- HEALWELL completes acquisition of a majority stake of Pentavere, a healthcare artificial intelligence (AI) company who has built a best-in-class AI engine to help solve some of healthcare’s toughest data challenges. Pentavere has developed and validated leading capabilities in data structuring and abstraction; a key capability to unlocking clinical value and unmet needs for patients and providers.
- The Pentavere acquisition adds revenue, new pharmaceutical and life sciences customers, access to hospitals as well as growing HEALWELL’s dedicated team of AI engineers.
- The transaction is expected to be financially and strategically accretive and highly synergistic with HEALWELL’s strategic alliance agreement with WELL Health Technologies Corp. (“WELL”) (TSX: WELL).
TORONTO, Dec. 04, 2023 (GLOBE NEWSWIRE) -- HEALWELL AI Inc. (“HEALWELL” or the “Company”) (TSX: AIDX) (OTCQX: HWAIF), a data science and AI company focused on preventative care, is pleased to announce it has completed the previously announced acquisition of a majority ownership position in Pentavere Research Group Inc. (“Pentavere”), an innovative AI health-tech company based in Toronto, Ontario, that focuses on identifying eligible patients for approved medications and interventions. Pentavere has a proven track record in commercialization of real-world evidence studies and has developed strong partnerships with major hospital networks. Pentavere’s expertise in data abstraction and structuring, combined with their extensive network and experience in hospital specialist care, perfectly aligns with HEALWELL’s commitment to improving preventative care.
This acquisition adds new high margin technology revenue, access to multiple new key pharmaceutical company and life sciences customers, new products, partnerships with major hospital networks in Canada and the United States, as well as an experienced and sophisticated AI engineering team. HEALWELL’s majority acquisition of Pentavere further solidifies its standing as a world-class AI technology provider. Both companies are already working on unlocking new innovations, driving unprecedented advancements and setting the stage for a transformative era in digital healthcare.
The capabilities of HEALWELL and Pentavere in combination with the Company’s partnership with WELL Health Technologies Corp. (TSX: WELL) (“WELL”) allow HEALWELL to accelerate its strategic roadmap and tackle high value problems in the healthcare industry. Moreover, the expanded capacity from adding the Pentavere team will deepen HEALWELL’s ability to unlock the value of its partnership with WELL for the delivery of clinical decision support capabilities to WELL’s healthcare providers.
Dr. Alexander Dobranowski, CEO of HEALWELL, commented on the acquisition, “We are thrilled to welcome Pentavere to the HEALWELL family. This marks our first acquisition in the healthcare technology space, signifying a pivotal moment in HEALWELL history. The addition of Pentavere’s data abstraction and structuring capabilities, combined with its access to hospitals and expertise in hospital based medical specialities, will significantly broaden HEALWELL’s therapeutic and disease indication spectrum. Being one of the leading technology assets in healthcare AI in Canada, Pentavere is a perfect example of our commitment to revolutionizing the industry through establishing and consolidating leading healthcare technologies.”
Mr. Aaron Leibtag, Co-Founder and CEO of Pentavere, stated, “We are excited to be joining HEALWELL in their mission of advancing patient outcomes through data science and AI technologies. Partnering with HEALWELL will not only enhance the impact of our solutions but also enable us to take a major leap forward in introducing our ground-breaking platform to larger healthcare networks and additional jurisdictions. We are excited about the potential of our combined capabilities and look forward to revolutionizing the healthcare industry together with HEALWELL.”
Pentavere’s DARWEN™ AI technology has been validated by some of the largest pharmaceutical companies in the world and whose research has been published by some of the most prestigious publications globally; adding substantially to the growing body of evidence in support of HEALWELL’s AI technologies. DARWEN™ enables the automation of data abstraction from unstructured electronic medical records. With the advanced DARWEN™ platform, Pentavere has developed vital partnerships and secured data-access agreements with major hospital networks in Canada and the United States.
Pentavere has a validated history of delivering impactful AI-solutions to the healthcare industry. With a strong pedigree and commercial track record of delivering complex AI-driven real-world evidence (RWE) studies, Pentavere’s extensive experience working with some of the world’s largest pharmaceutical companies underscores its reputation in the commercial sector. Pentavere’s impressive research contributions serve as a testament to its capabilities and adds significant credibility, particularly in the eyes of healthcare experts, key opinion leaders and clinical researchers.
HEALWELL has acquired a majority ownership position of Pentavere in a combined primary and secondary transaction, with transaction details as previously announced on November 15, 2023. In conjunction with closing, Pentavere appointed Dr. Alexander Dobranowski, HEALWELL’s CEO, Mr. Blake Corbet, HEALWELL’s SVP Corporate Development, and Mr. Erik Danudjaja, Board Director at HEALWELL, as HEALWELL’s three director nominees to Pentavere’s board of directors.
Dr. Alexander Dobranowski
Chief Executive Officer
HEALWELL AI Inc.
About HEALWELL AI
HEALWELL AI is a healthcare technology company focused on AI and data science for preventative care. Its mission is to improve health care and save lives through early identification and detection of disease. As a physician-led organization with a proven management team of experienced executives, HEALWELL AI is executing a strategy centered around developing and acquiring technology and clinical sciences capabilities that complement the Company's road map. HEALWELL is publicly traded on the Toronto Stock Exchange under the symbol “AIDX” and on the OTC Exchange under the symbol “HWAIF”. To learn more about HEALWELL AI, please visit: https://healwell.ai/.
About Pentavere
Pentavere Research Group is a globally recognized and award-winning AI digital health company that has built a best-in-class AI engine to identify patients that are eligible for approved medications or interventions, to improve outcomes for patients and help drive therapy growth and penetration. Pentavere's AI system, DARWEN™, identifies patients that are eligible for but not receiving approved medications or interventions, improving outcomes for patients and helping drive appropriate therapy growth and penetration.
Forward-Looking Statements
Certain statements in this press release, constitute "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of applicable Canadian securities laws and are based on assumptions, expectations, estimates and projections as of the date of this press release. Forward-looking statements in this press release include statements with respect to, among other things: the expected benefits of the acquisition, including the expected financial, strategic and synergistic benefits to HEALWELL; anticipated benefits of revenue and new products and partnerships resulting from the majority acquisition; the expectation that the acquisition will provide positive benefits and opportunities through HEALWELL's strategic alliance with WELL; and that the combined businesses will broaden HEALWELL's therapeutic and disease indication spectrum. Forward-looking statements are often, but not always, identified by words or phrases such as "to become", "improve", "growth", "ensuring", "continue", "anticipated", "expects", "proceed", "potential", "future", "consider", "result in", "increase", "deliver", "emerging", “is poised”, "plan", "position", "opportunities", "expansion", "exercise", "ensure", "achieve", "acquire", "complete", "satisfy", "entitle", "subject to" or variations of such words and phrases or statements that certain future conditions, actions, events or results "will", "may", "could", "would", "should", "might" or "can" be taken, occur or be achieved, or the negative of any of these terms. Forward-looking statements are necessarily based upon management’s perceptions of historical trends, current conditions and expected future developments, as well as a number of specific factors and assumptions that, while considered reasonable by HEALWELL as of the date of such statements, are outside of HEALWELL's control and are inherently subject to significant business, economic and competitive uncertainties and contingencies which could result in the forward-looking statements ultimately being entirely or partially incorrect or untrue. Forward-looking statements contained in this press release are based on various assumptions, including, but not limited to, the following: ability for HEALWELL to realize on expected synergies with Pentavere; the stability of general economic and market conditions; HEALWELL's ability to comply with applicable laws and regulations; HEALWELL's continued compliance with third party intellectual property rights; and that the risk factors noted below, collectively, do not have a material impact on HEALWELL's business, operations, revenues and/or results. By their nature, forward-looking statements are subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections, or conclusions will not prove to be accurate, that assumptions may not be correct, and that objectives, strategic goals and priorities will not be achieved.
Known and unknown risk factors, many of which are beyond the control of HEALWELL, could cause the actual results of HEALWELL to differ materially from the results, performance, achievements, or developments expressed or implied by such forward-looking statements. Such risk factors include but are not limited to those factors which are discussed under the section entitled "Risk Factors" in HEALWELL's most recent annual information form dated March 31, 2023, which is available under HEALWELL's SEDAR+ profile at www.sedarplus.ca. The risk factors are not intended to represent a complete list of the factors that could affect HEALWELL and the reader is cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking statements. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are provided for the purpose of providing information about management’s expectations and plans relating to the future. HEALWELL disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law. All of the forward-looking statements contained in this press release are qualified by these cautionary statements.
