Canadian integrated clinic chain acquires supplement manufacturer
The deal is valued at $14.9 million. Acenzia advertises a range of contract manufacturing capabilities for tablets, powders and capsules. In addition to manufacturing and formulation capabilities, Acenzia also advertises an ability to manage clinical trials for clients.
One aspect of that capability is a proprietary platform Acenzia has developed to do cancer research using zebra fish. The platform is said to enable rapid analysis of cancer cells, offering cancer patients and their healthcare providers prediction of early metastasis and drug sensitivity thereby providing important information for diagnosis and treatment.
Decentralizing health care
Novo has a stated mission to ‘decentralize’ health care. In its chain of 16 corporate owned clinics and multidisciplinary primary health care clinicians and practitioners provide assessment, diagnosis, treatment, pain management, rehabilitation, education and primary prevention for a wide array of orthopedic, musculoskeletal, sports injury, and neurological conditions. The company serves pediatric, adult and geriatric populations.
In addition to the cancer research platform, Novo CEO Robert Mattacchione said the deal was attractive because it could help the company deliver on teh promise of tailored wellness solutions for its patients.
“There are three primary pillars in support of Novo’s business model centered on decentralized healthcare. The first pillar is building a foundation of traditional hands-on healthcare delivery, through small and micro footprint sized clinic facilities, within a significant service delivery network. The second pillar is the development, integration, and deployment of sophisticated technology, through interconnectivity, which expands the reach of healthcare related service, beyond the traditional clinic location, to geographic areas not readily providing advanced healthcare service to date, including the patient’s home,” he said.
“The signing of the Acenzia SEA brings Novo imminently closer to solidifying control of the third pillar, which is the development and distribution of effective wellness product solutions allowing for the customization of patient preventative care remedies and ultimately a healthier population. Additionally, Acenzia’s science first approach to product innovation further emphasizes Novo’s mandate to create and provide over-the-counter preventative and maintenance care solutions,” Mattacchione added.
Earlier in 2021 Novo completed an up listing process to the NASDAQ stock exchange where it currently trades for about $2.40 a share. The company’s revenues suffered during the pandemic, with fewer clinic visits. In its most recent earnings statement for its second quarter of 2021, the company’s revenues declined 14.4% year over year to slightly more than $2 million.