Clinical trial company Science 37 buys life sciences assets from Vault Health

Clinical trial company Science 37 announced Thursday that it has acquired a life sciences platform from Vault Health, which offers COVID-19 testing and health screening services to employers.

Science 37 said the deal accelerates its plans to add features such as advanced scheduling, investigational product tracking, and data sharing with electronic data acquisition systems and electronic memory cards.

The company said the purchase should be cash-flow-neutral for the calendar year as it allows Science 37 to avoid planned expenses.

“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 CEO David Coman. “From a technology standpoint, the Vault Health life sciences platform has a parallel technology architecture, making it fairly easy to integrate, and from a delivery standpoint, this acquisition will impact efficiency as early as the second half of 2023.”

BIG TREND

Science 37, which provides an operating system for decentralized and hybrid clinical trials, announced plans to go public through a merger with a special purpose acquisition company in 2021 and began trading on the Nasdaq later that year.

In Q3 Science 37 reported revenue of $16.2 million, up 14% from the previous year. But it also posted a larger net loss of $23.4 million for the quarter and just $4.7 million in net orders, compared to $35.9 million for the same period in 2021.

“The third quarter was challenging in terms of orders as we experienced delays in expected contract signings and longer sales cycles on our high volumes,” Coman said in a statement. “We made great strides in our cash management for the quarter and are confident in our growth prospects, as evidenced by strong bookings early in the fourth quarter and high levels of customer engagement.”

At the end of 2022 the company received a delisting warning from Nasdaq, giving the company until June to raise its closing offer price to at least $1.00 per share for at least 10 consecutive business days.

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texasstandard.news contributed to this report.

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