News Category: Portfolio

Imperative Care Raises $260 million to Advance Innovations that Elevate Stroke Care

Imperative Care to Create Strategic Network of Wholly Owned Development Subsidiaries in Areas of Synergy, Starting with Acquisition of Truvic Medical, Inc., a Peripheral Thrombectomy Innovator

CAMPBELL, Calif.–(BUSINESS WIRE)–Imperative Care, Inc. today announced that it has closed a $260 million Series D financing led by D1 Capital Partners L.P. New investors HealthCor Investments LLC and Innovatus Capital Partners, LLC also joined the round. Existing Imperative Care investors Ally Bridge Group, Bain Capital Life Sciences, Ascension Ventures, Delos Capital, Rock Springs Capital, and Amed Ventures participated in the financing. James Rogers from D1 will join Imperative Care’s Board of Directors.

Proceeds from the financing will be used to support ongoing commercialization and development of a wide range of Imperative Care’s technologies in the broad continuum of stroke care, as well as to create a strategic network of wholly owned development subsidiaries in a number of areas of synergy.

In connection with the financing, Imperative Care also announced that it has acquired Truvic Medical, Inc., a peripheral thrombectomy innovator, in a stock-for-stock transaction. Under this transaction, Truvic will operate as a wholly owned subsidiary of Imperative Care, retaining its founding leadership team and distinct brand identity. The proceeds from the Series D financing will also be used to advance Truvic’s development and commercialization of novel technologies for the treatment of peripheral vascular disease.

“We are grateful for the confidence our investors have placed in us through this major financing, which we believe will have a profound impact on our ability to accelerate development efforts in the field of stroke and peripheral interventions,” said Fred Khosravi, Chairman and CEO of Imperative Care. “Our strategy is to intensify our programs designed to meet patients’ needs, bringing more innovative technologies to the market faster.”

“In addition to our initial focus in the field of stroke, we see natural areas of synergy across unmet patient needs, and we are committed to accelerating those paths to commercialization,” Khosravi said. “To achieve that objective, and beginning with Truvic, we are creating a network of wholly owned subsidiaries that will leverage synergies where appropriate while at the same time giving the development programs the independence, specialization, and focus they need to bring important vascular intervention products to the market to meet patient needs as rapidly as possible.”

“Imperative Care and Truvic share cultures of innovation and intense commitments to the needs of patients, and I’m pleased that the two companies are now joining forces at an even deeper level to advance our common goals,” said Mike Buck, CEO of Truvic Medical. “The financing will accelerate Truvic’s development programs and preparations to enter the rapidly-growing market for peripheral thrombus management.”

D1 Capital Partners, founded in 2018, is a global investment firm that invests in both public and private markets. “Through their focus on innovative solutions to stroke and peripheral vascular disease, we believe Imperative Care and Truvic are poised to make dramatic impacts in these leading causes of death and disability,” said Daniel Sundheim, D1’s Founder and Chief Investment Officer. “We are pleased to invest at this exciting time as Imperative Care and Truvic advance technologies that will help give patients a better chance for optimal recovery.”

About Imperative Care, Inc.

Based in Campbell, Calif., Imperative Care is speeding new answers to stroke by developing a portfolio of innovative solutions to address the vast and urgent unmet needs in stroke care. Imperative Care has 510(k) clearances from the U.S. Food and Drug Administration (FDA) for two product platforms: a family of access catheters called Large Distal Platform (LDP) designed to facilitate smooth, consistent navigation into blood vessels of the brain and the Zoom Aspiration System, a family of products designed to facilitate clot removal during ischemic stroke.

Imperative Care was co-founded in 2015 by Dr. Nick Hopkins, a pioneer of endovascular neurointervention and former Chief Scientific Officer of Jacobs Institute, and Fred Khosravi, a medtech entrepreneur and innovator. Imperative Care is the twenty-first start-up founded by Khosravi and the Incept LLC medical technology accelerator during the past 23 years.

For more information, visit www.imperativecare.com.

About Truvic Medical, Inc.

Based in Campbell, Calif., Truvic is a wholly owned subsidiary of Imperative Care. Truvic’s innovative technology has been designed to redefine peripheral vascular thrombus management by enabling single-session thrombus removal without the use of thrombolytics. The program to explore novel therapies for peripheral vascular disease began as an independent development program inside of Imperative Care in 2019, and in February of 2020 Truvic was formed and incorporated as an independent company.

For more information, visit www.truvic.com.

About D1 Capital Partners

D1 Capital Partners is a global investment firm that operates across public and private markets. The firm combines the talent and operational experience of a large, premier asset management firm with the flexible mandate and long-term time horizon of a family office. Founded in 2018 by Daniel Sundheim, D1 focuses on investing in the global internet, technology, telecom, media, consumer, healthcare, financial, industrial, and real estate sectors.

CMR Surgical Raises $600 million in Series D Financing, Led by SoftBank Vision Fund 2 and Co-Led by Ally Bridge Group

Funding fully supports the accelerated continued global expansion and commercial scale up of the business
Financing round led by SoftBank Vision Fund 2 and co-led by Ally Bridge Group
The largest ever MedTech private financing round worldwide to help bring Versius® to hospitals around the worldi

CAMBRIDGE, UK – 28 June 2021, 07:01 (BST). CMR Surgical (CMR or “the Company”), a global surgical robotics business, today announces that it has raised $600 million (£425 million) in a Series D financing. The round was led by SoftBank Vision Fund 2ii and co-led by Ally Bridge Group and will support the Company’s mission to make keyhole surgery accessible to more people worldwide. The funds will be used to increase the global commercialisation of Versius®, CMR’s next-generation surgical robotic system, and further develop its digital ecosystem.

CMR works with surgeons and hospitals to provide an optimal tool to make robotic keyhole surgery universally accessible and affordable. Versius’ size, portability and versatility have made it very popular with hospitals and surgeons around the world. As part of CMR’s ongoing international expansion, Versius has been successfully launched in multiple geographies worldwide including across Europe, Australia, India and the Middle East. Global demand for CMR’s surgical robot continues to grow with significant further momentum anticipated.

The Series D secures the financing to fully execute CMR’s strategy to rapidly accelerate its geographical expansion and builds upon the framework the Company has established to grow a long-term independent global business. The new funds also support the continued development of the system’s digital framework, including new technological developments such as Versius Connect, an app for surgeons using the Versius surgical robotic system.

In addition to SoftBank Vision Fund 2 and Ally Bridge Group, the financing was supported by other new international investors including RPMI Railpen, Tencent and Chimera, broadening the geographic scope of the shareholder base. Existing investors, including LGT and its affiliate impact investing platform Lightrock, Watrium, Cambridge Innovation Capital, PFM Health Sciences and GE Healthcare, also participated in the round.

Per Vegard Nerseth, Chief Executive Officer of CMR, commented: “This latest financing equips CMR with significant funds to accelerate our mission of bringing Versius to hospitals worldwide, whilst providing full flexibility to achieve our goals. This major injection of capital that now values us at $3billion not only reflects the level of interest we have seen in our product, but also the scale of the business, and will enable significant technology developments and global expansion. As the lead investor, SoftBank has a wealth of experience supporting disruptive business models and innovative technologies, and we look forward to leveraging their expertise and extensive ecosystem. I would also like to thank our existing investors for their long-term support.”

Yanni Pipilis, Managing Partner for SoftBank Investment Advisers, commented:“Demand for minimally invasive robotic surgery is growing rapidly among surgeons and patients yet high costs have historically hindered adoption. CMR Surgical is transforming surgical robotics to convert underpenetrated open & laparoscopic procedures in new international markets where robotic surgeries are less prevalent such as India, the Middle East and Latin America. We look forward to working with CMR in its mission to make robotic keyhole surgery available to everyone.”

Charles Chon, Partner and Head of MedTech, Ally Bridge Group, said: “As life science-dedicated specialists and active investors in surgical robotics, we believe the user-friendliness and cost-effectiveness of the Versius system allows a meaningfully differentiated robotic experience that democratizes robotic surgery both procedurally and geographically. We are proud to support CMR as a hallmark of UK innovation and a solution for all surgeons and their patients.”

J.P. Morgan acted as sole placement agent on CMR Surgical’s Series D financing.

The Versius Surgical Robotic System

Versius® resets expectations of robotic surgery. Versius fits into virtually any operating room set-up and integrates seamlessly into existing workflows, increasing the likelihood of robotic minimal access surgery (MAS). The portable and modular design of Versius allows the surgeon to only use the number of arms needed for a given procedure.

Biomimicking the human arm, Versius gives surgeons the choice of optimised port placement alongside the dexterity and accuracy of small fully-wristed instruments. With 3D HD vision, easy-to adopt instrument control and a choice of ergonomic working positions, the open surgeon console has the potential to reduce stress and fatigue and allows for clear communication with the surgical team. By thinking laparoscopically and operating robotically with Versius, patients, surgeons and healthcare professionals can all benefit from the value that robotic MAS brings.

But it’s more than just a robot. Versius captures meaningful data with its wider digital ecosystem to support a surgeon’s continuous learning. Through the Versius Connect app, Versius Trainer and CMR clinical registry, Versius unleashes a wealth of insights to ultimately improve surgical care.

About CMR Surgical Limited

CMR Surgical (CMR) is a global medical devices company dedicated to transforming surgery with Versius®, a next-generation surgical robot.

Headquartered in Cambridge, United Kingdom, CMR is committed to working with surgeons, surgical teams and hospital partners, to provide an optimal tool to make robotic minimal access surgery universally accessible and affordable. With Versius, we are on a mission to redefine the surgical robotics market with practical, innovative technology and data that can improve surgical care.

Founded in 2014, CMR Surgical is a private limited company backed by an international shareholder base.

iPitchBook, May-21
iiAs of the date of this press release, SoftBank Group Corp. has made capital contributions to allow investments by SoftBank Vision Fund 2 (“SVF 2”) in certain portfolio companies. The information included herein is made for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy limited partnership interests in any fund, including SVF 2. SVF 2 has yet to have an external close, and any potential third-party investors shall receive additional information related to any SVF 2 investments prior to closing.

Vida Health Raises $110 million in Series D Round Led By Atlantic, Centene and AXA Venture Partners

New capital to help Vida continue to scale virtual chronic mental and physical healthcare services after tripling revenue in 2020
Led by General Atlantic, the $110M Series D fundraise will help Vida continue to expand its network of providers, deepen its machine learning capabilities, broaden its commercial efforts, and provide more people the care they need.

SAN FRANCISCO–(BUSINESS WIRE)–Virtual chronic care platform Vida Health announced today that it raised $110M in its Series D funding round led by General Atlantic and joined by Centene, AXA Venture Partners (AVP), and Ardea Capital Partners. Returning investors include Ally Bridge Group, Yahoo founder Jerry Yang’s AME Cloud Ventures, Aspect Ventures, Canvas Ventures, Guidewell, NGP Capital, and Workday Ventures.

Vida has more than tripled its revenue since the beginning of 2020 and expanded its existing nationwide network of therapists, coaches, dietitians, and diabetes educators by more than 400%. In that time, the company became the first major virtual chronic care platform in the U.S. to launch a complete, full-stack Spanish experience. Vida’s clients include employers like Boeing, Visa, Cisco, and eBay, along with some of the country’s largest health plans like Centene, Humana, and Blue Cross Blue Shield plans.

Vida’s rapid growth has been bolstered by the growing recognition that personalized, continuous virtual mental and physical care can be more effective and convenient than reactive, fragmented, in-person care. The company plans to use the new funding to continue expanding its network of clinicians, mental health coaches, dietitians, and licensed therapists to meet increasing demand for virtual care, particularly in mental health. The funding will also help deepen its machine learning capabilities, broaden its commercial efforts, and provide more people the care they need.

“Our mission is vast but simple: transform the lives of millions of people suffering from chronic mental and physical conditions,” said Stephanie Tilenius, Vida Health founder and CEO. “This new capital accelerates us toward our goal of impacting the lives of 100 million people globally through reversing the symptoms and costs of chronic disease. We’re thrilled to add marquee healthcare investors to help us scale our company and continue to develop the most efficient and innovative care solutions in the market.”

Vida’s unique approach is designed to integrate mental and physical care into one experience, enabling the company to deliver care to more patients and achieve stronger outcomes at a lower cost. Each patient’s experience is tailored through a personalized care team of one or more licensed healthcare providers, supplemented by machine learning that draws on data from medical and pharmacy claims, labs, devices, biometric data, and member-reported sources. By infusing cognitive behavioral science throughout the experience, Vida drives long-term behavior changes that address the root causes behind each condition.

Centene’s investment in Vida follows its successful 20-state deployment of Vida for its health insurance marketplace product, Ambetter, addressing members with chronic conditions. Many of the Centene members enrolled in Vida are being treated simultaneously for both physical ailments — like diabetes, high blood pressure, and obesity — and mental health ailments — like depression, stress, and anxiety.

“Providing virtual care options for our members living with chronic physical and mental conditions has never been more important,” said Kim Henrichsen, Senior Vice President, Population Health and Clinical Operations, for Centene. “We’ve seen positive outcomes in our partnership with Vida, including increased enrollment, member engagement, and health outcomes, and we are pleased to invest in Vida to help define a new standard for virtual care moving forward.”

Two of the most used products on the Vida platform help treat Type 2 Diabetes and mental health. There are more than 400,000 people with diabetes who currently have access to Vida’s services. A new study, recently accepted by JMIR, shows that the Vida Health diabetes program was effective in reducing HbA1c to values that were significantly lower than the pre-enrollment baseline. The company has historically seen, on average, a 1.5-2-point reduction in A1C for those members.

Additionally, with a 6000% increase in therapy sessions in Vida last year, mental health has had a big impact on Vida’s growth, and the company will continue to focus on expanding its mental health capabilities. Vida has multiple published studies demonstrating its efficacy in treating mental health ailments like depression and anxiety. In one JMIR study set for publication this summer, results show that 83% of participants reduce their depression or anxiety within 12 weeks of using Vida.

While all mental health ailments should be treated, not all ailments require therapy or medication. With this in mind, Vida Health is expanding its nationwide Mental Health Coaching program. The program allows Vida’s high-quality, vetted licensed therapists and cognitive behavioral coaches to work at the top of their licenses, with CBT-trained coaches working to treat sub-clinical conditions like stress, mindfulness and sleep, while licensed therapists manage patients who are suffering from clinical levels of depression, anxiety, and stress.

“Vida sits at the nexus of several thematic focus areas in which General Atlantic has had long standing conviction: virtual care, behavioral health, and healthcare analytics and AI,” said Robbert Vorhoff, Managing Director and Global Head of Healthcare for General Atlantic.

Fletcher Gregory, Principal at General Atlantic, added, “Vida is differentiated by its polychronic focus, addressing complex patient needs by providing a full-spectrum, holistic platform. We look forward to supporting the company and its leadership team in further deepening Vida’s capabilities and presence in the market.”

About Vida Health

Vida Health is a virtual care platform intentionally designed to treat a person’s whole health by treating mental and physical conditions, together. Vida’s clinically validated approach combines an AI-powered, personalized experience with the support and human connection of coaches and therapists. Vida’s app offers video sessions, messaging, and digital content to help people prevent, manage, and reverse chronic conditions — like diabetes and hypertension — and the mental conditions that accompany them — like stress, depression, and anxiety. Some of America’s largest employers and health plans trust Vida’s whole health offering. Learn more at www.Vida.com.

About General Atlantic

General Atlantic is a leading global growth equity firm providing capital and strategic support for growth companies. Established in 1980, General Atlantic combines a collaborative global approach, sector specific expertise, a long-term investment horizon, and a deep understanding of growth drivers to partner with great entrepreneurs and management teams to build market-leading businesses worldwide. General Atlantic has more than 175 investment professionals based in New York, Amsterdam, Beijing, Greenwich, Hong Kong, Jakarta, London, Mexico City, Mumbai, Munich, Palo Alto, São Paulo, Shanghai, and Singapore. For more information on General Atlantic, please visit the website: www.generalatlantic.com.

RapidMicro Biosystems Raises $81 million to Continue Global Expansion of Automated Pharmaceutical QC Platform to Improve Data Integrity and Safety in Biologics, Vaccines and Cell and Gene Therapy Manufacturing

LOWELL, Mass., March 16, 2021 (GLOBE NEWSWIRE) — Rapid Micro Biosystems, Inc., the leading provider of data integrity and automation technology for microbial detection in biopharmaceutical manufacturing, today announced the completion of an $81 million equity financing.

The funding round was led by new investor D1 Capital Partners, along with funds and accounts managed by BlackRock, funds and accounts advised by T. Rowe Price Associates, Inc., Adage Capital Management, Sunley House Capital Management, and CaaS Capital Management. These new investors join an existing investor group that includes Bain Capital Life Sciences, Ally Bridge Group, Longitude Capital, Xeraya Capital, Endeavour Vision, Quaker Partners, and Asahi Kasei Medical.

Including this latest financing, Rapid Micro Biosystems has raised over $340 million of equity to fuel its expansion.

A majority of the global top-20 pharmaceutical companies use Rapid Micro Biosystem’s Growth Direct® System to automate their critical compendial microbial testing processes. The Growth Direct® System enables pharmaceutical companies to ensure robust data integrity and regulatory compliance, meaningfully decrease errors, and significantly increase efficiency of their global supply chains, thereby reducing the risk of catastrophic contamination events and product recalls.

Rapid Micro Biosystems has seen accelerating adoption of the Growth Direct® System by leading biopharmaceutical companies to expand drug and vaccine production by meeting stringent quality requirements and maximizing capacity in response to growing global demand.

“This new investment will enable continued acceleration of our company’s growth as we help global drug manufacturers significantly improve data integrity, reduce risk, accelerate decision making and improve the operational efficiency of their quality control processes,” said Robert Spignesi, President and Chief Executive Officer of Rapid Micro Biosystems. “We are excited about the support of our new investors, who share our mission of improving the robustness and safety of the global pharmaceutical manufacturing ecosystem.”

“We believe that Rapid Micro Biosystems is modernizing microbial quality control, bringing much needed data integrity and automation to a critical function in drug manufacturing,” said James Rogers, Analyst at D1 Capital Partners. “The company is exceptionally well-positioned to address the fast-emerging class of cell and gene therapies, a category of personalized medicines which are manufactured in small batches with extensive material handling under intensive microbial quality control. As significant numbers of these highly advanced therapeutics come to market, leading pharmaceutical companies will rely on Rapid Micro Biosystems to enable the complex processes necessary to ensure these products are safe for patients.”

Rapid Micro Biosystems has seen significant global demand for its system as regulators push for more stringent quality and data integrity as volumes and manufacturing complexity of high-value drug production increase. The ongoing global health threat posed by infectious diseases, such as COVID-19, only serves to intensify the need for pharmaceutical companies and regulators to drive much needed investment in advanced technologies, such as those provided by Rapid Micro Biosystems.

J.P. Morgan Securities LLC served as sole placement agent to Rapid Micro Biosystems in connection with the transaction.

About Rapid Micro Biosystems

Rapid Micro Biosystems is the industry leader in automated detection of microbial contamination with innovative products for fast, accurate, and efficient detection of microbial contamination in the manufacture of pharmaceuticals, biologics, biotechnology products, medical devices, and personal care products. The company’s Growth Direct® platform – the only growth-based platform to fully automate traditional microbial testing – detects contamination more quickly, delivering compelling economic benefits to manufacturers while improving their quality control (QC) process. The company is headquartered and has U.S. manufacturing in Lowell, Massachusetts, and global locations in Germany and the Netherlands. For more information visit www.rapidmicrobio.com. Follow RMB at @rapidmicrobio or LinkedIn.

About D1 Capital Partners

D1 Capital Partners is a global investment firm that operates across public and private markets. The firm combines the talent and operational excellence of a large, premier asset management firm with the flexible mandate and long-term time horizon of a family office. Founded in 2018 by Daniel Sundheim, D1 focuses on investing in the global internet, technology, telecom, media, consumer, healthcare, financial, industrial, and real estate sectors.

RefleXion Adds Ally Bridge Group to Investor Syndicate

Expands Series D financing by $40M

HAYWARD, Calif.–(BUSINESS WIRE)–RefleXion Medical, a therapeutic oncology company pioneering the use of biology-guided radiotherapy (BgRT)* for all stages of cancer, today announced the successful completion of a $40 million extension to its Series D financing, which combined with $110 million raised in 2020, brings the total Series D financing to $150 million. Ally Bridge Group (ABG) is known as a leading investor in late-stage, best-in-class life science technologies, with expertise in private and public markets in both the U.S. and Asia.

“Ally Bridge is excited to join the blue-chip investor syndicate at RefleXion as they near commercialization of their novel biology-guided radiotherapy, a desperately needed new treatment alternative for patients with metastatic cancer, which we believe is game changing,” said Frank Yu, founder, CEO and CIO of Ally Bridge. “Lessening the growing economic burden of cancer globally will require innovative combinations of different therapies, and we believe RefleXion is well-positioned to partner with pharmaceutical agents to achieve unprecedented patient outcomes. We are very pleased to add RefleXion at its new inflection point to our portfolio of cutting-edge life science companies.”

“As we consider our Asia market entry strategy, the value of this strategic relationship with Ally Bridge is of paramount importance,” said Todd Powell, president and CEO of RefleXion. “Their experience investing in novel therapies approaching market entry will benefit us as we seek to establish a global footprint. These additional funds will assist us in continuing the promising market ramp we have experienced since our commercialization efforts began in mid-2020.”

The RefleXion X1 machine with BgRT* is designed to overcome the technical limitations that currently restrict radiotherapy to one or two tumors. When available, RefleXion will scale BgRT to treat all visible tumors, even those that move rapidly due to bodily functions such as breathing or digestion, in the same treatment session.

About RefleXion Medical

RefleXion is a privately-held company developing the first biology-guided radiotherapy system, a significant change in strategy from single tumor therapy to the ability to one day treat multiple tumors in the same treatment session in cancers that have metastasized. Currently, the RefleXion X1 machine is cleared for the delivery of stereotactic body radiotherapy (SBRT), stereotactic radiosurgery (SRS) and intensity modulated radiotherapy (IMRT). The company is also developing BgRT*, which incorporates positron-emission tomography (PET) imaging data to enable tumors to continuously signal their location. The BgRT technology will synchronize these data with the linear accelerator to direct radiotherapy to tumors with sub-second latency.

About Ally Bridge

Ally Bridge Group (ABG) is a global healthcare-focused investment group founded by Frank Yu with dual headquarters in New York and Hong Kong. Mr. Yu and his team began their track record of successful healthcare investing in 2011 in China and have since evolved to global healthcare investors. Today, ABG and its affiliates manage approximately $3 billion in assets and a portfolio of some of the world’s most novel life science companies and technologies in the United States, Europe, and China.

*The RefleXion™ X1 BgRT capability requires 510(k) clearance; this feature is not available for sale.

 

Ally Bridge Group Co-leads Mainstay Medical’s $108 Million Equity Financing

Funding to support U.S. commercial launch and global expansion

DUBLIN–(BUSINESS WIRE)–Mainstay Medical Holdings plc (“Mainstay” or the “Company”) today announced the closing of an equity financing in which it raised gross proceeds of US$108 million. Mainstay intends to use the funds to support the company’s commercial launch of ReActiv8® in the U.S., continued expansion in Europe and Australia, additional post-market clinical studies and research, and general operations.

The financing was co-led by new investors Ally Bridge Group and Sofinnova Partners, through its Crossover Fund, and also included a large, global medical device company. Key existing investors who participated in the financing include Sofinnova Partners (Capital Fund), KCK Group and Fountain Healthcare Partners.

Jason Hannon, CEO of Mainstay, commented: “A financing of this magnitude, supported by such a quality global investor group, is testament to the confidence in the commercial opportunity for ReActiv8. We are now strongly capitalized to execute on our corporate objectives in 2021 and beyond, including the launch of ReActiv8 in the U.S. market and acceleration of our commercialization efforts in Europe and Australia.”

“This is an exciting time for Mainstay as they bring to market a restorative therapeutic option for patients suffering from disabling chronic low back pain,” said Charles Chon, Partner and Managing Director at Ally Bridge Group, who also joins the Mainstay Medical Board of Directors. “We commend the Company on all the progress it has achieved to-date and look forward to supporting it going forward.”

Cédric Moreau, Partner at Sofinnova Partners, who also joins the Company’s Board of Directors, commented: “We are thrilled to co-lead such a strong syndicate of investors in fuelling Mainstay’s commercial acceleration to make its first-in-class neurostimulation technology available in the U.S. and more extensively worldwide.”

An extraordinary general meeting of Mainstay shareholders was held on 9 February 2021 to approve the financing and related matters. At the EGM, all resolutions were duly passed. The results of the voting on each of the resolutions is available on the Company’s website.

About Mainstay

Mainstay is a medical device company focused on commercializing an innovative implantable restorative neurostimulation system, ReActiv8®, for people with disabling mechanical Chronic Low Back Pain (“CLBP”). The Company is headquartered in Dublin, Ireland and has subsidiaries operating in the United States, Australia, Germany and the Netherlands.

About ReActiv8

ReActiv8 is an active implantable medical device designed to treat adults with intractable chronic low back pain associated with dysfunction of the lumbar multifidus muscle, a key stabilizing muscle of the low back, as evidenced by imaging or physiological testing in adults who have failed therapy, including pain medications and physical therapy, and are not candidates for spine surgery. ReActiv8 provides bilateral electrical stimulation of the L2 medial branch of the dorsal ramus nerve as it crosses the transverse process at L3. This nerve supplies the multifidus muscle to elicit contraction of the muscle which can lead to restoration of control over time, allowing the back to recover from CLBP.

ReActiv8 has a CE Mark allowing for commercialization in the European Economic Area and has been focused on building clinical validation in Germany in select centers ahead of wider commercial availability. ReActiv8 has also been admitted to the Australian Register of Therapeutic Goods (ARTG), enabling commercialization throughout Australia, and has been approved for inclusion on the Protheses List of reimbursed products in Australia, effective as of 1 July 2020. The Prostheses List identifies implantable devices eligible for reimbursement from all private health insurance funds in Australia. In the U.S., ReActiv8 is FDA approved and the Company plans to commercially launch in early 2021.

About Chronic Low Back Pain

One of the root causes of CLBP is impaired control by the nervous system of the muscles that dynamically stabilize the spine. ReActiv8 is designed to electrically stimulate the nerves responsible for contracting these muscles to improve dynamic spine stability, allowing for improvement in CLBP and its disabling effects.

People with CLBP usually have a greatly reduced quality of life and score significantly higher on scales for pain, disability, depression, anxiety and sleep disorders. Their pain and disability can persist despite the best available medical treatments, and only a small percentage of cases result from an identified pathological condition or anatomical defect that may be correctable with spine surgery. Their ability to work or be productive is seriously affected by the condition and the resulting days lost from work, disability benefits and health resource utilization put a significant burden on individuals, families, communities, industry and governments.

Further information can be found at www.mainstay-medical.com

Forward looking statements

This announcement includes statements that are, or may be deemed to be, forward looking statements. These forward looking statements can be identified by the use of forward looking terminology, including the terms “anticipates”, “believes”, “estimates”, “expects”, “intends”, “may”, “plans”, “projects”, “should”, “will”, or “explore” or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. These forward looking statements include all matters that are not historical facts. They appear throughout this announcement and include, but are not limited to, statements regarding the Company’s intentions, beliefs or current expectations concerning, among other things, the Company’s plans to commercialize ReActiv8 in the United States, the U.K., Australia and elsewhere; the commercial performance of ReActiv8; and the Company’s results of operations, financial position, prospects, financing strategies, expectations for product design and development, regulatory applications and approvals, reimbursement arrangements, costs of sales and market penetration and other commercial performance.

By their nature, forward looking statements involve risk and uncertainty because they relate to future events and circumstances. Forward looking statements are not guarantees of future performance, and actual results may differ materially from those described in, or suggested by, the forward looking statements contained in this announcement. In addition, even if future results and developments are consistent with the forward looking statements contained in this announcement, those results or developments may not be indicative of results or developments in subsequent periods. A number of factors could cause results and developments of the Company to differ materially from those expressed or implied by the forward looking statements, including, without limitation, the successful launch and commercialization of ReActiv8, general economic and business conditions, global medical device market conditions, industry trends, competition, the availability and cost of capital, changes in law or regulation, changes in taxation regimes, the time required to commence and complete clinical trials, the time and process required to obtain regulatory approvals, currency fluctuations, changes in its business strategy, and political and economic uncertainty. The forward-looking statements herein speak only at the date of this announcement.

Syapse Announces $68 million Strategic Investment with Ally Bridge Group and Northpond Ventures to Expand Delivery of Real-World Evidence Through Syapse’s Learning Health Network

Financing to support expanded partnering opportunities with life sciences, health systems, regulators and molecular labs
Syapse committed to delivering real-world insights to improve outcomes for people with cancer

SAN FRANCISCO and NEW YORK and HONG KONG, Feb. 02, 2021 (GLOBE NEWSWIRE) — Syapse®, a leading real-world evidence company accelerating the delivery of precision medicine through the Syapse Learning Health NetworkTM, today announced the closing of a $68 million growth equity investment to expand Syapse’s focus on providing real-world insights to partners and assist them in improving outcomes for people with cancer. The investment is led by Ally Bridge Group (ABG), with Northpond Ventures and existing investors also participating in the financing. Andrea Jackson, Director for Northpond Ventures, will be joining the Syapse Board of Directors.

“Ally Bridge is excited to fund Syapse’s highly scalable value-add business that is becoming embedded within leading-edge healthcare systems, and consequential to life science companies based on its ability to deliver real-world evidence (RWE) and to provide actionable treatment insights, which is exactly where precision medicine is heading,” said Frank Yu, Founder, CEO and CIO of Ally Bridge Group. “Our significant investment in Syapse represents a new milestone for Ally Bridge in increasingly RWE-driven precision medicine.”

Syapse has expanded its Learning Health Network by partnering with some of the nation’s leading community health systems to support precision medicine strategies that are directed at improving clinical outcomes, reducing costs and enhancing the experience of their patients. In addition, Syapse has added life sciences partnerships with established biopharmaceutical companies. Recently, Syapse and the U.S. Food and Drug Administration (FDA) expanded an existing research collaboration to address urgent public health challenges including the FDA’s goal to rapidly understand COVID-19.

“We are extremely pleased that Ally Bridge Group and Northpond Ventures embrace our vision of providing high-quality healthcare to cancer patients, and building a global network that integrates a great deal of provider-driven data to deliver actionable insights to health systems and their patients,” said Ken Tarkoff, chief executive officer of Syapse.

“Using real-world data and evidence to improve outcomes in cancer care is foundational for drug developers, regulators, doctors and caregivers. We are excited to be an investor in Syapse and I am looking forward to working with the Syapse Board and leadership team to advance their mission to improve outcomes for people with cancer,” said Jackson.

BofA Securities acted as a capital markets advisor to Syapse during the financing.

About the Syapse Learning Health Network™

This international network of healthcare providers enables improved cancer care by sharing real-world data to support clinical decisions and by fostering collaborations among participants. Healthcare providers, including doctors and nurses, share and learn which cancer treatments produced the best real-world outcomes in clinically and molecularly similar patients. Researchers learn from real-world clinical, molecular, treatment and outcomes data. These collaborations are enabled by a secure platform of shared de-identified data that is standardized and normalized across the Learning Health Network and complies with all applicable federal and state data privacy protection regulations.

About Syapse

Syapse works with leading health systems, life sciences companies, and regulators to accelerate real-world evidence to improve the outcomes of cancer patients. By bringing these organizations together into the Syapse Learning Health Network™, Syapse has built one of the world’s largest networks dedicated to improving outcomes in cancer care through improved precision medicine. Syapse and its partners are working towards a future in which all cancer patients have access to the quality of care they need.

About Ally Bridge Group

Ally Bridge Group (“ABG”) is a global healthcare-focused investment group founded by Frank Yu with dual headquarters in New York and Hong Kong. Mr. Yu and his team began their track record of successful healthcare investing in 2011 in China, and have since evolved to global healthcare investors. Today, ABG and its affiliates manage approximately $3 billion in assets and a portfolio of some of the world’s most novel life science companies and technologies in the United States, Europe and China.

About Northpond Ventures

Northpond Ventures is a global science, medical, and technology focused venture capital firm, with offices in Bethesda, Cambridge, and San Francisco. Northpond Ventures has in excess of $1 billion of committed capital. Our mission is to build a better tomorrow. Learn more at: npv.vc.

MedAvail Completes $84 million Private Placement Led by Ally Bridge Group

MISSISSAUGA, Ontario & PHOENIX–(BUSINESS WIRE)–MedAvail Holdings, Inc. (“MedAvail”), a leading technology-enabled pharmacy organization that embeds automated pharmacy services directly into clinics and other points of care through its proprietary technology, announced the completion of its private placement offering as part of its business combination announced on November 18, 2020. The private placement is being led by Ally Bridge Group (“ABG”) with participation from Cigna Ventures, Redmile Group, Pura Vida Investments, Adage Capital Management, Lewis and Clark Ventures, Heights Capital Management and Maven Investment Partners, among others.

MedAvail raised gross proceeds of approximately $84 million through the issuance and sale of securities in a private placement that closed prior to the consummation of the business combination and which ultimately resulted in the issuance of approximately 12.3 million shares of MedAvail’s common stock. Proceeds from the private placement will be used primarily to support strategic growth initiatives and for general corporate purposes.

Cowen and Company LLC acted as lead placement agent and Lake Street Capital Markets acted as a placement agent in the transaction.

“Over the last number of months, we have completed this financing that provides MedAvail with a strong financial platform to execute on our commercial strategies,” said Ed Kilroy, CEO of MedAvail. “We believe this is just the beginning; we are a transformational player in the pharmacy industry which is amid a major disruption. We feel uniquely positioned to take advantage of the opportunity.”

“The whole Ally Bridge team is thrilled to partner with Ed and the MedAvail team on this transaction,” said Frank Yu, Founder, CEO and CIO of ABG. “MedAvail has created a powerful automated in-clinic pharmacy platform for Medicare-focused care providers and retail clinics. Following the close of this financing, MedAvail is well-positioned to expand its footprint in the United States and build upon its value proposition of delivering instant and remote pharmacy services, better clinical outcomes, best in class patient medication compliance and satisfaction.”

About MedAvail

MedAvail is a technology-enabled pharmacy organization, providing turnkey in-clinic pharmacy services through its proprietary robotic dispensing platform, the MedAvail MedCenter, and home delivery operations, to Medicare clinics. MedAvail helps patients to optimize drug adherence, resulting in better health outcomes. Learn more at www.medavail.com.

About Ally Bridge Group

Ally Bridge Group (“ABG”), founded and led by Frank Yu (previously at Goldman Sachs and Och-Ziff Capital) and based in New York and Hong Kong, is a global healthcare investment firm focused on funding and supporting the world’s most innovative life science technologies benefiting many millions of human lives and leading high-impact transactions. Over the past five years, ABG has led over US $4 billion investments in world-leading life science companies in the U.S., China, Europe and Israel, across the medtech, tools and diagnostics, biotech and digital healthcare sectors. For more information, please visit www.ally-bridge.com.

Forward Looking Statements

Certain statements included in this press release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the company’s expected uses of proceeds from the business combination; potential future revenue and expansion plans; and market opportunity. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of MedAvail’s management and are not predictions of actual performance. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements, including but not limited to general economic, financial, legal, political and business conditions and changes in domestic and foreign markets; the potential effects of COVID-19; the outcome of judicial proceedings to which MedAvail is, or may become a party; changes in competitive conditions prevailing in the healthcare sector; the availability of capital; and the other risks discussed under the heading “Risk Factors” in a Registration Statement on Form S-4 (“Form S-4”), which was declared effective by the SEC on October 15, 2020, and other documents MedAvail files with the SEC in the future. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. These forward-looking statements speak only as of the date hereof and MedAvail specifically disclaims any obligation to update these forward-looking statements.

MedAvail and MYOS RENS Technology Announce Closing of Business Combination

MedAvail, Inc. Set to Trade on NASDAQ Under Ticker Symbol “MDVL”

MISSISSAUGA, Ontario & CEDAR KNOLLS, N.J.–(BUSINESS WIRE)– MedAvail, Inc. (“MedAvail”), a leading technology-enabled pharmacy organization that embeds pharmacy services directly into clinics and other points of care through its proprietary technology, announced the completion of its previously announced business combination with MYOS RENS Technology, Inc. (NASDAQ: MYOS), an advanced nutrition company and the owner of Fortetropin®, a proprietary bioactive composition that helps build lean muscle. The combined company will focus on the MedAvail business and its shares will trade on the Nasdaq Capital Market under the new trading symbol “MDVL.” The current MYOS RENS muscle health business will be spun off as a private unaffiliated company.

MedAvail will be led by its current experienced executive team with Ed Kilroy as CEO.

“We are excited to partner with our private placement investors as we continue to execute on MedAvail’s growth plan as a public company,” said Mr. Kilroy. “We believe MedAvail is uniquely positioned in the healthcare value chain. Our experience to date has demonstrated that by embedding pharmacy at these points of care we can positively impact medication adherence and deliver superior customer satisfaction. Our presence in each clinic drives our customer acquisition, allowing us to build a substantial pharmacy business in each clinic we deploy. We also provide our customers free home courier delivery. Currently we are deployed in Arizona and California with plans to open new care settings in Michigan, Florida, Illinois and Texas in the future.”

MedAvail currently deploys its proprietary MedCenter solution through two distinct commercialization channels: its SpotRx full-service retail pharmacy platform in the United States, which has over 40 clinics deployed across Arizona and California, and its technologies channel which sells its MedCenter kiosk and licenses its software to large retailers and health systems.

Cowen served as financial and capital markets advisor to MedAvail, and Lake Street Capital Markets acted as a placement agent on the private offering. Wilson Sonsini Goodrich & Rosati, PC served as legal counsel to MedAvail. H.C. Wainwright & Co. served as financial advisor to MYOS RENS, and Hiller, PC and Ellenoff Grossman & Schole LLP served as legal counsel to MYOS RENS.

About MedAvail

MedAvail is a technology-enabled pharmacy organization, providing turnkey in-clinic pharmacy services through its proprietary robotic dispensing platform, the MedAvail MedCenter, and home delivery operations, to Medicare clinics. MedAvail helps patients to optimize drug adherence, resulting in better health outcomes. Learn more at www.medavail.com.

About MYOS RENS Technology

MYOS RENS Technology Inc., “The Muscle Company®”, is a Cedar Knolls, NJ-based advanced nutrition company that develops and markets products that improve muscle health and performance. MYOS is the owner of Fortetropin®, a fertilized egg yolk-based product manufactured via a proprietary process to retain and optimize its biological activity. Fortetropin has been clinically shown to increase muscle size, lean body mass and reduce muscle atrophy. MYOS believes Fortetropin has the potential to redefine existing standards of physical health and wellness and produces muscle health support products featuring Fortetropin under the names of Yolked®, Physician Muscle Health Formula®, MYOS Canine Muscle Formula®, (Regular & Vet Strength) and Qurr®. For more information, please visit www.myosrens.com.

Forward Looking Statements

Certain statements included in this press release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the company’s expected uses of proceeds from the business combination; potential future revenue and expansion plans; and market opportunity. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of MedAvail’s management and are not predictions of actual performance. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements, including but not limited to general economic, financial, legal, political and business conditions and changes in domestic and foreign markets; the potential effects of COVID-19; the outcome of judicial proceedings to which MedAvail is, or may become a party; changes in competitive conditions prevailing in the healthcare sector; the availability of capital; and the other risks discussed under the heading “Risk Factors” in a Registration Statement on Form S-4 (“Form S-4”), which was declared effective by the SEC on October 15, 2020, and other documents MedAvail files with the SEC in the future. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. These forward-looking statements speak only as of the date hereof and MedAvail specifically disclaims any obligation to update these forward-looking statements.

Atea Pharmaceuticals Announces Closing of Initial Public Offering

Full Exercise of the Underwriters’ Overallotment Brings Additional $45 Million

BOSTON, Nov. 03, 2020 (GLOBE NEWSWIRE) — Atea Pharmaceuticals, Inc. (Nasdaq: AVIR) (“Atea”), a clinical-stage biopharmaceutical company focused on discovering, developing and commercializing antiviral therapeutics to improve the lives of patients suffering from life-threatening viral infections, today announced the closing of its initial public offering of 14,375,000 shares of common stock, including the exercise in full by the underwriters of their option to purchase up to 1,875,000 additional shares of common stock, at a public offering price of $24.00 per share. The aggregate gross proceeds to Atea from the offering were $345 million, before deducting underwriting discounts and commissions and other offering expenses. All of the shares in the offering were offered by Atea Pharmaceuticals. Atea’s common stock began trading on the Nasdaq Global Select Market under the ticker symbol “AVIR” on October 30, 2020.

J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Evercore Group L.L.C. and William Blair & Company, L.L.C. acted as joint book-running managers of the offering.

A registration statement on Form S-1 (File No. 333-249404) relating to the offering has been filed with the Securities and Exchange Commission and became effective on October 29, 2020. The offering was made only by means of a prospectus. Copies of the final prospectus relating to the offering may be obtained from: J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone: 866-803-9204; Morgan Stanley & Co. LLC, 180 Varick Street, 2nd Floor, New York, NY 10014, Attention: Prospectus Department, or by email at prospectus@morganstanley.com; Evercore Group, L.L.C., Attention: Equity Capital Markets, 55 East 52nd Street, 35th Floor, New York, NY 10055, by telephone at (888) 474-0200, or by email at ecm.prospectus@evercore.com; or William Blair & Company, L.L.C., Attention: Prospectus Department, 150 North Riverside Plaza, Chicago, IL 60606, by telephone at (800) 621-0687 or by email at prospectus@williamblair.com.

This press release does not constitute an offer to sell or the 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 registration or qualification under the securities laws of any such state or jurisdiction.