Nurosene Health Inc. Signs Definitive Agreement to Acquire NetraMark, a Leading AI and Quantum Computing Company
NetraMark will power Nurosene to collectively design the future of healthcare
TORONTO, Oct. 12, 2021 /CNW/ - Nurosene Health Inc. ("Nurosene" or the "Company") (CSE: MEND) (Frankfurt: 8TV) (OTC: MNNDF), a healthtech company focused on building a generation of better brains, is pleased to announce that it has signed a definitive agreement to complete the transaction (the "Transaction") to acquire all issued and outstanding shares of NetraMark Corp. ("NetraMark") as initially disclosed in a press release of the Company on August 10, 2021.
NetraMark, a pharmatech company, utilizes AI, novel mathematical methods, and quantum computing to optimize the path to new drug development, accelerate clinical trials and redefine the landscape of how disorders are treated. Founder Dr. Joseph Geraci, has spent the last five years developing proprietary algorithms that are being leveraged by various industries today. NetraMark's technology provides clear insight into patient populations that will lead the charge in research and development efficiency.
"The acquisition of NetraMark is pivotal for the long-term growth of Nurosene and being able to fulfill our vision. NetraMark's complex purpose-built AI and advanced computational functionality, coupled with our data insights, are critical to the disruption of the traditional healthcare model. NetraMark will advance the development of our Nuro app with innovative enhancements that will help us achieve our mission of building better brains," stated Ranj Bath, CEO of Nurosene.
Dr. Joseph Geraci, PhD, Founder and CEO of NetraMark added, "The vision of Co-Founder Daniel Gallucci, perfectly aligns with NetraMark's long term vision of ultimately redefining the future of healthcare. Together, I am confident that we will truly revolutionize and accelerate the path towards new and novel healthcare solutions."
The global artificial intelligence (AI) in healthcare market size is expected to reach USD 120.2 billion by 2028 and is expected to expand at a CAGR of 41.8% over the forecast period. AI technology has played a pivotal role in the ongoing COVID-19 pandemic and positively influenced related markets.1
"The size of the market and projected growth of AI in healthcare, leaves no question for Nurosene and the acquisition of NetraMark. The technology NetraMark has developed will position Nurosene to be a key player in this sector," said Ranj Bath.
As a result of the definitive agreement with NetraMark and the near-term closing, the management team and Board of Directors of Nurosene have made the decision to pivot its strategy away from its consumer facing supplement business to focus its resources entirely on accelerating the development of the Nuro app and drug development by implementing the advanced technology offerings of NetraMark's proprietary data analytics and intelligence. The shift in positioning represents the Company's decision to pursue AI and data-engineered mental health solutions based on predictive analytics to enhance the solutions provided by Nurosene's app and overall product portfolio.
About NetraMark
NetraMark Corp., an AI and pharma-tech company, has developed proprietary solutions for pharmaceutical and biotechnology companies. These solutions allow clients to leverage small to large data in order to optimize clinical trials and drug development. This is accomplished by providing a superior understanding of their patient populations and these insights are also used to develop new drugs and nutraceuticals.
Founded in 2016 by Dr. Joseph Geraci, PhD, and Richard M. Brooks, LLB, NetraMark was built to address current gaps in the pharmaceutical market. Utilizing AI and machine learning, NetraMark provides powerful insights into how to treat patients at the individual level, instead of a 'one size fits all' model. NetraMark was built to accelerate the path towards new medications and nutraceuticals through leveraging the full extent of AI and machine learning.
About Nurosene
Nurosene provides individuals with tools and technology that empower them to take control of their mental wellness. Our mission is to build the next generation of better, healthier brains by leveraging technological advancements in AI and machine learning. With our team of experts and partners, Nurosene is positioned at the leading edge of critical research and innovations, striving to disrupt traditional mental wellness treatments.
For more information, visit www.nurosene.com.
Forward-Looking Statements
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation which is based upon Nurosene's current internal expectations, estimates, projections, assumptions and beliefs, and views of future events. Forward-looking information can be identified by the use of forward-looking terminology such as "expect", "likely", "may", "will", "should", "intend", "anticipate", "potential", "proposed", "estimate" and other similar words, including negative and grammatical variations thereof, or statements that certain events or conditions "may", "would" or "will" happen, or by discussions of strategy. Forward-looking information includes estimates, plans, expectations, opinions, forecasts, projections, targets, guidance, or other statements that are not statements of fact. Specifically, this news release contains forward looking statements relating to, among others, activities of the Company's proposed acquisition of NetraMark, growth and other initiatives thereto.
Any forward-looking information speaks only as of the date on which it is made, and, except as required by law, Nurosene does not undertake any obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for Nurosene to predict all such factors. When considering these forward-looking statements, readers should keep in mind the risk factors and other cautionary statements in Nurosene Final Long Form Prospectus dated May 20, 2021 and filed with the applicable Canadian securities regulatory authorities on SEDAR at www.sedar.com. The risk factors and other factors noted in Nurosene Final Long Form Prospectus could cause actual events or results to differ materially from those described in any forward-looking information.
The CSE does not accept responsibility for the adequacy or accuracy of this release.
SOURCE Nurosene Health Inc.
Blake Sing, Chief Financial Officer, [email protected]; (416) 859-8838; KCSA Strategic Communications: Valter Pinto, Managing Director, [email protected], (212) 896-1254
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