MCI Onehealth Completes Acquisition of Khure Health
April 27 2021 - 7:30AM
MCI Onehealth Technologies Inc. (“MCI”) (TSX: DRDR), a
clinician-led healthcare technology company focused on increasing
access to and quality of healthcare, has completed its previously
announced acquisition of all the issued and outstanding shares (the
“Transaction”) of Khure Health Inc. (“Khure”) pursuant to a share
purchase agreement. Khure’s precision medicine platform harnesses
clinical data, enabling physicians to rapidly screen and identify
patients with rare diseases and facilitate more personalized
treatment. This strategic acquisition will enhance MCI’s data
analytics offering through Khure’s continued work with leading
pharmaceutical and medical device companies in North America,
Europe and Japan.
MCI acquired 100% of the issued and outstanding
shares of Khure for up to C$13.5 million based on certain revenue
milestones being achieved through calendar 2023. These milestones,
when achieved, are expected to further propel MCI’s position as a
leader in data-driven and technology enabled healthcare. Khure is
actively working with and/or has rare and specialty disease
programs in development with top 10 Pharma companies and
international disease associations. MCI expects Khure to continue
its rapid growth by expanding on its existing customer base,
garnering new customer wins, and leveraging MCI’s substantial
patient and physician base. Additionally, integrating Khure into
MCI’s ecosystem is expected to enhance opportunities to launch and
participate in research initiatives that aid in the development of
innovative treatment options.
“Linking Khure’s functional clinical
intelligence platform to our existing databases is an integral step
in redefining the way that technology is used in MCI’s healthcare
network. Identifying undiagnosed patients with rare diseases
empowers primary care doctors with the essential tools and
technology to take meaningful steps forward towards a future of
preventive care,” says Dr. Alexander Dobranowski MD., CEO of MCI.
“This is also a very exciting time with Khure recently launching
its new clinical trial offering that utilizes its AI-enabled
clinical intelligence platform to accelerate patient recruitment
for clinical trials and speed scientific discovery. This platform
will help bring much needed new precision medicines and clinical
knowledge to benefit patients in need faster than ever before.”
Three hundred (300) million people worldwide and
1 in 12 Canadians are currently living with a rare disorder that
often goes undiagnosed due to the complexity of the diagnostic
criteria. Presently, it can take an average of four years for a
rare condition to be recognized, putting patients at serious risk
of missing the opportunity to intercept disease progression in its
early stages. Through the use of precision medicine, clinical data,
machine learning and artificial intelligence, Khure may enable
primary care physicians to detect genetic and clinical markers for
rare diseases in individuals, bringing average diagnosis time
down.
“By adding our clinical intelligence platform to
MCI’s growing operations in primary care and healthcare
technologies, we believe that our shared goals of better
understanding and diagnosing rare diseases among Canadians will
advance substantially,” said Don Watts, President, Khure.
MCI expects the acquisition of Khure to be
accretive to adjusted EBITDA, before synergies in the first
full year of operations.
About MCI
MCI is a healthcare technology company focused
on empowering patients and doctors with advanced technologies to
increase access, improve quality, and reduce healthcare costs. As
part of the healthcare community for over 30 years, MCI operates
one of Canada’s leading primary care networks with 25 clinics,
serves over 850,000 patients annually and had over 200,000
telehealth visits last year. MCI additionally offers an expanding
suite of occupational health service offerings that support a
growing list of over 250 corporate customers. Led by a proven
management team of doctors and experienced executives, MCI remains
focused on executing a strategy centered on acquiring technology
and health services that complement MCI’s current roadmap. For more
information, visit mcionehealth.com
For IR enquiries please
contact:Fernando Massalin | Ir@mcionehealth.com | +1
(416) 440-4040 ext 155
For media enquiries please
contact:Braden Rosner | braden@yprcanada.com | +1
(647) 982-8549
Forward Looking Statements
This press release contains forward-looking
information within the meaning of applicable securities
legislation, which reflects MCI’s current expectations regarding
future events, including statements relating to: the impact of the
Transaction, the value and expected timing of the consideration
paid in connection with the Transaction, the impact of the
Transaction on MCI, the integration of Khure and MCI and Khure’s
continued growth and accretive value to MCI. In some cases, but not
necessarily in all cases, forward-looking statements can be
identified by the use of words or phrases such as “plans”,
“targets”, “expects”, “estimates”, “intends”, “anticipates”,
“believes”, or variations of such words or phrases or state that
certain actions, events or results “may”, “could”, “would”, “might”
or “will” occur. Forward-looking information is based on a number
of assumptions and is subject to a number of risks and
uncertainties, many of which are beyond MCI’s control, which could
cause actual results and events to differ materially from those
that are disclosed in or implied by such forward-looking
information. Such risks and uncertainties include, but are not
limited to, the factors discussed under "Risk Factors" in the final
prospectus of MCI dated December 29, 2020. MCI does not
undertake any obligation to update such forward-looking
information, whether as a result of new information, future events
or otherwise, except as expressly required by applicable law.
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