MCI Onehealth Technologies Inc. (“MCI” or the “Company”) (TSX:
DRDR) has completed a series of share purchase agreements to
acquire an 80% interest in Canadian Phase Onward Inc., The Quit
Clinic Inc. and Executive Medical Concierge Canada (2021) Ltd.
(collectively, “Polyclinic”) through its subsidiary MCI Polyclinic
Group Inc. (“MCI Polyclinic”). This strategic acquisition aligns
with MCI’s mission to meaningfully contribute to the transformation
of the Canadian healthcare system and improve access to care by
delivering an innovative, personalized patient experience.
Once the necessary approval from the Ministry of
Health is obtained, MCI will also acquire North York Pulmonary
Function Centre Inc.
MCI Polyclinic will provide onsite integrated
health services including primary care, specialist care, lab
services and an in-house clinical research organization, and will
be the flagship of the growing MCI ecosystem of health services
that already includes a leading-edge virtual care platform, primary
and urgent care clinics in Ontario and Alberta, specialist
services, a corporate health division, and a growing web of
wholly-owned and affiliated personalized medicine and diagnostics
services backed by cutting-edge technologies and artificial
intelligence. MCI Polyclinic is expected to generate annualized
gross revenue in excess of $5.0 million and annualized adjusted
EBITDA in excess of $1.0 million.
MCI Polyclinic consists of four
different types of medical facilities
- Canadian Phase Onward – a clinical research
organization with seasoned expertise in clinical studies, trial
recruitment and management.
- The Quit Clinic operating as Polyclinic Family and
Specialty Medicine Facility – primary care, specialist,
and diagnostic clinics, with historical annual patient volumes
exceeding 100,000 patient visits per year.
- Executive Medical Concierge Canada – an
executive healthcare practice with a growing client list that the
Company anticipates can be leveraged by MCI’s client base and 400+
corporate clients.
An integrated care model that enhances
access, quality and efficiency
- The MCI Polyclinic facility offers patients the convenience of
having integrated services under one roof, including access to more
than 50 primary care physicians and specialists, labs, and clinical
trials.
- Integrated patient record and referral systems allow diverse
care providers to operate as an efficient team, with the patient at
the center, with greater quality control, information sharing and
responsiveness.
- The internal patient referral system in operation at MCI
Polyclinic and across the MCI network helps capture the needs of
patients who would otherwise struggle to find timely, specialized
care.
Ensuring continuity of care and access
to more health services through a seamlessly integrated model of
virtual and in-person care
The acquisition of Polyclinic not only expands
MCI’s brick-and-mortar clinic footprint in Ontario, it also creates
access for more Ontarians to experience the unique value-add to MCI
patients, of which one key feature is continuity of care between
virtual and in-person visits with the same physician.
“MCI Polyclinic is the centralized physical
example of the personalized healthcare model we have strategically
built across the MCI ecosystem both digitally and physically. We
expect it will serve as our flagship for the type of care that
patients want and deserve – the highest quality, the most
convenient and efficient, with the greatest access to services,
ongoing attention to their individual diagnoses and treatments and
more-readily available access to in-house advanced clinical
treatment and research opportunities”, said Dr. Alexander
Dobranowski, CEO of MCI.
All current Polyclinic staff and healthcare
providers will continue their association with the clinic. Patients
of MCI Polyclinic will continue to receive the same excellent care
and convenience they have had at Polyclinic, and will now have
access to additional services in the MCI network.
“We are thrilled for our patients that, in MCI,
we have found a like-minded partner with the financial resources,
care-network assets, leadership and vision to scale the Polyclinic
model,” said Dr. Lew Pliamm, founder of Polyclinic. “Earlier
diagnoses and the highest quality personalized treatment before,
during and after, is the experience we have built at Polyclinic.
Together with MCI – leveraging their strategically growing
personalized care ecosystem – we can champion this innovative model
for patients everywhere.”
Enabling personalized intelligence
through cutting-edge technologies and artificial
intelligence
“The MCI model of care provides personalized
medicine for patients today, and personalized intelligence for
their future care”, said Saleema Khimji, Chief Innovation Officer
of MCI. “With integrated systems and data-driven tools, we believe
we can further unlock meaningful insights from consistent and
high-quality structured clinical information. We expect these
insights to further enable MCI’s technology, research and precision
medicine roadmap – designed to provide a data-driven, deeply
personalized patient profile, accurate and faster diagnosis and
expanded treatment options. Also, by building a richer and deeper
patient profile, we expect MCI can then simultaneously leverage
this directly into research initiatives and clinical trials, which
is a key factor in advancing precision medicine.”
A scalable and innovative model for
better health outcomes for Canadians –
The MCI Onehealth ecosystem as the model of the
future
“We believe we are now in a position, with many
of the required building blocks for our ecosystem – to make
significant strides in helping the healthcare industry at large
transition from a traditional care service delivery model to one
that is more personalized, holistic and most importantly, data and
technology driven. And with the MCI Polyclinic model, we expect we
can tangibly deliver on and contribute to the newly emerging
frameworks of team-based and integrated healthcare delivery,” said
Dobranowski.
“When we think about the future of healthcare, I
firmly believe that our MCI model could serve as a viable and
scalable option that could provide cost-effective personalized care
for Canadians within both the current framework of the public
healthcare system as well as emerging and proposed frameworks for
the future of health care in Canada.”
Terms of acquisition
MCI has acquired all of the issued and
outstanding shares of Canadian Phase Onward Inc., The Quit Clinic
Inc. and Executive Medical Concierge Canada (2021) Ltd. for
consideration consisting of: (i) cash consideration in the amount
of C$5,133,000; (ii) the issuance of C$384,000 in Class A
Subordinate Voting Shares in the capital of MCI, at a deemed price
per MCI Share of C$2.71; and (iii) a 20% ownership interest in MCI
Polyclinic.
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 400 corporate customers. Led by a proven
management team of doctors and experienced executives, MCI remains
focused on executing a strategy centered around 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:Nolan Reeds | nolan@mcionehealth.com | +1 (416)
440-4040 ext. 158
Forward-Looking Statements
This press release contains forward-looking
information and forward-looking statements (together,
“forward-looking statements”) within the meaning of applicable
securities legislation, which reflect MCI’s current expectations
regarding future events, including statements relating to: MCI’s
guidance and outlook, including with respect to expected revenue,
income and impact of Polyclinic and MCI Polyclinic; MCI’s business
plan and strategic focus; anticipated benefits to patient care,
MCI’s health services ecosystem; the anticipated benefits of the
Polyclinic acquisition and MCI’s partnerships; personalized
medicine; Polyclinic’s integrated care model; the anticipated
benefits of clinical information; and MCI’s technology, research
and precision medicine roadmap. In some cases, but not necessarily
in all cases, forward-looking statements can be identified by the
use of words or phrases such as “anticipate”, “believe”,
“continue”, “expect”, “grow”, “plan” or variations of such words
and phrases or state that certain actions, events or results “may”,
“could”, “would”, “might” or “will” occur. All statements and
disclosures, other than those of historical fact, which address
activities, events, outcomes, results or developments that the
Company anticipates or expects may, or will occur in the future (in
whole or in part) should be considered forward-looking statements.
Forward-looking statements are 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 statements. Such risks and
uncertainties include that: the Polyclinic acquisition may not have
the results currently anticipated by the Company; the Company may
be unable to integrate Polyclinic’s business with its own in the
timelines anticipated, in the manner anticipated or at all;
increased costs and expenses; reliance on industry partners;
technologies and services not functioning as expected; third
parties not using technologies and services as expected; economic
conditions making technologies and services less attractive than
anticipated; competitors in the Company’s industry; the possibility
of a breakdown in the relationship between minority shareholders of
Polyclinic and the Company, and other factors discussed under “Risk
Factors” in the Company’s annual information form for the year
ended December 31, 2020 which is available under the Company’s
profile on SEDAR at www.sedar.com. Readers are cautioned that the
foregoing list of factors is not exhaustive and are cautioned not
to place undue reliance on these forward-looking statements. All
forward-looking statements made in this press release are made as
of the date hereof and MCI does not undertake any obligation to
update such forward-looking statements, whether as a result of new
information, future events or otherwise, except as expressly
required by applicable law.
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