MCI Onehealth Completes Acquisition of Khure Health
TORONTO, April 27, 2021 (GLOBE NEWSWIRE) -- MCI Onehealth Technologies Inc. (“MCI”) (TSX: DRDR), a clinician-led healthcare technology company focused on increasing access to and quality of healthcare, has completed its previously announced acquisition of all the issued and outstanding shares (the “Transaction”) of Khure Health Inc. (“Khure”) pursuant to a share purchase agreement. Khure’s precision medicine platform harnesses clinical data, enabling physicians to rapidly screen and identify patients with rare diseases and facilitate more personalized treatment.
This strategic acquisition will enhance MCI’s data analytics offering through Khure’s continued work with leading pharmaceutical and medical device companies in North America, Europe and Japan. MCI acquired 100% of the issued and outstanding shares of Khure for up to C$13.5 million based on certain revenue milestones being achieved through calendar 2023. These milestones, when achieved, are expected to further propel MCI’s position as a leader in data-driven and technology enabled healthcare. Khure is actively working with and/or has rare and specialty disease programs in development with top 10 Pharma companies and international disease associations.
MCI expects Khure to continue its rapid growth by expanding on its existing customer base, garnering new customer wins, and leveraging MCI’s substantial patient and physician base. Additionally, integrating Khure into MCI’s ecosystem is expected to enhance opportunities to launch and participate in research initiatives that aid in the development of innovative treatment options. “Linking Khure’s functional clinical intelligence platform to our existing databases is an integral step in redefining the way that technology is used in MCI’s healthcare network. Identifying undiagnosed patients with rare diseases empowers primary care doctors with the essential tools and technology to take meaningful steps forward towards a future of preventive care,” says Dr. Alexander Dobranowski MD., CEO of MCI. “This is also a very exciting time with Khure recently launching its new clinical trial offering that utilizes its AI-enabled clinical intelligence platform to accelerate patient recruitment for clinical trials and speed scientific discovery. This platform will help bring much needed new precision medicines and clinical knowledge to benefit patients in need faster than ever before.”
Three hundred (300) million people worldwide and 1 in 12 Canadians are currently living with a rare disorder that often goes undiagnosed due to the complexity of the diagnostic criteria. Presently, it can take an average of four years for a rare condition to be recognized, putting patients at serious risk of missing the opportunity to intercept disease progression in its early stages. Through the use of precision medicine, clinical data, machine learning and artificial intelligence, Khure may enable primary care physicians to detect genetic and clinical markers for rare diseases in individuals, bringing average diagnosis time down.
“By adding our clinical intelligence platform to MCI’s growing operations in primary care and healthcare technologies, we believe that our shared goals of better understanding and diagnosing rare diseases among Canadians will advance substantially,” said Don Watts, President, Khure. MCI expects the acquisition of Khure to be accretive to adjusted EBITDA, before synergies in the first full year of operations.
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 250 corporate customers. Led by a proven management team of doctors and experienced executives, MCI remains focused on executing a strategy centered on acquiring technology and health services that complement MCI’s current roadmap. For more information, visit mcionehealth.com
Forward Looking Statements This press release contains forward-looking information within the meaning of applicable securities legislation, which reflects MCI’s current expectations regarding future events, including statements relating to: the impact of the Transaction, the value and expected timing of the consideration paid in connection with the Transaction, the impact of the Transaction on MCI, the integration of Khure and MCI and Khure’s continued growth and accretive value to MCI. In some cases, but not necessarily in all cases, forward-looking statements can be identified by the use of words or phrases such as “plans”, “targets”, “expects”, “estimates”, “intends”, “anticipates”, “believes”, or variations of such words or phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” occur. Forward-looking information is 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 information. Such risks and uncertainties include, but are not limited to, the factors discussed under "Risk Factors" in the final prospectus of MCI dated December 29, 2020. MCI does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.