Gimv invests in SynOx Therapeutics which raises EUR 37 million to develop emactuzumab for treatment of tenosynovial giant cell tumors

GIMV

Gimv is investing in newly formed SynOx Therapeutics through a Series A round of EUR 37 million along with HealthCap, Medicxi and Forbion. SynOx will continue the development of emactuzumab after securing world-wide rights for the development, manufacturing and commercialization of emactuzumab under a license agreement with Roche.

Emactuzumab is a potential best-in-class clinical-stage CSF-1R targeted antibody designed to target and deplete macrophages in the tumor tissue. It has shown a favorable safety profile and encouraging efficacy in patients with diffuse tenosynovial giant cell tumors (dTGCT), a rare oncology disease. The disease is characterized by pain, swelling and range of movement limitations resulting in a significant impact on quality of life. It typically affects patients aged 20-50 years with an estimate of 70,000 patients in the US and EU5.

The proceeds of the financing round will be used to continue development of emactuzumab to establish a treatment option for dTGCT patients.

Bram Vanparys, Partner at Gimv, commented: We are very pleased with this new investment, which perfectly fits our Gimv life sciences strategy. Our team focuses on solving unmet medical needs by investing in solid preclinical or clinical stage assets and platforms with first-in-class or best-in-class potential.

Michaël Vlemmix, Principal at Gimv, adds: “We are looking forward to bringing a therapy to market for patients who today have limited treatment options available. Emactuzumab has already proved its worth in diffuse TGCT patients and it is now time to continue and finalize its development. I am proud to work together with our co-investors and management to turn this endeavour into a success story.”

For further information, we refer to the company’s press release in attachment.

Read the full press release:

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Gimv
Karel Oomsstraat 37, 2018 Antwerpen, Belgium
www.gimv.com

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Exclusive: Spring Health Provides Path To Mental Health Benefits With $76M Series B

Northzone

Spring Health wants to take the guesswork out of finding a mental health provider and the trial and error that occurs during the search. The New York based company closed on a $76 million Series B round of funding to expand its platform.

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“Our approach is founded in science and academia, and not only matches people to the right treatment, but we’ve taken technology and combined it with a human touch to deliver world-class outcomes fast,” April Koh, co-founder and CEO of Spring Health, told Crunchbase News. “We are a ‘single front door’ for employees.”

The Series B was led by Tiger Global, which was joined by GingerBread Capital, Operator Partners, True Capital and individual investors Kyle Lowry (six-time NBA all-star and Toronto Raptors player) and Breanna Stewart (two-time WNBA all-star and Seattle Storm player). Existing investors Northzone, Rethink Impact, The William K. Warren Foundation, Work-Bench, SemperVirens and Able Partners also participated.

The investment brings the company’s total funding to $106 million since Spring Health was founded by Koh and Adam Chekroud in 2016. It also comes on the heels of Spring Health’s $22 million Series A announced in January.

The company is also in a market that is gaining attention from investors. We put together a list of global startups working in mental health and found 400 that received venture-backed funding within the past five years. In fact, investors pumped $8.6 billion into these companies during that time frame, according to Crunchbase data.

Growth

The global behavioral health market is expected to reach $240 billion by 2026, according to a 2019 report by Acumen Research and Consulting. Spring Health is carving out a niche in the precision mental health care space with employees. Koh estimates there are 150 million employees in the U.S. and the market is valued at $20 billion and growing.

Following the Series A, the company tripled its employees, expanded globally into more than 200 regions and was able to offer full employee assistance programs (EAP).

“EAPs are the traditional incumbents in the space,” Koh said. “They are an outdated model that we are trying to revamp and reinvent.”

Although entering the market just within the past two years, the company’s revenue has grown six times this year to date after growing four times in 2019.

Now with the Series B, Spring Health is focused on increasing its team again over the next few months and expanding capabilities around customer experience.

“Personalization and efficacy are key,” Koh said. “We take a comprehensive and sophisticated approach to understanding what you are struggling with, and what is best for you. Our goal is not to just match you with a therapist out of the gate, but what is the best course of treatment.”

What investors have to say

Pär-Jörgen Pärson, general partner at Northzone, said the firm did a deep dive into the mental health space, but found most startups were addressing potential customers who already knew what they needed for treatment.

“When we came across Spring Health, immediately it struck us about the one front door and way to guide people to the right treatment, and their quantitative approach to figuring out which methods worked for each person,” he said in an interview. “Also looking at the two co-founders, they complement each other and are very driven. We think they will become the best player in this industry that helps millions of people.”

Illustration: Dom Guzman

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Vivet Therapeutics and Pfizer Inc. Announce FDA Authorization to Proceed with GATEWAY, the Phase 1/2 Study for VTX-801, Vivet’s Investigational Gene Therapy for Wilson Disease

Healthcap

PARIS, France and NEW YORK, N.Y.—November 18, 2020— Vivet Therapeutics (“Vivet”), a privately held gene therapy biotech company dedicated to developing treatments for inherited liver disorders with high unmet medical need, and Pfizer Inc. (NYSE: PFE) announced today that the U.S. Food and Drug Administration (FDA) has cleared Vivet’s Investigational New Drug (IND) application for the GATEWAY study, a Phase 1/2 clinical trial evaluating Vivet’s proprietary, investigational gene therapy vector, VTX-801, for the potential treatment of Wilson disease (WD), a rare and potentially life-threatening liver disorder. The trial is expected to commence in early 2021.

“We are pleased to announce Vivet’s first IND clearance by the FDA, which is for our GATEWAY Phase 1/2 study for VTX-801,” said Jean-Philippe Combal, CEO and Co-Founder of Vivet. “This is a very important milestone for the Wilson disease community for whom VTX-801 could bring significant potential therapeutic benefit. VTX-801 aims to restore copper homeostasis and the GATEWAY trial will measure relevant biomarkers to evaluate physiological restoration of copper elimination and transport in patients. We look forward to advancing VTX-801 into the clinic in early 2021.”

VTX-801 is a novel, investigational rAAV-based gene therapy vector designed to deliver a miniaturized ATP7B transgene encoding, a functional protein that has been shown to restore copper homeostasis, reverse liver pathology and reduce copper accumulation in the brain of a mouse model of Wilson disease. VTX-801’s rAAV serotype was selected based on its demonstrated tropism for transducing human liver cells.

In March 2019, the companies announced that Pfizer had acquired a minority equity interest in Vivet and secured an exclusive option to acquire all outstanding shares. In September 2020, Vivet and Pfizer announced the signing of an agreement for the manufacture by Pfizer of the VTX-801 vector for the GATEWAY study.

“The FDA clearance of Vivet’s IND marks an important milestone for the VTX-801 program, which we believe has the potential to become a transformational therapy for people with Wilson disease,” said Seng Cheng, Chief Scientific Officer, Rare Disease Research Unit, Pfizer. “Pfizer has begun manufacturing clinical material for the GATEWAY study and look forward to the study’s commencement.”

“This IND is a recognition of the expertise of Vivet’s research team led by our CSO and Co-Founder, Dr. Gloria González-Aseguinolaza, research collaborations, notably with la Fundación para la Investigación Médica Aplicada (FIMA), and experienced development team. We believe that our global development expertise, together with our collaboration with Pfizer, places us in a strong position to rapidly execute and bring this potentially transformational therapy to patients with high unmet medical needs,” added Jean-Philippe Combal.

About GATEWAY – Phase 1/2 Clinical Trial of VTX-801 in Wilson disease

The GATEWAY trial is a multi-center, non-randomized, open-label, Phase 1/2 clinical trial designed to assess the safety, tolerability and pharmacological activity of a single intravenous infusion of VTX-801 in adult patients with Wilson disease, prior to and following background WD therapy withdrawal.

Six leading centers in the United States and Europe are expected to participate in the GATEWAY Phase 1/2 trial. The trial is expected to enroll up to sixteen adult patients with Wilson disease and will evaluate up to three doses of VTX-801. Patients will participate in a pre-dosing observational period and will be administered a prophylactic steroid regimen.

The primary endpoint of the GATEWAY trial is to assess the safety and tolerability of VTX-801 at 52 weeks after a single infusion. Additional endpoints include changes in disease-related biomarkers, including free serum copper and serum ceruloplasmin activity, as well as radiocopper-related parameters and VTX-801 responder status to allow standard-of-care withdrawal.

Vivet Therapeutics expects to enroll the first patient in early 2021.

More details on:

https://clinicaltrials.gov/ct2/show/NCT04537377?term=VIVET&draw=2&rank=1

About Vivet Therapeutics

Vivet Therapeutics is an emerging biotechnology company developing novel gene therapy treatments for rare, inherited metabolic diseases.

Vivet is building a diversified gene therapy pipeline based on novel recombinant adeno-associated virus (rAAV) technologies developed through its partnerships with, and exclusive licenses from, the Fundación para la Investigación Médica Aplicada (FIMA), a not-for-profit foundation at the Centro de Investigación Medica Aplicada (CIMA), University of Navarra based in Pamplona, Spain.

Vivet’s lead program, VTX-801, is a novel investigational gene therapy for Wilson disease which has been granted Orphan Drug Designation (ODD) by the Food and Drug Administration (FDA) and the European Commission (EC). This rare genetic disorder is caused by mutations in the gene encoding the ATP7B protein, which reduces the ability of the liver and other tissues to regulate copper levels causing severe hepatic damages, neurologic symptoms and potentially death.

Vivet’s second gene therapy product, VTX-803 for PFIC3, received US and European Orphan Drug Designation in May 2020.

Vivet is supported by international life science investors including Novartis Venture Fund, Roche Venture Fund, HealthCap, Pfizer Inc., Columbus Venture Partners, Ysios Capital, Kurma Partners and Idinvest Partners.

Please visit us on www.vivet-therapeutics.com and follow us on Twitter at @Vivet_tx and LinkedIn.

About Pfizer: Breakthroughs That Change Patients’ Lives

At Pfizer, we apply science and our global resources to bring therapies to people that extend and significantly improve their lives. We strive to set the standard for quality, safety and value in the discovery, development and manufacture of health care products, including innovative medicines and vaccines. Every day, Pfizer colleagues work across developed and emerging markets to advance wellness, prevention, treatments and cures that challenge the most feared diseases of our time. Consistent with our responsibility as one of the world’s premier innovative biopharmaceutical companies, we collaborate with health care providers, governments and local communities to support and expand access to reliable, affordable health care around the world. For more than 170 years, we have worked to make a difference for all who rely on us. We routinely post information that may be important to investors on our website at www.Pfizer.com. In addition, to learn more, please visit us on www.Pfizer.com and follow us on Twitter at @Pfizer and @Pfizer NewsLinkedInYouTube and like us on Facebook at Facebook.com/Pfizer.

Pfizer Disclosure Notice

The information contained in this release is as of November 18, 2020. Pfizer assumes no obligation to update forward-looking statements contained in this release as the result of new information or future events or developments.

This release contains forward-looking information about Vivet Therapeutics’ (Vivet) investigational gene therapy, VTX-801, and Pfizer’s collaboration with Vivet on the development of VTX-801, including their potential benefits, that involves substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Risks and uncertainties include, among other things, risks related to the ability to realize the anticipated benefits of the collaboration, including the possibility that the expected benefits from the collaboration will not be realized or will not be realized in the expected time; the uncertainties inherent in research and development, including the ability to meet anticipated clinical endpoints, commencement and/or completion dates for our clinical trials, regulatory submission dates, regulatory approval dates and/or launch dates, as well as the possibility of unfavorable new clinical data and further analyses of existing clinical data; the risk that clinical trial data are subject to differing interpretations and assessments by regulatory authorities;

whether regulatory authorities will be satisfied with the design of and results from the clinical studies; whether and when any applications may be filed in any jurisdiction for VTX-801; whether and when any such applications may be approved by regulatory authorities, which will depend on myriad factors, including making a determination as to whether the product’s benefits outweigh its known risks and determination of the product’s efficacy and, if approved, whether VTX-801 will be commercially successful; decisions by regulatory authorities impacting labeling, manufacturing processes, safety and/or other matters that could affect the availability or commercial potential of VTX-801; uncertainties regarding the impact of COVID-19 on Pfizer’s business, operations and financial results; and competitive developments.

A further description of risks and uncertainties can be found in Pfizer’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019 and in its subsequent reports on Form 10-Q, including in the sections thereof captioned “Risk Factors” and “Forward-Looking Information and Factors That May Affect Future Results”, as well as in its subsequent reports on Form 8-K, all of which are filed with the U.S. Securities and Exchange Commission and available at www.sec.gov and www.pfizer.com.


Source: Vivet Therapeutics

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KKR Invests in Argenta to Accelerate Future Growth

KKR

November 18, 2020

LONDON & NEW ZEALAND–(BUSINESS WIRE)– KKR, a leading global investment firm, announced today that it has agreed to acquire Argenta, a leading animal health-focused pharma services platform, from the Tomlinson Group, who will continue to retain a significant ownership stake in the company. Financial details of the transaction, which is subject to customary regulatory approvals, were not disclosed.

Founded in 2006, Argenta is the leading, fully integrated contract research organization (CRO) and contract manufacturing organization (CMO) specialized in animal health. Argenta’s global team of industry-leading scientists, veterinarians, and experts are solely focused on serving and partnering with the world’s top animal health companies.

Argenta has grown significantly with the support of the Tomlinson Group who first invested in the company in 2011. Starting as a single New Zealand based manufacturing business, Argenta has today developed into a globally significant CRO and CMO with a footprint covering New Zealand, the U.S. and the U.K., serving the top 4, and 8 of the top 10, animal health companies. With the support of KKR, Argenta plans to continue the rapid development of the business, building global leadership positions within chosen markets, with a particular focus on growth in the U.S and Europe.

“I am very pleased to welcome KKR as a valued partner to the Argenta team and to our strategy of bringing innovative animal health products to market on a global scale. Our fast-moving customers have high expectations and KKR’s investment will propel Argenta forward so we can continue to meet these expectations by bringing new capabilities and growth opportunities. At the core of Argenta is collaboration: among our team, with our customers and now with KKR. Together, we will continue to deliver the best animal health technologies and services possible,” said Ben Russell, CEO of Argenta.

“KKR will enable Argenta to continue its growth strategy, accelerate some of the many options available to deepen its already strong relationships with animal health customers and build on the vision for Argenta as a global animal health service company established by its Founder, Doug Cleverly, in 2006. The Tomlinson Group remains a committed shareholder and is looking forward to working with KKR to accelerate Argenta’s Molecule to Market strategy and continue widening the breadth of services for our customers,” said Greg Tomlinson at the Tomlinson Group.

“We are excited to be working with Greg, Ben and Argenta’s impressive management team. We believe there is a significant opportunity ahead to build Argenta into the leading global end-to-end pharma services platform dedicated to animal health. We look forward to leveraging KKR’s global network and experience across pharma services and animal health to support Argenta’s plans for future growth,” said Kugan Sathiyanandarajah, Director at KKR and Head of Europe for KKR’s Health Care Strategic Growth investing efforts, and Johnny Kim, Principal at KKR.

For KKR, the investment is being funded through the firm’s Health Care Strategic Growth Fund, which is focused on investing in high-growth health care companies for which KKR can be a unique partner in helping reach scale. KKR has established a strong track record of supporting health care companies, having invested approximately $14 billion across the sector since 2004.

Argenta was advised on the transaction by Stonehaven Consulting AG, a global consulting firm focused on animal health.

About Argenta

Founded in 2006 in New Zealand, Argenta’s talented, diverse and committed employees work on a daily basis to deliver excellence in animal health to customers around the world. With research and GMP manufacturing operations in New Zealand, the United States and the United Kingdom, Argenta holds a unique position as the only combined global contract research organization (CRO) and contract manufacturing organization (CMO) dedicated to animal health. Argenta operates from “Molecule to Market” in partnership with customers of all sizes from all corners of the world, supporting their Research & Development, clinical research, regulatory, scale up and manufacturing needs along their veterinary product development journey. For more information about Argenta, please visit www.argentaglobal.com

About KKR

KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, credit and real assets, with strategic partners that manage hedge funds. KKR aims to generate attractive investment returns for its fund investors by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation with KKR portfolio companies. KKR invests its own capital alongside the capital it manages for fund investors and provides financing solutions and investment opportunities through its capital markets business. References to KKR’s investments may include the activities of its sponsored funds. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

Media Contacts:
For KKR Americas:
Cara Major or Miles Radcliffe-Trenner
212-750-8300
media@kkr.com

For KKR International:
Alastair Elwen or Alice Neave
Finsbury
+44 (0)20 7251 3801
kkr@finsbury.com

For Argenta
Annemieke de Keijzer
+1 732-439-3446
globalcommunications@argentaglobal.com

Source: KKR

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Arsenal Capital Partners Acquires Best Value Healthcare

Arsenal Capital Partners

November 17, 2020

New York, November 17, 2020 – Arsenal Capital Partners (“Arsenal”), a private equity firm that specializes in investments in healthcare and specialty industrial companies, has acquired Best Value Healthcare LLC (“Best Value”) in partnership with its founders:  Raj Naik, M.D., Kimberly Ficocelli, and Dillon Moore.  Best Value is a leading primary care platform focused on Medicare Advantage and operating in Central and South Florida.  The terms of the transaction were not disclosed.

Arsenal’s investment in Best Value reflects the firm’s interest in investing in the value-based primary care market, a large and fast-growing care provision segment uniquely positioned to drive significant value across key healthcare stakeholder groups: patients, physicians, and payers.  Best Value represents a compelling investment given its scale, reputation for high-quality clinical care, focus on advancing value-based care competency, strong payer relationships, experienced management team, and opportunity to realize multiple avenues of organic and inorganic growth.

Mike Bernstein, Operating Partner of Arsenal, said, “After evaluating many of the leading primary care practices in the market, we selected Best Value as the ideal platform for what we plan to build into a best-in-class, value-based primary care organization, serving seniors in partnership with the major Medicare Advantage payers.”

John DiGiovanni, Investment Partner of Arsenal, said, “High-quality and value-based primary care is critical to ensuring greater efficiency and innovation across care provision and better outcomes for patients.  Best Value’s founders have built a leading primary care provider with an excellent clinical reputation.  We look forward to partnering with the team to continue to expand the reach of this platform.”

Dr. Rajankumar Naik, Co-Founder of Best Value, said, “We are excited to be partnering with the Arsenal team, which has an extensive history of investing in the healthcare space.  We are confident that this strategic relationship will enhance Best Value’s ability to serve the growing need for patient-focused and outcomes-oriented primary care.

Guggenheim Securities, LLC served as financial advisor to Best Value.  Macquarie Capital Inc. served as financial advisor to Arsenal.

About Best Value Healthcare LLC:

Headquartered in the Tampa Bay area, Best Value is a patient-centered, physician-led, and population health-focused healthcare company.  Founded and led by physicians, Best Value’s team of healthcare providers and support service professionals share a revolutionary vision for delivering patient care in Florida with passion and purpose.  Best Value creates a direct path to improving outcomes, reducing costs, and enhancing healthcare experiences.  For more information, visit www.bestvaluehealthcare.com.

About Arsenal Capital Partners: 

Arsenal is a leading private equity firm that specializes in investments in middle‐market healthcare and specialty industrials companies. Since its inception in 2000, Arsenal has raised institutional equity investment funds of $5.3 billion, has completed more than 200 platform and add-on investments, and has achieved more than 30 realizations. Arsenal invests in industry sectors in which the firm has significant prior knowledge and experience. The firm works with management teams to build strategically important companies with leading market positions, high growth, and high value‐add.  For more information, please visit www.arsenalcapital.com.

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KKR Partners with Duke Rohlen to Create Medical Device Platform

KKR

November 17, 2020

MENLO PARK, Calif.–(BUSINESS WIRE)– KKR, a leading global investment firm, and Duke Rohlen, a 20-year medical device veteran, today announced the formation of Zeus Health (“Zeus”), a $100 million platform focused on investing in and operating a portfolio of emerging medical device companies.

Zeus marks the continuation of a long-standing relationship between KKR and Mr. Rohlen. Throughout his career, Mr. Rohlen has successfully led, grown and exited multiple medical device companies, including alongside KKR. In 2016, KKR invested in Spirox, an ENT-focused medical device company led by Mr. Rohlen as CEO. Spirox was sold to Entellus Medical in 2017, and the combined business was sold to Stryker shortly thereafter in 2018. In 2017, KKR and Mr. Rohlen formed Ajax Health, a medical device platform company whose primary asset EpiX Therapeutics was sold to Medtronic in 2019.

“We are excited to have the opportunity to work with Duke and his team again, now for the third time following our previous success with Ajax Health and Spirox. Duke is a proven leader in the medical device field, as are his team of industry and operational experts. We look forward to working together to identify and scale much-needed next-generation medical technologies,” said Ali Satvat, Global Head of KKR Health Care Strategic Growth and Co-Head of Health Care within KKR’s North America Private Equity platform.

“With the formation of Zeus Health, I am thrilled to further deepen my relationship with KKR, whose unmatched reputation, scale and depth of health care expertise will continue to open new doors for us as we look to bring innovative medical devices to patients in need,” said Mr. Rohlen.

For KKR, the investment in Zeus Health is being funded through the firm’s Health Care Strategic Growth Fund, which is focused on investing in high-growth health care-related companies for which KKR can be a unique partner in helping reach scale. KKR has established a strong track record of supporting health care companies, having invested approximately $14 billion across the sector since 2004.

About KKR

KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, credit and real assets, with strategic partners that manage hedge funds. KKR aims to generate attractive investment returns for its fund investors by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation with KKR portfolio companies. KKR invests its own capital alongside the capital it manages for fund investors and provides financing solutions and investment opportunities through its capital markets business. References to KKR’s investments may include the activities of its sponsored funds. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

Media Contact:
Cara Major or Miles Radcliffe-Trenner
212-750-8300
media@kkr.com

Source: KKR

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Upfront Healthcare Raises $11.5 Million in Series B Funding Round Led by Baird Capital and Co-Led by LRVHealth

Baird Capital

Investment, platform expansion and new client growth highlight the demand for a cohesive and personalized patient experience.

CHICAGO—(November 17, 2020)—Upfront Healthcare, a leading omnichannel communication and patient engagement platform, raised $11.5 million in a Series B funding round, led by new investor Baird Capital and co-led by existing investor LRVHealth, along with participation from series A investors Echo Health Ventures, Nashville Capital Network, Hyde Park Ventures and Martin Ventures. Upfront has received $21.5 million in financing to date.

Founded in 2016, Upfront has built a foundational platform designed to grow with health system clients and their ever-changing needs. Upfront provides extensible patient solutions that continuously guide and motivate all patients to complete necessary care at the most appropriate site or with the most applicable service. Upfront engages patients across multiple channels, presenting personalized, curated content and culturally relevant information. Under the hood, Upfront is powered by a library of data connectors, integrated machine learning capabilities, and an enterprise orchestration engine.

“We are extremely excited to partner with Upfront’s talented team to help drive the company’s continued growth and impact on care delivery and patient outcomes for its clients,” said Jim Pavlik, Partner with Baird Capital. “The combination of Upfront’s deep industry expertise and robust platform capabilities is critical and timely as health systems increasingly adopt digital solutions to better navigate the complex and rapidly changing care ecosystem for their patients.”

Patient confusion, frustration and distrust peaked over the last twelve months with the expansion of health system sites of care and services and the COVID-19 pandemic. As a result, the demand for Care Traffic Control solutions that can transform a fragmented collection of services into a coherent, well-designed ecosystem drove rapid growth, doubling Upfront’s revenue year over year. In addition, health systems accelerated their digital health strategies to engage patients and regain trust, increasing the adoption of Upfront at existing clients more than 10x. The additional funds will support the implementation of these evolving health system and patient needs, accelerate the product roadmap and expand sales and marketing.

Co-Founders Ben Albert and Carrie Kozlowski drew on their decades of healthcare technology experience, entrepreneurial drive and Kozlowski’s extensive clinical and care management background to start Upfront. They continue to rely on those strengths to scale the company and deliver proven strategic and operational guidance to their growing list of health system clients.

“We set out more than four years ago to help patients navigate the complexities of the healthcare system by delivering a cohesive and frictionless experience, and we have made great progress toward that goal,” said Albert, Upfront’s CEO. “We are excited to partner with leading investor Baird Capital and eager to work together to continue to invest in our platform to make a larger impact for patients and providers.”

###

About Upfront

Upfront’s Care Traffic Control platform proactively reassures and directs patients to the safest and most relevant care options within the health system. Using advanced analytics, personalized content and strategic calls-to-action, Upfront aligns patient care needs with health system resources through a 1:1 digital experience based on deep healthcare operations and patient engagement experience. With Upfront, more patients will book and complete necessary care, use the most appropriate site of care, enroll in care coordination services, successfully navigate a care journey or transition, and understand how to stay safe in unusual conditions. To learn more, visit UpfrontHealthcare.com.

About Baird Capital

Baird Capital makes venture capital, growth equity and private equity investments in strategically targeted sectors around the world. Having invested in more than 310 companies over its history, Baird Capital partners with entrepreneurs and, leveraging its executive networks, strives to build exceptional companies. Baird Capital provides operational support to its portfolio companies through teams on the ground in the United States, Europe and Asia, a proactive portfolio operations team and a deep network of relationships, which together strive to deliver enhanced shareholder value. Baird Capital is the direct private investment arm of Robert W. Baird & Co. For more information, please visit www.BairdCapital.com.

 

Upfront Media Contact:
Kylie Barrie
(847) 989-8050
kbarrie@upfronthealthcare.com

Baird Capital Media Contact
Rachel Kern
(414) 298-5101
RKern@rwbaird.com

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Troy Medicare announces $10M Series B led by AXA Venture Partners

AXA

Funding accelerates the growth of Troy Medicare and its unique technology-enabled Medicare
Advantage plan designed to empower independent pharmacies and providers to care for
underserved communities in the US

November 17, 2020

Charlotte, NC. Troy Medicare, the pharmacy-powered, technology-driven Medicare Advantage
company, today announced it has raised a $10 million Series B round of funding led by AXA Venture
Partners, the global technology-focused venture capital firm. Sunwater Capital also participated in
the round.

With the support of investors, Troy will continue to expand its Medicare Advantage plan that provides
high-quality care and a superior patient experience to underserved communities via partnerships
with local, independent pharmacies and significant investment in technology.
“As the only Medicare Advantage company with deep relationships with independent pharmacies
and providers, we’re excited to bring AXA Venture Partners, with its understanding of healthcare
and technology, to the table as our first institutional investor,” said Flaviu Simihaian, CEO and Co-
Founder of Troy. “With this funding, we can continue to build out our model for a personal, hyperlocal
Medicare Advantage experience. Our partner pharmacists have a meaningful relationship with
their patients, and our plan leverages those touchpoints to improve the health of our members.”
“The Troy team is transforming care for Medicare Advantage beneficiaries, starting with North
Carolina,” said Manish Agarwal, General Partner at AXA Venture Partners. “Troy’s approach brings
a personalized, technology-enabled, local feel to care management and delivery for populations that
have been underserved by existing options in Medicare Advantage. We believe this model will
improve health outcomes and lower costs for these populations, and we’re excited to be a part of
the team.”

Troy Medicare launched in October 2018 with an innovative approach to Medicare Advantage that
leverages the local, independent pharmacy and technology to improve patient experience. With
100% transparent drug pricing, $0 generics at independent pharmacies, and no hidden fees for
pharmacies or providers, Troy offers a better Medicare Advantage plan for members and providers
alike. In 2021, Troy will expand its offering to dual-eligible Medicare beneficiaries and continue to
grow its team and expand its geographic footprint.

About Troy Medicare
Troy Medicare is a Medicare Advantage company based in Charlotte, North Carolina with a mission
to improve healthcare in each local community it serves. By empowering local providers and
pharmacies with world-class technology, Troy ensures that each member receives the best, tailored,
hyper-local care.

For more information on Troy Medicare, please visit http://www.troymedicare.com.

Contacts
Joey Shandley
press@troymedicare.com
704-275-8900 Ext. 111

About AXA Venture Partners (AVP)
AXA Venture Partners (AVP) is a global venture capital firm investing in high-growth, technologyenabled
companies. AVP has built, in less than five years, a unique investment platform specialized
in tech investments with $800 million of assets under management through three pillars of
investment expertise: early stage, growth stage, and fund of funds. To date, AVP has invested in
more than 45 companies and more than 20 funds. The AVP team operates globally with offices in
San Francisco, New York, London, Paris, and Hong Kong. Beyond investments, AVP provides
unique access to business development opportunities helping portfolio companies to scale globally
and accelerate their growth. More details here: www.axavp.com

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Centauri Health Solutions Adds Referral Management and Analytics Capabilities with Acquisition of Ivy Ventures, LLC

C

Deal continues year of Centauri’s growth in hospital revenue cycle optimization

Centauri Health Solutions (“Centauri”), an innovative healthcare technology and services company, announced today that it has acquired Ivy Ventures, LLC (“Ivy”), a Virginia-based healthcare growth solutions company focused on developing referral-driven service lines and improving care coordination. This addition expands Centauri’s comprehensive hospital solutions offerings, which already include Medicaid and Disability Eligibility and Enrollment, Out-of-State Medicaid Billing, and Revenue Cycle Analytics.

Founded in 2003, Ivy deploys an IP-enabled services model allowing major hospital networks to scale physician referral functions to grow referral driven service lines. Ivy utilizes a proprietary scheduling, analytics, and outreach platform to improve the experience and success rate of the referral process. Ivy’s data-driven process and insights deliver meaningful growth and improve user experience for their hospital and physician networks.

“Ivy is pleased to be joining a company with a similar foundation in leveraging technology and exceptional service to provide the best marketplace solutions,” said Roger Johnson, a founding partner of Ivy Ventures. “We look forward to offering Centauri’s unparalleled suite of revenue cycle optimization solutions to our long-term marquee clients to support their revenue growth in new ways.”

For Centauri, the addition of Ivy marks its fourth strategic acquisition in the hospital sector in less than 12 months. In December 2019, Centauri acquired Integrated Health Management Services, a Phoenix-based provider of revenue-cycle management services. Earlier this year, Centauri acquired HCFS, a Texas-based provider of self-pay management solutions, and AppRev, a Texas-based healthcare revenue cycle analytics company.

“Adding Ivy’s industry-leading referral management and analytics offerings to our growing portfolio expands the breadth and depth of our revenue cycle optimization solutions,” said Adam Miller, Centauri CEO and co-founder. “As we join forces with companies with complementary strengths, our goal is to provide our present and future health system clients with a full suite of services enabling them to streamline their vendor management processes and create efficiencies.”

The combined organization will be led by Miller, with Ivy’s founding partners, Johnson and Douglas Wetmore, and partners, Milan diPierro and Barrett Clark, joining Centauri’s management team.

The Ivy transaction was supported by Centauri’s lead investor, Abry Partners, and its other key investors, Silversmith Capital Partners and SV Health Investors. 7 Mile Advisors acted as the exclusive sellside advisor to Ivy. Weiss Brown LLP served as legal counsel to Centauri. Whiteford Taylor Preston was legal counsel to Ivy. Financial terms of the acquisition were not disclosed.

About Centauri Health Solutions

Centauri Health Solutions provides services to payors and providers across all healthcare programs, including Medicare, Medicaid, Commercial and Exchange. In partnership with our clients, we improve the lives and health outcomes of the members and patients we touch through compassionate outreach, sophisticated analytics, and data-driven solutions. Our services directly address complex problems such as uncompensated care within health systems; appropriate, risk-adjusted revenue for specialized sub-populations; and improve access to and quality of care measurement. Headquartered in Scottsdale, Ariz., Centauri Health Solutions employs 1,700 dedicated associates across the country. Centauri has ranked in the Top 500 on Inc. Magazine’s 2019 and 2020 Inc. 5000 lists of the fastest-growing private companies in the U.S. For more information, visit www.centaurihs.com.

About Abry Partners

Abry is one of the most experienced and successful sector-focused private equity investment firms in North America. Since their founding in 1989, the firm has completed over $82.0 billion of leveraged transactions and other private equity or preferred equity placements. Currently, the firm manages over $5.0 billion of capital across their active funds. For more information on Abry, please visit www.abry.com.

About Silversmith Capital Partners

Founded in 2015, Silversmith Capital Partners is a Boston-based growth equity firm with $2.0 billion of capital under management. Silversmith’s mission is to partner with and support the best entrepreneurs in growing, profitable technology and healthcare companies. Representative investments include ActiveCampaign, Appfire, Centauri Health Solutions, DistroKid, Impact, LifeStance Health, MediQuant, Panalgo, Unily, Validity, and Webflow. The partners have over 75 years of collective investing experience and have served on the boards of numerous successful growth companies including ABILITY Network, Archer Technologies, Dealer.com, Liazon, Liberty Dialysis, MedHOK, Net Health, Passport Health, SurveyMonkey, and Wrike. For more information about Silversmith, please visit www.silversmithcapital.com.

About SV Health Investors

SV Health Investors is a leading healthcare fund manager investing in tomorrow’s healthcare breakthroughs. SV invests across stages, geographic regions and sectors, with expertise spanning healthcare services / technology, medical products, biotechnology, dementia and public equities. With approximately $2.2B in assets under management and offices in Boston and London, SV has built an extensive network of investment professionals and experienced industry veterans. Since its founding in 1993, SV has invested in more than 175 companies, with more than 75 of these having achieved successful acquisitions or IPOs. For more information, please visit www.svhealthinvestors.com.

Contacts

Gretchen Adin | Director, Marketing & Communications

Gretchen.Adin@centaurihs.com | 480.418.3447

With new CEO on board, Germany’s Vibalogics lays out $150M for Boston viral vector site

With the race for COVID-19 vaccines heating up and the cell and gene therapy market booming, contract manufacturers in the viral vector space are quickly bulking up to meet demand. Hoping to ride that wave, Germany’s Vibalogics is planting its flag in the U.S. with a new leader in place.

Months after appointing a new global CEO, German contract manufacturer Vibalogics will shell out $150 million to build out a 110,000-square-foot “virotherapy” facility near Boston set to come online in the second half of 2021, the company said Wednesday.

The new facility will be built out over three years and eventually house 2,000 liters of bioreactor capacity, dedicated to producing clinical and commercial-stage oncolytic viruses and viral vectors used in vaccines and cell and gene therapies, Vibalogics said in a release. The work may include manufacturing for Johnson & Johnson’s COVID-19 vaccine candidate under a deal the partners inked in May.

The site will initially employ 100 workers and scale up to 250 over four years, Vibalogics said.

With that toehold in the U.S., Vibalogics hopes to build its global viral offerings under the leadership of managing director Stefan Beyer and CEO Tom Hochuli, who came over from Lonza Houston in September.

During his two-year stint at Lonza’s 300,000-square-foot facility in that city, Hochuli supervised a workforce expansion of around 400 employees and had a chance to get intimate with the cell and gene therapy space. In the early days in his new role at Vibalogics, Hochuli was tasked with overseeing the search for the new U.S. site.

Vibalogics also operates a clinical-stage manufacturing facility in Cuxhaven, Germany, the company said.

Vibalogics was the target of a buyout by private equity firm Ampersand Capital in May 2019 that Beyer said allowed the CDMO to focus more on its life sciences offerings after years of wallowing in a diversified business that had tentacles in the poultry and meat industries.

“Ampersand jumped on board and has realized the great potential we have developed during the last four to five years,” Beyer said. “It was really great that we have been able to continue with our strategy by convincing (them) to look into biologics.”

Vibalogics hopes to capture a bustling cell and gene therapy market on top of its work in COVID-19 vaccines. Manufacturing of those therapies is notoriously expensive and time-consuming, and some drugmakers in the field have outsourced that work to contract manufacturers to help meet demand.

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