FOXO Technologies On Track to Commence Commercial Rollout of VITHAR™ AI Health Coach in Early 2024
December 01 2023 - 8:01AM
Business Wire
Reports anticipated reduction in losses in
excess of $10 million for the third quarter of 2023 compared to the
prior quarter
FOXO Technologies Inc. (NYSE
American: FOXO) (“FOXO” or the “Company”), a leader in the
field of epigenetic biomarker technology, today provided a business
update on the planned commercial rollout of its new
direct-to-consumer (DTC) app, the VITHAR™ AI Health Coach. The
Company also expects to report its financial results for the three
and nine months ended September 30, 2023, which the Company
anticipates will reflect a reduction in losses in excess of $10
million for the third quarter of 2023, including cash operational
cost reductions in excess of $2.1 million, over the second quarter
of 2023.
Mark White, Interim CEO of FOXO Technologies, stated, “We are
making rapid progress with the planned rollout of our VITHAR™ AI
Health Coach and I am pleased to report the commercial launch is on
track for early 2024. We believe the new direct-to-consumer
offering will provide users with unprecedented health insights and
coaching by leveraging the Company’s proprietary epigenetic data
and algorithms. To enhance our commercial launch, we plan to
leverage KR8’s broad network of social media influencers. Towards
this end, we are advancing discussions with well renowned health
and fitness celebrities, which we look forward to announcing in the
near future.”
“In addition, we have taken meaningful steps to streamline the
organization and enhance efficiency. As a result, we expect to
report annualized cost savings in excess of 52% for 2023. Moreover,
we expect to maintain a lean operating infrastructure, which we
believe will allow us to rapidly scale the business and drive
profitability following the commercial launch of the VITHAR AI
Health Coach.”
About FOXO Technologies Inc. (“FOXO”)
FOXO, a technology platform company, is a leader in epigenetic
biomarker discovery and commercialization focused on
commercializing longevity science through products and services
that serve multiple industries. FOXO's epigenetic technology
applies AI to DNA methylation to identify molecular biomarkers of
human health and aging. For more information about FOXO, visit
www.foxotechnologies.com. For investor information and updates,
visit https://foxotechnologies.com/investors/.
Forward-Looking Statements
This press release contains certain forward-looking statements
for purposes of the “safe harbor” provisions under the United
States Private Securities Litigation Reform Act of 1995. Any
statements other than statements of historical fact contained
herein, including statements as to future results of operations and
financial position, planned products and services, business
strategy and plans, objectives of management for future operations
of FOXO, market size and growth opportunities, competitive position
and technological and market trends, are forward-looking
statements. Such forward-looking statements include, but not
limited to, expectations, hopes, beliefs, intentions, plans,
prospects, financial results or strategies regarding FOXO; the
future financial condition and performance of FOXO and the products
and markets and expected future performance and market
opportunities of FOXO. These forward-looking statements generally
are identified by the words “anticipate,” “believe,” “could,”
“expect,” “estimate,” “future,” “intend,” “strategy,” “may,”
“might,” “strategy,” “opportunity,” “plan,” project,” “possible,”
“potential,” “project,” “predict,” “scales,” “representative of,”
“valuation,” “should,” “will,” “would,” “will be,” “will continue,”
“will likely result,” and similar expressions, but the absence of
these words does not mean that a statement is not forward-looking.
Forward-looking statements are predictions, projections and other
statements about future events that are based on current
expectations and assumptions and, as a result, are subject to risks
and uncertainties. Many factors could cause actual future events to
differ materially from the forward-looking statements in this press
release, including but not limited to: (i) the risk of changes in
the competitive and highly regulated industries in which FOXO
operates, variations in operating performance across competitors or
changes in laws and regulations affecting FOXO’s business; (ii) the
ability to implement FOXO’s business plans, forecasts, and other
expectations; (iii) the ability to obtain financing if needed; (iv)
the ability to maintain its NYSE American listing; (v) the risk
that FOXO has a history of losses and may not achieve or maintain
profitability in the future; (vi) potential inability of FOXO to
establish or maintain relationships required to advance its goals
or to achieve its commercialization and development plans; (vii)
the enforceability of FOXO’s intellectual property, including its
patents and the potential infringement on the intellectual property
rights of others; and (viii) the risk of downturns and a changing
regulatory landscape in the highly competitive biotechnology
industry or in the markets or industries in which FOXO’s
prospective customers operate. The foregoing list of factors is not
exhaustive. Readers should carefully consider the foregoing factors
and the other risks and uncertainties discussed in FOXO’s most
recent reports on Forms 10-K and 10-Q, particularly the “Risk
Factors” sections of those reports, and in other documents FOXO has
filed, or will file, with the SEC. These filings identify and
address other important risks and uncertainties that could cause
actual events and results to differ materially from those contained
in the forward-looking statements. Forward-looking statements speak
only as of the date they are made. Readers are cautioned not to put
undue reliance on forward-looking statements, and FOXO assumes no
obligation and does not intend to update or revise these
forward-looking statements, whether as a result of new information,
future events, or otherwise.
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