TIDMTRLS
RNS Number : 4733C
Trellus Health PLC
13 June 2023
Trellus Health plc
("Trellus Health" or the "Company")
Related Party Transactions
Additional Disclosures
LONDON, U.K. AND NEW YORK, U.S. (13 June 2023). Trellus Health
plc (AIM: TRLS), which is commercializing a scientifically
validated, personalized resilience-driven self-management solution
for chronic health conditions at their intersection with mental
health, provides additional disclosures under AIM Rule 13.
As stated in note 19 to the financial statements contained in
the Company's 2022 Annual Report & Accounts, which was posted
to shareholders on 26 May 2023, related party transactions as
classified under IFRS during the year included the payment of $100K
to the Icahn School of Medicine at Mount Sinai ("Icahn Mount
Sinai"). The payment relates to services provided to the Company by
Icahn Mount Sinai under a support agreement (the "Support
Agreement") where Icahn Mount Sinai provided project management
support for its efforts within Icahn Mount Sinai, its healthcare
providers, and with external third parties, for a fixed fee.
Several of the projects have resulted in revenue generating
activities, such as those for the provision of the Trellus Health
Inflammatory Bowel Disease (IBD) Solution to Mount Sinai Health
System ("Mount Sinai") employees, to members of a New York State
trade union, and a New York Medicaid health plan.
The Support Agreement was entered into with effect as of 1 July
2021 and it was terminated by mutual agreement on 25 October 2022
as the Company had transitioned to a coaching delivery model and
implemented other organisational changes such that it no longer
required the level of input provided under the Support Agreement.
There are no additional payments due for payment by the Company
under the Support Agreement.
The Company is based on technology developed by Mount Sinai
faculty members Dr. Marla Dubinsky and Dr. Laurie Keefer. Drs.
Dubinsky and Keefer have financial interests in the Company. In
addition, Mount Sinai is a substantial shareholder in the Company
and is represented on the Trellus Health Board by Dr. Erik
Lium.
Dr. Dubinsky, CEO of Trellus Health, holds a faculty position
and is a Professor of Pediatrics and Medicine at Icahn Mount
Sinai.
The terms of the Support Agreement mean that it is classified as
a related party transaction under the AIM Rules for Companies. The
independent directors of the Company (being Dr. Daniel Mahony, Mike
Salter, Christopher Mills, and Traci Entel), having consulted with
the Company's nominated adviser, consider that the terms of the
Support Agreement were fair and reasonable insofar as the Company's
shareholders are concerned.
Following on from the Support Agreement, the Company announced a
demonstration project to enable Icahn Mount Sinai to evaluate the
Trellus IBD program, including its operation and technology
performance, and the level of engagement and satisfaction of the
enrolled participants and their clinical teams with the experience
and outcome (the "IBD Pilot"). Under the terms of the agreement
entered into in relation to this project (the "IBD Pilot
Agreement"), the Trellus IBD program was made available to certain
Mount Sinai employees who are also IBD patients, (as announced on
23 August 2021). In accordance with the terms of the IBD Pilot
Agreement, the Company received a one-time implementation fee of
$25k from Icahn Mount Sinai for setting up, running and analysing
the results from the IBD Pilot. Subsequently one of the commercial
agreements between the same parties announced on 17 October 2022,
making the Trellus IBD program available to, and paid for, as a
wellness benefit, to all Mount Sinai employees , superseded the IBD
Pilot Agreement. Further disclosures were made in relation this
subsequent agreement in an announcement released on 20 December
2022(*) .
The terms of the IBD Pilot Agreement mean that it is classified
as a related party transaction under the AIM Rules for Companies.
The independent directors of the Company (as listed above), having
consulted with the Company's nominated adviser, consider that the
terms of the IBD Pilot Agreement were fair and reasonable insofar
as the Company's shareholders are concerned.
(*)
https://www.londonstockexchange.com/news-article/TRLS/trading-update-related-party-transaction/15764993
For further information please contact:
Trellus Health plc https://trellushealth.com/
Dr. Marla Dubinsky, CEO and Co-Founder Via Walbrook PR
Dr. Daniel Mahony, Chairman
Steve Young, CFO
Singer Capital Markets (Nominated Tel: +44 (0)20 7496 3000
Adviser and Broker)
Aubrey Powell / Jen Boorer
Walbrook PR Tel: +44 (0)20 7933 8780 or trellus@walbrookpr.com
Paul McManus / Sam Allen / Mob: +44 (0)7980 541 893 / (0) 7748 651
Phillip Marriage 727 / (0)7867 984 082
About Trellus Health plc ( www.trellushealth.com )
Trellus Health (LSE: TRLS) is the first resilience based digital
health company focused on the intersection of chronic illness and
mental health. Trellus Health integrates its proprietary
resilience-based methodology with the technology, tools, and team
to deliver a whole-person technology-enhanced experience that
results in relieving disease burden, building self-management
skills and promoting positive health behaviours that improves
outcomes and enables thriving in the face of a chronic condition.
Through its TrellusElevate(TM) connected health platform and
companion App, the company addresses both physical and behavioural
health together, in context, to improve outcomes and reduce
healthcare costs across the healthcare ecosystem.
The Company was founded by Mount Sinai faculty members Marla C.
Dubinsky, MD and Laurie Keefer, PhD, both with over 50 years of
combined clinical and research experience in IBD, IBS and
psychogastroenterology, respectively.
The Company was initially focused on inflammatory bowel disease
("IBD"), which includes the chronic incurable conditions of Crohn's
Disease and ulcerative colitis but has now added Irritable Bowel
Syndrome ("IBS"). Given the common emotional and mental health
struggles often experienced by individuals suffering from a variety
of chronic conditions, Trellus Health considers its approach to
have potential utility and demand across many conditions.
The TrellusElevate(TM) platform is the Company's proprietary
connected health platform that incorporates the GRITT(TM)
methodology and learnings on resilience from clinical research and
practice conducted at the Mount Sinai IBD Center for more than five
years. This proprietary, resilience-driven methodology has been
scientifically validated to demonstrate meaningful improvements in
patient outcomes, 71% reduction in Emergency Department (A&E)
visits, and 94% reduction in unplanned hospitalisations, which the
directors of the Company believe indicates the potential for
significant cost savings for healthcare payers. Patients with IBD
managed with the proprietary resilience methodology also
experienced a 49% reduction in required opioid use and a 73%
reduction in corticosteroid use 12 months following starting the
program which is a major indicator of improved health outcomes(1)
.
Shares in Trellus Health were admitted to trading on AIM in May
2021, under the ticker TRLS. For more information on Trellus
Health, visit: www.trellushealth.com
(1) Source:
https://www.sciencedirect.com/science/article/pii/S1542356521012258
)
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END
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June 13, 2023 02:00 ET (06:00 GMT)
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