Science 37 Acquires Vault Health’s Life Sciences Platform To Bolster its Metasite Capabilities
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.
- Acquisition of Vault Health's platform enhances clinical trial workflow.
- Expected to reduce manual efforts and drive operational efficiencies.
- Integration of technology is anticipated to be simple and effective.
- Projected cash flow neutrality within the calendar year.
- None.
RESEARCH TRIANGLE PARK, N.C., Feb. 02, 2023 (GLOBE NEWSWIRE) -- Science 37 Holdings, Inc. (Nasdaq: SNCE), the industry-leading Metasite, announced today that it has acquired the life sciences platform from Vault Health, a national leader in remote diagnostics and COVID testing, to further enhance clinical trial workflow orchestration and data interoperability capabilities of the Science 37 platform.
The asset purchase accelerates Science 37’s existing development plans for workflow features such as advanced scheduling and investigational product tracking, and data exchange with Electronic Data Capture and Electronic Medical Record systems. As a result, these capabilities will help reduce some of the manual efforts required to execute decentralized clinical trials and drive operational efficiencies.
“We are fortunate to be able to acquire such a valuable asset today to advance many of our high-priority development plans for the future,” said David Coman, Chief Executive Officer of Science 37. “From a technology standpoint, the Vault Health life science platform has a parallel technology architecture making it reasonably simple to integrate and, from a delivery perspective, this acquisition will have an efficiency impact as early as the second half of 2023.”
The added capabilities acquired with this transaction will enable Science 37 to avoid planned spending, and will be cash flow neutral for Science 37 within the calendar year, while adding additional capability today.
“This acquisition is complementary to the functionality of our existing tech stack,” said Troy Bryenton, Chief Technology Officer, Science 37. “By integrating these capabilities, we will accelerate our product roadmap to deliver a seamless patient experience.”
About Science 37
Science 37 Holdings, Inc.’s (Nasdaq: SNCE) mission is to accelerate clinical research by enabling universal trial access for patients. As a single Metasite™ Science 37 reaches an expanded patient population beyond the traditional site and delivers the recruiting power of up to 20 sites in one with greater patient diversity. Patients gain the flexibility to participate from the comfort of their own home, at their local community provider, or at a traditional site when needed. The Science 37 Metasite is powered by a proprietary technology platform, in addition to in-house investigators, mobile nurses and remote coordinators that drive uniform study orchestration, enabling greater compliance and high-quality data. To learn more, visit www.science37.com, or email science37@science37.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the federal securities laws, including statements regarding the products offered by Science 37 and the markets in which it operates. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result” and similar expressions. 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 ability to maintain the listing of Science 37’s securities on Nasdaq, (ii) volatility in the price of Science 37’s securities due to a variety of factors, including changes in the competitive and highly regulated industries in which Science 37 operates, variations in performance across competitors, changes in laws and regulations affecting Science 37’s business and changes in its capital structure, (iii) the ability to implement business plans, forecasts, and other expectations, and to identify and realize additional opportunities, (iv) the risk that Science 37 may never achieve or sustain profitability, (v) the risk that Science 37 will need to raise additional capital to execute its business plan, which may not be available on acceptable terms or at all, (vi) failure to realize anticipated cost savings, and (vii) the potential adverse effects of the ongoing global COVID-19 pandemic. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of our Annual Report on Form 10-K for the fiscal year ended December 31, 2021 filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 22, 2022 and in our other documents filed by Science 37 from time to time 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 Science 37 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, except as required by law. Science 37 does not give any assurance that Science 37 will achieve its expectations.
Media Inquiries
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Science 37
PR@science37.com
Investor Relations
Steve Halper
LifeSci Advisors
Investors@science37.com
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