash at closing, subject to certain adjustments. The transaction is expected to close in the first half of 2025, subject to Aadi stockholder approval and certain closing conditions. Upon the closing of this transaction, KAKEN will also acquire the rights to the Aadi name and trademark.

“We are enormously proud of the impact FYARRO has had for people with PEComa, and Kaken’s capabilities, coupled with the proven track record of the Aadi team, ensures physicians and patients will continue to have access to this critical treatment,” said Lennon.

The net proceeds from the PIPE financing and the sale of FYARRO, together with the Company’s existing cash, cash equivalents and marketable securities are expected to fund operations into late-2028, including anticipated clinical data readouts for the ADC portfolio.

Baiteng Zhao Appointed to the Board of Directors, Brings Significant ADC Expertise

Baiteng Zhao, PhD, joins Aadi’s board of directors. Zhao co-founded ProfoundBio, a clinical stage next-gen ADC developer, in 2018 and served as the Chairman and CEO of the company until it was acquired by Genmab for $1.8 billion in May 2024. Prior to ProfoundBio, Dr. Zhao worked at Seagen (now part of Pfizer) for more than eight years and was responsible for the modeling and simulation strategies for the development pipeline and supported preclinical and clinical development of ADC drug candidates.

“We are delighted to welcome Baiteng to our Board. His deep expertise and successful track record in ADC development will be instrumental as we tenaciously move this exciting portfolio forward,” said Caley Castelein, MD, Chair of the Board of Directors of Aadi Bioscience.

“I am thrilled to join the Board at this pivotal moment for Aadi,” said Baiteng Zhao, PhD, Board of Directors of Aadi Bioscience and co-founder of ProfoundBio. “PTK7, MUC16 and SEZ6 represent highly promising targets that are commonly overexpressed in cancers with significant unmet therapeutic needs. Coupled with an advanced linker-payload platform that has the potential to enable next-gen ADCs, I believe Aadi is uniquely positioned to make a meaningful impact on patient outcomes. I look forward to collaborating with the leadership team and fellow Board directors to advance these innovative programs and drive transformative progress for patients.”

Advisors

Leerink Partners is serving as financial advisor to Aadi on the sale of FYARRO and the licensing of the ADC portfolio. Jefferies LLC is acting as exclusive placement agent for the PIPE financing. Wilson Sonsini Goodrich & Rosati, P.C. is serving as legal counsel to Aadi. McDermott Will & Emery LLP is serving as legal counsel to Kaken. Cooley LLP is serving as legal counsel to Jefferies LLC. Nomura Securities Co., Ltd. is serving as financial advisor to KAKEN.

Additional Information for Stockholders

This communication relates to the proposed sale of FYARRO and the proposed PIPE financing and may be deemed to be solicitation material in respect of such transactions. In connection with these proposed transactions, Aadi will file a Proxy Statement with the SEC. This communication is not a substitute for the Proxy Statement or any other documents that Aadi may file with the SEC or send to Aadi stockholders in connection with the proposed transactions. Before making any voting decision, investors and securityholders are urged to read the Proxy Statement and all other relevant documents filed or that will be filed with the SEC in connection with the proposed transactions as they become available because they will contain important information about the proposed transactions and related matters.

Stockholders may obtain a copy of the Proxy Statement and other documents the Company files with the SEC (when they are available) through the website maintained by the SEC at www.sec.gov, as well as on the Investor and News section of Aadi’s website at www.aadibio.com.

Certain stockholders of Aadi holding approximately 36% of Aadi’s outstanding shares, as of the date hereof, including members of its board of directors and related entities, have entered into voting and support agreements in favor of KAKEN Pharmaceutical and Aadi, pursuant to which such stockholders have agreed to vote in favor of the stock purchase transaction with KAKEN Pharmaceutical and the other transactions described above.

Participants in the Solicitation

Aadi and its respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the stockholders of Aadi in connection with the proposed transactions. Information about Aadi’s directors and executive officers is set forth in Aadi’s definitive proxy statement filed with the SEC on April 26, 2024, and in subsequent filings made by Aadi with the SEC. Other information regarding the interests of such individuals, as well as information regarding Aadi’s directors and executive officers and other persons who may be deemed participants in the proposed transactions, will be set forth in the Proxy Statement and other relevant materials to be filed with the SEC when they become available. You may obtain free copies of these documents as described in the preceding paragraph.

No Offer or Solicitation

This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities nor a solicitation of any vote or approval with respect to the proposed transactions or otherwise, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

The offer and sale of securities of Aadi described above are being made in a transaction not involving a public offering and the securities have not been registered under the Securities Act of 1933, as amended, and may not be reoffered or resold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements. Concurrently with the execution of the subscription agreement, the Company and the investors entered into a registration rights agreement pursuant to which the Company has agreed to file, following the closing of the PIPE financing, a registration statement with the SEC registering the resale of the shares of Common Stock and the shares of Common Stock underlying the Pre-Funded Warrants sold in the PIPE financing.

About Aadi Bioscience

Aadi is a precision oncology company with a vision to make bold choices in applying technology to efficiently deliver improved precision oncology therapies for people living with difficult-to-treat cancers. More information on the Company is available on the Aadi website at www.aadibio.com and connect with us on LinkedIn.

Forward-Looking Statements

This press release contains certain forward-looking statements regarding the business of Aadi Bioscience that are not a description of historical facts within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on the Company’s current beliefs and expectations and may include, but are not limited to, statements relating to: the timing and completion of the proposed sale of FYARRO to Kaken Pharmaceuticals and the anticipated timing of the closing of the transaction; expectations regarding the timing, closing and completion of the PIPE financing; Aadi’s expected cash position at the closing and cash runway of the company following the sale of FYARRO and PIPE financing; the future operations of Aadi; the development and potential benefits of any of Aadi’s product candidates, including the preclinical ADC assets proposed to be licensed from WuXi; anticipated preclinical and clinical development activities and related timelines, including the expected timing for announcement of data and other preclinical and clinical results and potential submission of IND filings for one or more product candidates; and other statements that are not historical fact. Actual results could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation, risks associated with (i) the risk that the conditions to the closing of the proposed sale of FYARRO or the PIPE financing are not satisfied, including the failure to timely obtain stockholder approval for the transactions, if at all; (ii) uncertainties as to the timing of the consummation of the proposed transactions and the ability of each of Kaken and Aadi to consummate the proposed sale of FYARRO; (iii) risks related to Aadi’s ability to manage its operating expenses and its expenses associated with the proposed transactions pending the closing; (iv) risks related to the failure or delay in obtaining required approvals from any governmental or quasi-governmental entity necessary to consummate the proposed transactions; (v) unexpected costs, charges or expenses resulting from the transactions; (vii) potential adverse reactions or changes to business relationships resulting from the announcement or completion of the proposed sale of FYARRO or the proposed PIPE financing; (vii) the uncertainties associated with Aadi’s product candidates, as well as risks associated with the preclinical and clinical development and regulatory approval of product candidates, including potential delays in the completion of preclinical studies and clinical trials; (viii) risks related to the inability of Aadi to obtain sufficient additional capital to continue to advance these product candidates; (ix) uncertainties in obtaining successful preclinical and clinical results for product candidates and unexpected costs that may result therefrom; (x) risks related to the failure to realize any value from product candidates being developed and anticipated to be developed in light of inherent risks and difficulties involved in successfully bringing product candidates to market; and (xi) risks associated with the possible failure to realize certain anticipated benefits of the proposed sale of FYARRO or the proposed PIPE financing, including with respect to future financial and operating results.

Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements are included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, including under the caption “Item 1A. Risk Factors,” and in Aadi’s subsequent Quarterly Reports on Form 10-Q, and elsewhere in Aadi’s reports and other documents that Aadi has filed, or will file, with the SEC from time to time and available at www.sec.gov.

All forward-looking statements in this press release are current only as of the date hereof and, except as required by applicable law, Aadi undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise. All forward-looking statements are qualified in their entirety by this cautionary statement. This cautionary statement is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

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IRVINE, Calif., Dec. 16, 2024 (GLOBE NEWSWIRE) — CG Oncology, Inc. (Nasdaq: CGON), a late-stage clinical biopharmaceutical company focused on developing and commercializing a potential backbone bladder-sparing therapeutic for patients afflicted with bladder cancer, today announced the closing of its public offering of 9,200,000 shares of its common stock, 8,500,000 of which were offered by CG Oncology, which includes the exercise in full by the underwriters of their option to purchase 1,200,000 additional shares, and 700,000 of which were offered by an existing stockholder of CG Oncology, each at a public offering price of $28.00 per share. The gross proceeds to CG Oncology from the offering, before deducting underwriting discounts and commissions and other offering expenses, were $238.0 million. CG Oncology did not receive proceeds from the sale of shares of its common stock by the selling stockholder.

Morgan Stanley & Co. LLC, Goldman Sachs & Co. LLC, TD Cowen and Stifel, Nicolaus & Company, Incorporated acted as joint book-running managers for the offering. LifeSci Capital LLC acted as lead manager for the offering.

A registration statement relating to the offering has been filed with the Securities and Exchange Commission and was declared effective on December 12, 2024. A prospectus relating to and describing the terms of the offering has been filed with the SEC and is available on the SEC’s website at www.sec.gov. The offering was made only by means of a prospectus. Copies of the final prospectus relating to the offering may be obtained from: Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014, by telephone at (866) 718-1649, or by email at prospectus@morganstanley.com; Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, by telephone at (866) 471-2526, or by email at prospectus-ny@ny.email.gs.com; TD Securities (USA) LLC, 1 Vanderbilt Avenue, New York, New York 10017, by telephone at (855) 495-9846 or by email at TD.ECM_Prospectus@tdsecurities.com; or Stifel, Nicolaus & Company, Incorporated, Attention: Syndicate, One Montgomery Street, Suite 3700, San Francisco, CA 94104, by telephone at (415) 364-2720 or by email at syndprospectus@stifel.com.

This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About CG Oncology

CG Oncology is a late-stage clinical biopharmaceutical company focused on developing and commercializing a potential backbone bladder-sparing therapeutic for patients afflicted with bladder cancer. CG Oncology sees a world where urologic cancer patients may benefit from its innovative immunotherapies to live with dignity and have an enhanced quality of life.

SUNNYVALE, Calif., Oct. 15, 2024 /PRNewswire/ — CeriBell, Inc. (Nasdaq: CBLL) (“Ceribell”), a commercial-stage medical technology company focused on transforming the diagnosis and management of patients with serious neurological conditions, announced today the closing of its upsized initial public offering of 12,196,969 shares of its common stock at a public offering price of $17.00 per share, which includes 1,590,909 shares of common stock issued upon the exercise in full by the underwriters of their option to purchase additional shares. The total gross proceeds from the offering, before deducting underwriting discounts and commissions and other offering expenses payable by Ceribell, were approximately $207.3 million. All of the shares of common stock were offered by Ceribell. Ceribell’s common stock began trading on the Nasdaq Global Select Market on October 11, 2024 under the ticker symbol “CBLL”.

BofA Securities and J.P. Morgan acted as joint book-running managers and as representatives of the underwriters for the offering. William Blair, TD Cowen and Canaccord Genuity acted as co-managers for the offering.

A registration statement relating to the shares sold in this offering was filed with the Securities and Exchange Commission and became effective on October 10, 2024. The offering was made only by means of a prospectus, copies of which may be obtained from BofA Securities, Attention: Prospectus Department, NC1-022-02-25, 201 North Tryon Street, Charlotte, NC 28255-0001, or by email at dg.prospectus_requests@bofa.com; or J.P. Morgan, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by email at  prospectus-eq_fi@jpmchase.com and postsalemanualrequests@broadridge.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Ceribell

Ceribell is a commercial-stage medical technology company focused on transforming the diagnosis and management of patients with serious neurological conditions. The Ceribell System is an AI-powered, rapidly deployable point-of-care electroencephalography (“EEG”) platform designed to address the unmet needs of patients in the acute care setting. The company is headquartered in Sunnyvale, Calif.

Financing Fuels the Company’s Hypergrowth to Make Elevated Care Accessible to More Patients.

Petrovic’s Appointment Positions Imperative Care for Long Term Success and Scale.

CAMPBELL, CA—(BUSINESS WIRE)—Imperative Care, Inc., a medical technology company developing connected innovations to elevate care for people affected by stroke and other ischemic diseases, today announced the initial close of an oversubscribed Series E financing.

The financing was led by Ally Bridge Group with participation from other existing investors, including D1 Capital Partners, AMED Ventures, Bain Capital Life Sciences, Rock Springs Capital Management LP, Innovatus Capital Partners, LLC and Pura Vida Investments. The financing also included participation from new investors, including Catalio Capital Management, LP, HealthCor Family Office, Montreux Growth Partners, and INTAI Technology Corp.

“We are grateful for the continued support of our existing investors and welcome our new investors who share our vision for leadership in stroke and vascular thrombectomy,” said Fred Khosravi, Chairman and CEO of Imperative Care. “This latest financing fuels our hypergrowth strategy as we work to make better care accessible to more patients. We will continue to invest in novel technologies and clinical evidence to measure the impact of these technologies on patient outcomes.”

“As investors in Imperative Care since the company’s Series C financing in December 2019, we have been impressed with the dramatic progress the company has made on many fronts, including treating more than 45,000 patients with life-saving technologies,” said Ally Bridge founder and CEO Frank Yu, who has also served as a Director on the Imperative Care Board since 2019. “We are excited to support the next stage of Imperative Care’s success, as the company strengthens its position for treating ischemic stroke and prepares to make a major contribution to the treatment of peripheral vascular disease.”

After the initial closing and subject to the discretion of the Company, there may be additional closings of this Series E financing, raising up to $150 million in total.

Appointment of Shacey Petrovic to Vice Chair, Board of Directors

The company also announced the appointment of Shacey Petrovic to the newly created position of Vice Chair of its Board of Directors. Petrovic joined the Imperative Care Board in 2023. In the role of Vice Chair, Petrovic will focus on strategies to scale the company with the goal of bringing life-changing technologies to more patients suffering from stroke and other devastating vascular diseases.

Petrovic also serves on the Boards of Exact Sciences (NASDAQ: EXAS), Ambu A/S (OTC US: AMBBY) and Axena Health. Previously, Petrovic served on the board and was President and CEO of Insulet Corporation (NASDAQ: PODD), a diabetes technology company. Under her leadership, Insulet grew to serve hundreds of thousands of people with diabetes across the globe.

“It has been a privilege to benefit from Shacey’s business acumen and strategic mastery as we position Imperative Care for long term success and scale,” Khosravi said. “On behalf of our Board of Directors, I would like to congratulate Shacey on her appointment to Vice Chair as we continue to build the thrombectomy company of the future with the patient at the center.”

“I am excited to step into this new leadership role as Imperative Care accelerates its work to deliver impactful innovations to patients at the most tenuous moments of their lives,” said Petrovic. “My experience serving on the Imperative Care Board has been quite inspirational as the company engineers solutions to some of the greatest challenges in medicine through medtech and digital health innovations.”

About Imperative Care, Inc.

Imperative Care is a commercial-stage medical technology company researching and developing connected innovations to elevate care for people affected by devastating vascular diseases such as stroke and pulmonary embolism. The company is focused on addressing specific gaps in treatment and care to make an impact across the entire patient journey. Imperative Care is based in Campbell, Calif. www.imperativecare.com

Legal Disclaimer / Forward-Looking Statements

This press release is not an offer to sell securities or a solicitation of an offer to buy any securities, and may not be relied upon in connection with the purchase or sale of any company security. This release may contain forward-looking statements regarding plans for future financing, projected business performance, future innovations and improvement of patient outcomes. Such statements are forward-looking statements and there can be no assurance that the results stated or implied by these forward-looking statements will actually be realized or achieved by the company. Forward-looking statements may be based on management assumptions that could prove to be wrong. The company’s predictions may not be realized for a variety of reasons as the company’s business is subject to substantial risks and potential events beyond its control that could cause material differences between predicted and actual results.

Kestra Medical Technologies, Inc. announced today an oversubscribed $196 million funding round to support the expansion of their commercial organization and advance its mission of protecting at-risk patients with its modern Wearable Cardioverter Defibrillator (WCD).

KIRKLAND, WA—(BUSINESS WIRE)—Kestra Medical Technologies, Inc., a privately held wearable medical device and digital healthcare company, today announced an oversubscribed $196 million funding round to support the expansion of their commercial organization and advance its mission of protecting at-risk patients with its modern Wearable Cardioverter Defibrillator (WCD).

“We welcome the support of the new investors and look forward to continuing to back Brian and his strong team as they continue to deliver lifesaving products and services that make a difference in patients’ lives.”

The round was co-led by Andera Partners, Ally Bridge Group, Longitude Capital and Omega Funds with participation from new investors, funds and accounts advised by T. Rowe Price Investment Management, Inc., Eventide Asset Management and Gilmartin Capital. Long-term investors Bain Capital and Endeavour Vision also participated with significant contributions.

“This oversubscribed financing is validation of the excitement and confidence that new and existing investors have for Kestra and our ASSURE cardiac recovery system which has been prescribed to well over 10,000 patients to date. With this funding, our team is ready to aggressively compete and accelerate our commercialization initiatives to transform the WCD market with our clinically proven system,” said Brian Webster, President & CEO of Kestra Medical Technologies.

The ASSURE system represents the next generation of cardiac monitoring and defibrillation therapy. In addition to providing autonomous detection and defibrillation for ventricular arrhythmias, it can also detect and record other clinically significant arrhythmias which may require clinical intervention. Kestra offers the only option designed specifically to meet the under-served needs of female cardiac patients. The ASSURE system has established reimbursement and broad insurance coverage in the U.S.

“We are impressed with the clinical performance of the Kestra technology, their patient-focused approach and moreover, the exciting opportunity to penetrate this large and growing patient population,” said Aneta Sottil, Partner at Andera Partners. “We are keen to partner with Kestra and their passionate team as they work to disrupt the existing $1 billion WCD market.”

With four channels of ECG, an advanced algorithm and adaptive patient intelligence, the ASSURE WCD reduces noise and ensures clear data and insights. ASSURE is the only WCD system that offers additional support by sending an alert via the ASSURE patient application to an Emergency Medical Services (EMS) operator after a defibrillation shock.

The complete Cardiac Recovery System^® includes the ASSURE WCD, the recently FDA-cleared ASSURE Wearable ECG, the ASSURE patient app, ASSURE Assist Services and the Kestra CareStation^® remote patient data platform. All components of the system work together to provide comfortable protection for patients, improved compliance, and clear insights for healthcare providers.

“We are proud to continue our long-time support of Kestra and its people-driven mission to protect patients with technologies that are intuitive, intelligent, and mobile,” said Chris Gordon, a Partner at Bain Capital. “We welcome the support of the new investors and look forward to continuing to back Brian and his strong team as they continue to deliver lifesaving products and services that make a difference in patients’ lives.”

In conjunction with the financing, Kevin Reilly from Ally Bridge Group, Maxwell Bikoff from Longitude Capital, and Francesco Draetta from Omega Funds will join the Kestra Board of Directors.

BofA Securities acted as sole placement agent for this transaction.

About Kestra

Kestra Medical Technologies, Inc. is a privately held wearable medical device and digital healthcare company that protects cardiac patients with diagnostic monitoring and therapeutic technologies that are intuitive, intelligent, and mobile. Kestra was founded in 2014 by Bain Capital private equity and leaders from the external (AED) and internal (ICD) defibrillation industries. For more information, visit www.kestramedical.com.

Forward Looking Statements

Statements Kestra makes in this press release that relate to future plans, events, prospects, or performance are forward-looking statements and as such, are subject to a number of risks, uncertainties, assumptions, and other factors that could cause actual results to differ materially from the expectations expressed. While these current forward-looking statements represent the current beliefs of Management as of the date published, readers are cautioned not to place undue reliance on these forward-looking statements. Except as required by law, Kestra undertakes no obligation to update or revise any forward-looking statements to reflect new information, changed circumstances, or unanticipated events.

SOUTH SAN FRANCISCO, Calif., June 27, 2024 (GLOBE NEWSWIRE) — Alumis Inc. (“Alumis” or the “Company”) (Nasdaq: ALMS), a clinical-stage biopharmaceutical company developing oral therapies using a precision approach to optimize clinical outcomes and significantly improve the lives of patients with immune-mediated diseases, today announced the pricing of its initial public offering of 13,125,000 shares of common stock at an initial public offering price of $16.00 per share. All shares of common stock are being offered by Alumis. In addition, Alumis has granted the underwriters a 30-day over-allotment option to purchase up to an additional 1,968,750 shares of common stock at the initial public offering price, less underwriting discounts and commissions.

The shares are expected to begin trading on Nasdaq on June 28, 2024 under the symbol “ALMS.” The offering is expected to close on July 1, 2024, subject to the satisfaction or waiver of customary closing conditions.

Morgan Stanley, Leerink Partners, Cantor and Guggenheim Securities are acting as joint book-running managers for the offering.

In addition to the shares being sold in the initial public offering, Alumis also announced today that it has agreed to sell an additional 2,500,000 shares of its common stock in a concurrent private placement at $16.00 per share to one of its existing investors, AyurMaya Capital Management Fund, LP. The sale of these shares of common stock will not be registered under the Securities Act of 1933, as amended, and as such, the shares may not be offered or sold absent registration or an applicable exemption from registration. The concurrent private placement shares are subject to existing resale registration rights and will be subject to a 180-day lock-up agreement. The concurrent private placement is expected to close after the closing of the initial public offering on or before July 22, 2024. The closing of the concurrent private placement is conditioned on the closing of the initial public offering.

The gross proceeds to Alumis from the initial public offering and the concurrent private placement, before deducting underwriting discounts and commissions and offering and private placement expenses payable by Alumis, are expected to be $250.0 million, excluding any exercise of the underwriters’ option to purchase additional shares of common stock.

A registration statement relating to the securities being offered and sold in this offering has been filed with the U.S. Securities and Exchange Commission (“SEC”) and became effective on June 27, 2024. Copies of the registration statement can be accessed through the SEC’s website at www.sec.gov. This offering is being made only by means of a prospectus forming part of the registration statements relating to these securities. When available, a copy of the final prospectus relating to this offering may be obtained from: Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014, by telephone at (866) 718-1649, or by email at prospectus@morganstanley.com; Leerink Partners LLC, Attention: Syndicate Department, 53 State Street, 40th Floor, Boston, MA 02109, by telephone at (800) 808-7525, ext. 6105, or by email at syndicate@leerink.com; Cantor Fitzgerald & Co., Attention: Capital Markets, 110 East 59th Street, 6th Floor, New York, NY 10022, or by email at prospectus@cantor.com; or Guggenheim Securities, LLC, Attention: Equity Syndicate Department, 330 Madison Avenue, 8th Floor, New York, NY 10017, by telephone at (212) 518-9544, or by email at GSEquityProspectusDelivery@guggenheimpartners.com.

This press release shall not constitute an offer to sell, or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.

About Alumis

Alumis is a clinical-stage biopharmaceutical company developing oral therapies using a precision approach to optimize clinical outcomes and significantly improve the lives of patients with immune-mediated diseases. Leveraging its proprietary precision data analytics platform, Alumis is building a pipeline of molecules with the potential to address a broad range of immune-mediated diseases as monotherapy or combination therapies. Alumis’ most advanced product candidate, ESK-001, is an oral, highly selective, small molecule, allosteric inhibitor of TYK2 that is currently being evaluated for the treatment of patients with moderate-to-severe plaque psoriasis and systemic lupus erythematosus. Alumis is also developing A-005, a CNS-penetrant, allosteric TYK2 inhibitor for the treatment of neuroinflammatory and neurodegenerative diseases. Beyond TYK2, Alumis’ proprietary precision data analytics platform and drug discovery expertise have led to the identification of additional preclinical programs that exemplify its precision approach. Incubated by Foresite Labs and led by a team of industry veterans experienced in small-molecule compound drug development for immune-mediated diseases, the Company is pioneering a precision approach to drug development to potentially produce the next generation of treatments to address immune dysfunction.

Forward-Looking Statements

This press release contains forward-looking statements, including statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as “aims,” “anticipates,” “believes,” “could,” “estimates,” “expects,” “forecasts,” “goal,” “intends,” “may,” “plans,” “possible,” “potential,” “seeks,” “will,” and variations of these words or similar expressions that are intended to identify forward-looking statements. Any such statements in this press release that are not statements of historical fact may be deemed to be forward-looking statements. These forward-looking statements include, without limitation, statements regarding completion, timing and anticipated size of the initial public offering and the concurrent private placement and the expected commencement of trading on Nasdaq.

Any forward-looking statements in this press release are based on Alumis’ current expectations, estimates and projections only as of the date of this release and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, completion of the proposed initial public offering on the anticipated terms, or at all, market conditions and the satisfaction of customary closing conditions related to the initial public offering and the concurrent private placement. These and other risks concerning Alumis’ programs and operations are described in additional detail in its registration statement on Form S-1, which is on file with the SEC. Alumis explicitly disclaims any obligation to update any forward-looking statements except to the extent required by law.

Fidelity Management & Research Company Leads Financing; Nexus Neurotech Ventures and Ally Bridge Group Co-Lead Robust Investor Syndicate.

FOR IMMEDIATE RELEASE: HAIFA, ISRAEL AND MIAMI, FL—Insightec, a global healthcare company dedicated to using focused ultrasound to transform patient care, today announced it has raised $150 million in equity financing. The round was led by Fidelity Management & Research Company and co-led by Nexus Neurotech Ventures and Ally Bridge Group. Support from new investors, Baillie Gifford, Catalio Capital Management, Fayez Sarofim & Co., and Gilmartin Capital, along with strong support from insiders, led by affiliates of York Global Finance / Community Fund and Perceptive Advisors generated an oversubscribed round.

“We are grateful for the strong support of our mission from these new and existing investors,” said Maurice R Ferré, M.D., CEO and chairman of the board of Insightec. “This financing provides Insightec with runway to expand incisionless neurosurgery to the many patients suffering from movement disorders and continue to make calculated and strategic investments in new indications.”

With over 160 systems installed worldwide, Insightec’s proprietary technology has been used in nearly 20,000 commercial applications and is currently FDA approved as an incisionless, immediate treatment for patients suffering from essential tremor and Parkinson’s disease.

About Insightec

Insightec is a global healthcare company creating the next generation of patient care by realizing the therapeutic power of focused ultrasound. The company’s Exablate Prime platform focuses sound waves, safely guided by MRI, to provide tremor treatment to patients with medication-refractory essential tremor and Parkinson’s disease. Research for future applications in the neuroscience space is underway in partnership with leading academic and medical institutions. Insightec is headquartered in Haifa, Israel, and Miami, with offices in Dallas, Shanghai, and Tokyo.

Forward-looking Statements:

This document contains forward-looking statements regarding, among other things, plans, expectations, and future events. In some cases, forward-looking statements can be identified by the following words: “may,” “can,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “promise,” “continue,” “ongoing,” or the negative of these terms. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause actual results to differ materially from what is expressed or implied by the statements. Any forward-looking statement is based on information available to Insightec as of the date of the statement. All written or oral forward-looking statements attributable to Insightec are qualified by this caution. Insightec does not undertake any obligation to update or revise any forward-looking statement to reflect any change in circumstances or in Insightec’s expectations.

“Exablate,” and “Exablate Prime,” as well as the “INSIGHTEC” logo, whether standing alone or in connection with the word “Insightec,” are protected trademarks of Insightec.

 

Financing includes participation from new and existing investors

Supports BLA preparation for potentially pivotal Phase 2 study, FIRCE-1 of firicabtagene autoleucel (firi-cel) (CRG-022) and IND-enabling studies for CRG-023

Extends cash runway through 2026

SAN CARLOS, Calif., May 28, 2024 (GLOBE NEWSWIRE) — CARGO Therapeutics, Inc. (Nasdaq: CRGX), a clinical-stage biotechnology company positioned to advance next generation, potentially curative cell therapies for cancer patients, today announced that it has entered into a securities purchase agreement for a private investment in public equity financing that is expected to result in gross proceeds of approximately $110.0 million, before deducting placement agent fees and other expenses.

The private placement included participation from both new and existing investors including EcoR1 Capital, Woodline Partners LP, Saturn V Capital, Opaleye Management, funds and accounts advised by T. Rowe Price Associates, Inc., Novo Holdings A/S, Perceptive Advisors, RTW Investments, LP, Samsara BioCapital, Wellington Management, Ally Bridge Group, Third Rock Ventures, and a large investment manager.

In the private placement, CARGO is selling 6,471,000 shares of its common stock, at a price of $17.00 per share. The private placement is expected to close on May 30, 2024, subject to the satisfaction of customary closing conditions. The private placement is being conducted in accordance with applicable Nasdaq rules and was priced to satisfy the “Minimum Price” requirement (as defined in the Nasdaq rules).

“We are pleased with the strong support we’ve received from leading healthcare investors, which we believe is a testament to their conviction in our team, our ability to execute, and importantly our mission to bring potentially curative cell-therapies to cancer patients with high unmet needs,” said Gina Chapman, President and Chief Executive Officer. “As we continue to make great progress on our potentially pivotal Phase 2 study of firi-cel in LBCL patients who have R/R from CD19 CAR T therapy, this financing will be key in supporting BLA preparations in addition to advancing our CRG-023 program, which is a novel tri-specific CAR T designed to overcome multiple mechanisms of resistance.”

Jefferies, TD Cowen and Piper Sandler are acting as joint placement agents for the private placement.

The securities being issued and sold in this private placement have not been registered under the Securities Act of 1933, as amended, or applicable state securities laws, and may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements. CARGO Therapeutics has agreed to file a registration statement with the Securities and Exchange Commission registering the resale of the shares of common stock issued in the private placement.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.

About CARGO Therapeutics

CARGO Therapeutics, Inc. is a clinical-stage biotechnology company positioned to advance next- generation, potentially curative cell therapies for cancer patients. CARGO’s programs, platform technologies, and manufacturing strategy are designed to directly address the limitations of approved cell therapies, including limited durability of effect, safety concerns and unreliable supply. CARGO is currently evaluating its lead program, firicabtagene autoleucel (firi-cel) (CRG-022), an autologous CD22 chimeric antigen receptor (CAR) T-cell therapy candidate, in a potentially pivotal Phase 2 clinical study in patients with large B-cell lymphoma (LBCL) whose disease relapsed or was refractory (R/R) to CD19 CAR T-cell therapy. CARGO also plans to evaluate firi-cel (CRG-022) in patients at earlier stages of disease, including LBCL and other hematologic malignancies. Beyond its lead program, CARGO is leveraging its proprietary cell engineering platform technologies to develop a pipeline of programs that incorporate multiple transgene therapeutic “cargo” designed to enhance CAR T-cell persistence and trafficking to tumor lesions, as well as to help safeguard against tumor resistance and T-cell exhaustion. This includes the CRG-023 program, which incorporates a tri-specific CAR T with CD2 co-stimulation. CARGO’s founders are pioneers and world-class experts in CAR T-cell therapy, and its team has significant experience and success in developing, manufacturing, launching and commercializing oncology and cell therapy products.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In some cases, you can identify forward-looking statements by terminology such as “aim,” “anticipate,” “assume,” “believe,” “contemplate,” “continue,” “could,” “design,” “due,” “estimate,” “expect,” “goal,” “intend,” “may,” “objective,” “plan,” “positioned,” “potential,” “predict,” “seek,” “should,” “target,” “will,” “would” and other similar expressions that are predictions of or indicate future events and future trends, or the negative of these terms or other comparable terminology. All statements other than statements of historical facts contained in this press release are forward-looking statements. These forward-looking statements include, but are not limited to, statements about: the expected closing date of the private placement; cash operating runway; and the intended use of proceeds. These and other risks are described in greater detail under the section titled “Risk Factors” contained in the company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q and the company’s other filings with the SEC. Any forward-looking statements that the company makes in this press release are made pursuant to the Private Securities Litigation Reform Act of 1995, as amended, and speak only as of the date of this press release. Except as required by law, the company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.

Genmab has completed acquisition of ProfoundBio for USD 1.8 billion in cash

Acquisition gives Genmab worldwide rights to three candidates in clinical development, including rinatabart sesutecan (Rina-S), plus ProfoundBio’s novel antibody-drug conjugate technology platforms

COPENHAGEN, Denmark; May 21, 2024 – Genmab A/S (Nasdaq: GMAB) announced today that it has completed its acquisition of ProfoundBio, Inc., a clinical-stage biotechnology company developing next-generation antibody-drug conjugates (ADC)s and ADC technologies for the treatment of cancers in an all-cash transaction of USD 1.8 billion (subject to adjustment for ProfoundBio’s closing net debt and transaction expenses).

With the completion of this strategic transaction, we are excited to welcome our new colleagues and their expertise in developing next-generation antibody-drug conjugates to our exceptionally talented R&D team,” said Jan van de Winkel, Ph.D., President and Chief Executive Officer of Genmab. “We look forward to unlocking new opportunities as we strengthen our oncology portfolio and continue to work towards our goal of transforming the lives of patients with innovative antibody medicines.”

The acquisition gives Genmab worldwide rights to ProfoundBio’s portfolio of next-generation ADCs, further broadening and strengthening its clinical pipeline. These programs include Rina-S, a potential best-in-class, clinical-stage, FRα-targeted, Topo1 ADC, currently in part 2 of a Phase 1/2 clinical trial, for the treatment of ovarian cancer and other FRα-expressing solid tumors. The addition of Rina-S to Genmab’s portfolio enables Genmab to deepen its presence in the gynecologic oncology space and establish a firm foundation in solid tumors. Based on the data from the ongoing Phase 1/2 clinical trial, which also indicates that Rina-S has the potential to address a broader patient population than first-generation FRα-targeted ADCs, Genmab intends to broaden the development plans for Rina-S within ovarian cancer and other FRα-expressing solid tumors. In January 2024, the U.S. Food and Drug Administration (U.S. FDA) granted Fast Track designation to Rina-S for the treatment of patients with FRα-expressing high-grade serous or endometrioid platinum-resistant ovarian cancer.

In addition, the transaction provides Genmab with access to ProfoundBio’s novel ADC technology platforms, which complement Genmab’s already validated suite of proprietary technology platforms. The combination of the companies’ technology platforms could create new opportunities to generate and develop new medicines with the potential to transform the treatment of cancer and improve patients’ lives.

As previously disclosed in Company Announcement No. 26, following the closing of this acquisition, Genmab’s operating expenses, before expenses incurred by it in connection with the transaction, are anticipated to be at or moderately above the upper end of the previously disclosed guidance range of DKK 12.4 -13.4 billion. The anticipated increase reflects the incremental R&D investment to support the advancement of ProfoundBio’s clinical programs, primarily Rina-S. Genmab’s revenue guidance is unchanged and expected to be in the previously disclosed guidance range of DKK 18.7 – 20.5 billion. Genmab expects to update its guidance no later than in connection with its second quarter 2024 earnings.

About Genmab

Genmab is an international biotechnology company with a core purpose of guiding its unstoppable team to strive toward improving the lives of patients with innovative and differentiated antibody therapeutics. For 25 years, its passionate, innovative and collaborative team has invented next-generation antibody technology platforms and leveraged translational, quantitative and data sciences, resulting in a proprietary pipeline including bispecific T-cell engagers, antibody-drug conjugates, next-generation immune checkpoint modulators and effector function-enhanced antibodies. By 2030, Genmab’s vision is to transform the lives of people with cancer and other serious diseases with knock-your-socks-off (KYSO^®) antibody medicines.

Established in 1999, Genmab is headquartered in Copenhagen, Denmark, with international presence across North America, Europe and Asia Pacific. For more information, please visit Genmab.com and follow us on LinkedIn and X.

This Company Announcement contains forward looking statements. The words “believe,” “expect,” “anticipate,” “intend” and “plan” and similar expressions identify forward looking statements. Actual results or performance may differ materially from any future results or performance expressed or implied by such statements. The important factors that could cause our actual results or performance to differ materially include, among others, risks associated with preclinical and clinical development of products, uncertainties related to the outcome and conduct of clinical trials including unforeseen safety issues, uncertainties related to product manufacturing, the lack of market acceptance of our products, our inability to manage growth, the competitive environment in relation to our business area and markets, our inability to attract and retain suitably qualified personnel, the unenforceability or lack of protection of our patents and proprietary rights, our relationships with affiliated entities, changes and developments in technology which may render our products or technologies obsolete, and other factors. For a further discussion of these risks, please refer to the risk management sections in Genmab’s most recent financial reports, which are available on www.genmab.com and the risk factors included in Genmab’s most recent Annual Report on Form 20-F and other filings with the U.S. Securities and Exchange Commission (SEC), which are available at www.sec.gov. Genmab does not undertake any obligation to update or revise forward looking statements in this Company Announcement nor to confirm such statements to reflect subsequent events or circumstances after the date made or in relation to actual results, unless required by law.

San Francisco, CA, May 2, 2024 – Transcarent, the One Place for Health and Care™, announced a $126 million Series D investment led by General Catalyst and 7wireVentures, joined by new investors Geodesic Capital and Memorial Hermann Health System, with support from previous investors Threshold Ventures, Kinnevik, Ally Bridge Group, Human Capital, Merck Global Health Innovation Fund, Alta Partners, and Leaps by Bayer.

This round brings Transcarent’s total funding raised to approximately $450 million from a diverse group of investors at a valuation of $2.2 billion. The pre-emptive outreach from investors interested in a Series D underscores the confidence in Transcarent’s vision and its relentless commitment to cutting through the confusion and complexity while at the same time removing cost from the healthcare system. The additional investments will be leveraged to accelerate AI capabilities, support commercial growth, and for strategic growth opportunities.

Transcarent’s industry leading health and care platform makes it easy for people to access care and employers to provide and pay for the care. It is the only platform that brings together medical, surgery, pharmacy, and mental health care into One Place™. The Transcarent platform connects Members to comprehensive care experiences including Everyday Care (which includes Care in 60 Seconds), Pharmacy Care, Surgery Care (from the country’s leading health systems, ambulatory care providers, and Centers of Excellence), Weight Health, and end-to-end Cancer Care.

“Everyone asked, ‘can you make it easier for our people to access high-quality, affordable care?’, and we have. Transcarent is the One Place for Health and Care,” said Glen Tullman, Transcarent Chief Executive Officer. “One platform — your mobile phone — for everything you want and need. And an experience people don’t just like but love. High-quality care and cost reductions with a relentless focus on quality. Just what the doctor ordered.”

“Rising healthcare costs place a significant strain on employers and limit US economic growth and vitality,” said Ken Frazier, Executive Chairman, Transcarent; Chairman, Health Assurance Initiatives, General Catalyst; and former Chairman and Chief Executive Officer, Merck. “I am proud of the progress Transcarent has made to improve the current system for employers and employees alike who are demanding a better, more affordable health and care experience. The outcomes that Transcarent has delivered allow all stakeholders to focus on what matters most: empowering employees with improved access to health and wellness care.”

“Our continued support in Transcarent is driven by their technology, in what we believe is an unmatched integration of software, AI, robust data science, and tailored health guidance. This combination has sparked real change in the delivery of health and care, aligning with our founding mission: to empower millions in navigating the complexities of the healthcare system and achieve better health outcomes,” said Hemant Taneja, CEO and Managing Director, General Catalyst.

“For too long consumers have been left behind by our healthcare system,” said Lee Shapiro, Managing Partner, 7wireVentures. “Transcarent has proven that putting consumers first pays off. By meaningfully engaging consumers in their care, empowering them with the real-time information they need to make the best decisions about their health and care, we see higher quality outcomes and costs go down.”

“Transcarent is bending the healthcare cost curve for consumers and employers, demonstrating that you can deliver great care and a great experience while also decreasing costs,” said John Roos, Founding Partner, Geodesic Capital. “The Transcarent platform is redefining how care is accessed and delivered for millions of Americans. Employers are experiencing ‘point solution fatigue’ and know the status quo is untenable,” said Arvind Ayyala, Partner, Geodesic Capital.

“The future of healthcare innovation is today, and consumer-centric platforms will ultimately prevail,” said Emily Melton, Managing Partner, Threshold Ventures. “Transcarent’s approach to applying responsible AI is reducing the complexity of benefits for employers and consumers alike, and, most importantly, enabling patients to get the right care at the right time at a reasonable price.”

“By building meaningful partnerships with local community health care providers, Transcarent is expanding opportunities for health systems to support national employers through innovative, value-based payment models,“ said Feby Abraham, EVP, Chief Strategy and Innovations Officer at Memorial Hermann Health System. “Transcarent’s platform empowers employer benefits programs, making it easy for employees to seek high quality care from trusted local providers.”

There is urgency associated with the need to address skyrocketing healthcare costs and related consumer affordability challenges. The U.S. spent $4.4 trillion on healthcare in 2022, projected to reach $7.2 trillion in 2031¹. Health spending is expected to grow an average of 5.4% per year on average between 2022 and 2031, outpacing growth of the Gross Domestic Product (GDP), and accounting for 19.6% of the nation’s overall economy by 2031².

Since the Series C round in January 2022, Transcarent has launched comprehensive Weight Health, Cancer, Behavioral Health and Pharmacy Care Experiences in addition to growing their industry-leading, value-based Surgery Centers of Excellence program. In 2023, Transcarent completed the successful acquisition and integration of the 98point6 AI-powered virtual care platform and care business, which includes the affiliated Transcarent Clinic. Additionally, Transcarent launched the National Independent Provider Ecosystem with 12 leading health systems to deliver a better high-quality consumer experience that is more affordable for self-insured employers. Today, more than 4.3 million people have access to Transcarent through their employer or health plan.

About Transcarent

Transcarent is the One Place for Health and Care. We cut through complexity, making it easy for people to access high-quality, affordable health and care. We create a personalized experience tailored for each Member, including an on-demand care team, and a connected ecosystem of high-quality, in-person care and virtual point solutions. Transcarent eliminates the guesswork and empowers Members to make better decisions about their health and care.

Transcarent is aligned with those who pay for healthcare and takes accountability for results – offering at-risk pricing models and transparent impact reporting to ensure incentives support a measurably better experience, better health, and lower costs. For more information, visit www.transcarent.com and follow us on Twitter or LinkedIn.

¹ https://www.healthaffairs.org/doi/full/10.1377/hlthaff.2023.00403

² https://www.healthaffairs.org/doi/full/10.1377/hlthaff.2023.00403