TIDMTRLS
RNS Number : 9258R
Trellus Health PLC
06 March 2023
Trellus Health plc
("Trellus Health" or the "Company")
Trading Update
LONDON, U.K. AND NEW YORK, U.S. (6 March 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 an update on progress, strategy, financial
position and current trading.
Progress and strategy
At 31 December 2022, there were over 100 users of the Trellus
Resilience Training and Self-Management Program for Inflammatory
Bowel Disease (the "Trellus IBD program"), coming from a range of
sources including Athletes vs Crohn's and Colitis, Connecting to
Cure, and other select IBD centers throughout the US. Since the
start of 2023, the number of sign-ups have grown, due in part to
the two contracts signed with the Mount Sinai Health System ("Mount
Sinai") in October 2022 becoming active this year.
Feedback received since launching the revised delivery method
for the Trellus programs in July 2022 has been highly positive.
Since beginning the Trellus IBD Program:
-- 83% of members reported an increase in their self-confidence
in how to manage their condition;
-- 92% of members reported an increase in their self-management skills and behavior change; and
-- 60% reported an improvement in their emotional and mental wellbeing.
The Company is continuing to evolve and execute its strategy,
including the targeting of further small-scale pilot and
demonstration projects in both IBD and the recently launched
irritable bowel syndrome (IBS) offering. Trellus Health's objective
here is to continue generating further data to validate the use and
outcomes of the Trellus Method.
This real-world data is being utilised by the Company to support
B2B2C engagement in larger project opportunities, including
employers, regional and national health plans to enable the wider
rollout of its solution. This activity builds upon recently
announced agreements with Mount Sinai and the New York Medicaid
Health Plan.
Financial position and current trading
In line with expectations, Trellus Health expects to report an
EBITDA loss for the year ended 31 December 2022, and revenues of
c.$30k reflecting the timing of implementation of projects now
underway in early 2023. As at 31 December 2022, the Company's net
cash position was $19.08 million, ahead of expectations, owing in
part to steps taken to ensure careful cash management and the
reduction of cash burn. The Company's cash resources are considered
sufficient to provide a runway into 2025 on conservative growth
assumptions.
With early revenue generation having commenced, the Company
expects this to grow throughout FY 2023 as a greater number and
range of projects are both underway and under discussion. The
continued generation of data allows for larger scale discussions
and agreements to be reached over time, including more material
B2B2C contracts.
The Company expects to report its final results for the year
ended 31 December 2022 by the end of April 2023.
Dr. Marla Dubinsky, CEO and Co-Founder of Trellus Health, said:
"Since my appointment as CEO in July 2022, Trellus Health has made
real progress in refining and executing the Company strategy. I
have been greatly encouraged by the various agreements we have
reached with partners during 2022 and since the period end, and the
highly positive feedback we have received from our users.
"Our current revenues and user base are reflective of the timing
of existing agreements, as well as the ongoing process of eligible
patients being made aware of the availability of the Trellus
Platform. Reaching at least 100 users during our early
direct-to-consumer phase represented a key target for the Company
to generate important data and help us improve the program, and has
confirmed to us that we can replicate the same exceptional outcomes
that were seen in the original research conducted at Mount Sinai.
As we further increase the number of users, the evidence base will
continue to grow and allow us to scale to larger rollout projects
that will empower even more people suffering with IBD and IBS to
achieve better health outcomes."
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
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 651 727
Phillip Marriage / 07867 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 individual health behaviours that enable 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 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 struggles of self-management,
Trellus Health considers its approach to have potential utility and
demand across many chronic 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
treated using the methodology also experienced a 49% reduction in
required opioid use and a 73% reduction in corticosteroid use 12
months following starting the program(2) .
The Company was founded by Mount Sinai faculty members Marla C.
Dubinsky, MD and Laurie Keefer, PhD, both with decades of combined
experience in IBD and psychogastroenterology, respectively. Trellus
Health's patent-pending GRITT(TM) resilience assessment and
personalized resilience training methodology was developed and
validated at the Mount Sinai Health System to build resilience and
wellness for improved outcomes at lower cost.
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.cdc.gov/chronicdisease/about/costs/index.htm )
2) Source:
https://www.sciencedirect.com/science/article/pii/S1542356521012258
)
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