FOXO Technologies Formalizes License Agreement with KR8.ai to Power New Epigenetic Wellness Solutions

Rhea-AI Summary

FOXO Technologies Inc. (NYSE American: FOXO) has announced the formalization of its collaboration with KR8.ai Inc. and the exclusive license to KR8's AI-based software to support the development and commercial launch of its new health and wellness offering - the VITHAR™ AI Health Coach. The company aims to provide personalized health and wellness recommendations by leveraging epigenetic data, genetic insight, and growing patent estate with AI-driven analytic software and proprietary algorithms. The goal is to capture a meaningful share of the Health and Fitness App Market, which is projected to reach $35.7 billion by 2030, through a cost-effective go-to-market strategy. The new app will require users to send a saliva or blood sample, and the technology will combine this information with user health stats, as well as peer-reviewed clinical studies and other verified health resources to provide customized AI-driven health recommendations.

Insights

Market Research Analyst

The announcement of FOXO Technologies Inc.'s upcoming VITHAR™ AI Health Coach launch is a significant development in the health and wellness app market. The integration of epigenetic biomarker technology with AI-based software from KR8.ai Inc. represents a convergence of biotechnology and artificial intelligence, which could disrupt the traditional health app sector. The company's strategy to penetrate the market through a subscription-based, direct-to-consumer model is aligned with current industry trends towards personalized health services.

Given the projected growth of the Health and Fitness App Market from $8.2 billion in 2022 to $35.7 billion by 2030, FOXO's entry could be well-timed to capitalize on this expansion. Their focus on providing a comprehensive risk analysis and actionable health insights through a simple saliva or blood sample could differentiate their product in a crowded marketplace. However, the success of this launch will depend on consumer adoption rates, the accuracy and impact of their health recommendations and the ability to maintain user engagement over time.

Financial Analyst

FOXO Technologies Inc.'s formalization of its agreement with KR8.ai Inc. and the expedited timeline for the VITHAR™ AI Health Coach launch could have positive implications for the company's financial performance. Investors should note the potential for increased revenue streams through the subscription model, which could provide a stable, recurring income. The exclusive license for KR8’s AI software may also offer a competitive edge, potentially justifying future R&D investments.

However, investors must consider the costs associated with the development, marketing and support of a new tech product. The initial investment in technology and customer acquisition could strain short-term finances, with the payoff contingent on widespread market acceptance and long-term customer retention. Monitoring the post-launch performance and user feedback will be crucial in assessing the financial impact of this venture.

Biotechnology Expert

The utilization of machine learning models to analyze epigenetic biomarkers is at the forefront of personalized health technology. Epigenetics involves the study of how behaviors and environment can cause changes that affect the way genes work. By combining epigenetic data with genetic insights and proprietary algorithms, FOXO Technologies aims to offer a unique product that could empower consumers with a deeper understanding of their biological age and health risks.

While the promise of such technology is considerable, the practical application and accuracy of these AI-driven health recommendations will be pivotal. The biotechnology community will be watching closely to see how well FOXO's algorithms correlate epigenetic analysis with health outcomes and whether this approach can truly deliver on its promise of personalized health optimization.

Reports planned commercial launch of VITHAR™ AI Health Coach Proceeding Ahead of Schedule

MINNEAPOLIS--(BUSINESS WIRE)-- FOXO Technologies Inc. (NYSE American: FOXO) (“FOXO” or the “Company”), a leader in the field of commercializing epigenetic biomarker technology, today announced it has formalized its collaboration with KR8.ai Inc. (“KR8”) and secured the exclusive license to KR8’s AI-based software to support the development and commercial launch of its new health and wellness offering - the VITHAR™ AI Health Coach. As previously announced, the Company is in the process of launching its new subscription-based, direct-to-consumer product offering that is designed to provide personalized health and wellness recommendations, by combining: (i) FOXO’s machine learning models to analyze epigenetic biomarkers; (ii) the Company’s expertise and algorithms correlating epigenetic analysis with health outcomes; and (iii) published, peer-reviewed, clinical data and other verified, third-party health resources.

Mark White, Interim CEO of FOXO Technologies, stated, “Formalization of this agreement is an important milestone as we advance our new direct-to-consumer offering. By leveraging our epigenetic data, genetic insight and growing patent estate, with KR8’s AI-driven analytic software and proprietary algorithms, we aim to provide the most robust direct-to-consumer health and wellness app in the industry. We believe this offering will provide consumers with unparalleled insight, including a comprehensive risk analysis and actionable health insights to understand their biological age, as well as optimize and better manage their health. Our goal is to quickly and cost-effectively capture a meaningful share of the Health and Fitness App Market size, which was valued at $8.2 billion in 2022 and is projected to reach $35.7 billion by 2030 (Verified Market Research) through an offering that goes way beyond traditional health apps, coupled with a cost-effective go-to-market strategy. The new app will simply require users to send a saliva or blood sample, and the technology will then combine this information with user health stats, as well as peer-reviewed clinical studies and other verified health resources to provide customized AI-driven health recommendations. Since initially announcing the collaboration, we have made tremendous progress and are well ahead of schedule with our planned commercial launch. We could not be more excited about the outlook for VITHAR™ and look forward to providing further updates.”

About KR8.ai
KR8.ai harnesses the power of AI-driven analytics to optimize social media accounts’ current performance against their full potential. Their premier mobile application, aptly named 'the KR8 Coach', provides a comprehensive evaluation of an account’s current performance against their full potential. Based on this analysis, it then offers intelligent, AI-derived suggestions to amplify the reach and effectiveness of their posts. Beyond this, KR8 AI's innovative solutions are adaptable and can seamlessly be integrated into third-party, direct-to-consumer applications. This adaptability not only streamlines processes but also results in more economically efficient technology implementations.

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240122853118/en/

Crescendo Communications, LLC

(212) 671-1020

foxo@crescendo-ir.com

Source: FOXO Technologies Inc.

FAQ

What is the ticker symbol for FOXO Technologies Inc.?

The ticker symbol for FOXO Technologies Inc. is FOXO.

What is the new health and wellness offering announced by FOXO Technologies Inc.?

The new health and wellness offering announced is the VITHAR™ AI Health Coach.

What is the projected market value for the Health and Fitness App Market by 2030?

The projected market value for the Health and Fitness App Market is $35.7 billion by 2030.

What is required from users to access the new app by FOXO Technologies Inc.?

Users will need to send a saliva or blood sample to access the new app.

What resources will the new app by FOXO Technologies Inc. use to provide health recommendations?

The new app will use peer-reviewed clinical studies and other verified health resources to provide customized AI-driven health recommendations.