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Science 37 Holdings, Inc. (Nasdaq: SNCE) is a pioneering company based in Los Angeles that specializes in accelerating biomedical discovery through innovative, patient-centric clinical research models. Utilizing cutting-edge telemedicine technology, Science 37 offers a comprehensive range of services for conducting networked clinical trials, making it an invaluable partner for investigators, inventors, biotech firms, and large pharmaceutical companies.
At the core of Science 37's operations is the Metasite™, a proprietary virtual site platform that allows patients to participate in clinical trials from the comfort of their own homes or local healthcare providers. Powered by in-house medical and operational experts, the Metasite™ ensures uniform study orchestration, greater compliance, and high-quality data, thereby making clinical trials more accessible and efficient.
Science 37 leverages a vast network of partnerships with national mobile nursing companies, pharmacy chains, patient advocacy groups, and technology companies to streamline the clinical trial process. The company's recent achievements include the successful completion of a reverse stock split and a partnership with leading telemedicine companies, which has significantly expanded its reach and capabilities.
Noteworthy recent developments include the approval of a reverse stock split to comply with Nasdaq listing requirements and the commencement of a cash tender offer by eMed to purchase all outstanding shares of Science 37 at $5.75 per share. This move, coupled with the company's continuous efforts in enhancing patient recruitment through AI-powered screening and centralized processes, underscores its commitment to innovation and operational excellence.
Science 37 has also been recognized for its transformative impact on clinical research, winning the “Clinical Efficiency Innovation Award” at the 8th annual MedTech Breakthrough Awards. This award highlights the company's unique approach to patient recruitment, which has significantly improved patient randomization rates and site satisfaction.
For more detailed information and to stay updated on the latest developments, please visit Science 37's website.
Science 37 Holdings, Inc. (Nasdaq: SNCE) announced the launch of three global Centers of Excellence (COEs) in India, Pakistan, and Slovakia to enhance its Metasite offering. This initiative aims to improve operational efficiency and accelerate profitability. The COEs will focus on technology platform development and employ skilled talent in data management. As of end-2022, the company employed 85 individuals in these regions, expecting to expand this number to nearly 200 by year-end 2023, while simultaneously eliminating approximately 140 positions in the U.S. and Europe.
In a strong first quarter, preliminary results indicated gross bookings exceeding $23 million and revenue surpassing $13.5 million, ahead of expectations. However, the company anticipates a $12 million adjustment to gross bookings due to prior halted projects. The preliminary financial results are subject to final adjustments.
Science 37 Holdings (Nasdaq: SNCE) announced on April 10, 2023, the granting of inducement equity awards under its 2022 Employment Inducement Incentive Award Plan. This plan, approved by the Board of Directors in November 2022, aims to attract non-executive employees. Three new employees received options to purchase a total of 110,800 shares of common stock at an exercise price of $0.29 per share, the closing price on the grant date. The options have a ten-year term and a four-year vesting schedule, with the first 25% vesting on the anniversary of the grant date. Science 37 focuses on improving clinical research accessibility through its Metasite™, leveraging proprietary technology for enhanced patient participation.
On March 10, 2023, Science 37 Holdings, Inc. (NASDAQ: SNCE) announced the granting of inducement equity awards under its 2022 Employment Inducement Incentive Award Plan. This was approved by the company's Board of Directors and Compensation Committee. A total of 86,300 stock options were granted to 13 new employees at an exercise price of $0.24 per share, equal to the closing price on the grant date. The options have a 10-year term and a four-year vesting schedule. Science 37 aims to enhance clinical research accessibility through its Metasite™ model, allowing patients to participate conveniently from various locations.
Science 37 Holdings reported its Q4 and full-year results for 2022, revealing a 22% decline in quarterly revenue to $15.9 million. Net bookings for the quarter fell 57% year-over-year to $18.6 million. Gross profit decreased to $3.6 million, with a gross margin of 22.9%. The net loss for Q4 was $66.5 million, equating to a loss per share of $0.57. For the year, revenue totaled $70.1 million, an 18% increase, but net bookings dropped 52%.
Looking ahead, the company forecasts 2023 revenue between $55.0 million and $60.0 million with adjusted EBITDA guidance of a loss between $(50.0) million and $(48.0) million.
Science 37 Holdings, Inc. (Nasdaq: SNCE) will present at the Cowen 43rd Annual Health Care Conference in Boston on March 8, 2023, at 9:10 a.m. ET. The presentation will be accessible live and archived on the company's investor relations website.
Science 37 is a leader in accelerating clinical research through its unique Metasite™, allowing universal access for patients. This innovative model expands patient recruitment capabilities while ensuring diversity, enabling participation from home or local providers. The company is committed to delivering high-quality data using advanced technology and in-house expertise.
Science 37 Holdings (Nasdaq: SNCE) will announce its fourth quarter 2022 financial results before the market opens on March 6, 2023. The management team will hold a conference call at 8:30 a.m. ET on the same day to discuss the results, accessible via phone or through an online link for immediate connection. Science 37 focuses on accelerating clinical research by providing universal trial access, employing a proprietary technology platform to enhance patient diversity and participation flexibility. The firm operates as a single Metasite™ to facilitate research participation, allowing remote access or traditional site involvement as needed.
Science 37 Holdings, Inc. (Nasdaq: SNCE) has granted inducement equity awards under its 2022 Employment Inducement Incentive Award Plan. The Board approved this plan in November 2022. On February 10, 2023, options to purchase 150,700 shares at an exercise price of $0.42 were awarded to 16 new non-executive employees, representing the closing price on the grant date. The options have a 10-year term with a four-year vesting schedule. This move is aimed at attracting talent to aid in the company's mission to enhance clinical research access.
Science 37 Holdings (Nasdaq: SNCE) has announced its acquisition of the life sciences platform from Vault Health, aimed at enhancing clinical trial workflow and data interoperability. This acquisition is expected to accelerate the development of advanced scheduling and tracking features, streamlining decentralized clinical trials by reducing manual efforts and driving operational efficiencies. CEO David Coman noted that the asset will integrate seamlessly into existing operations, impacting efficiency by the second half of 2023. The deal is projected to be cash flow neutral within the calendar year and will avoid planned spending costs for Science 37.
Science 37 Holdings (NASDAQ: SNCE) announced the granting of an inducement equity award under its 2022 Employment Inducement Incentive Award Plan. Approved by the Board of Directors, this award consists of options to purchase 10,000 shares at an exercise price of $0.56 per share, aligning with the closing stock price on the grant date, December 9, 2022. The options have a 10-year term with a four-year vesting schedule, aimed at incentivizing a new non-executive employee.
Science 37's mission focuses on enhancing access to clinical research through decentralized trials, accelerating treatment development.
Science 37 Holdings, Inc. (Nasdaq: SNCE) announced participation in the 5th Annual Evercore ISI HealthCONx Conference. The event includes a virtual fireside chat scheduled for December 1, 2022, at 8:50 a.m. Eastern Time. Interested parties can access the live and archived webcast through the company’s website. Science 37 is recognized for pioneering decentralized clinical trials, aiming to enhance access to clinical research. With its innovative technology platform, the company enables faster enrollment and improved retention in clinical studies.
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