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HealWELL AI Inc. (HWAIF) is a leader in AI-powered healthcare solutions focused on improving preventative care through advanced clinical decision support systems. This page serves as the definitive source for official company updates, providing stakeholders with timely insights into strategic developments shaping the future of medical technology.
Investors and industry professionals will find curated press releases covering earnings announcements, strategic partnerships, and technology advancements. Our repository includes updates on regulatory milestones, research collaborations, and AI-driven product innovations that enhance early disease detection capabilities.
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HEALWELL AI has completed the equity tranche of its upsized $55 million bought deal financing, raising gross proceeds of $25.5 million through the issuance of 12,737,500 subscription receipts at $2.00 per receipt. Each subscription receipt will convert into one Subordinate Voting Share and half a warrant, with whole warrants exercisable at $2.50 for 36 months.
The proceeds will fund the acquisition of Orion Health Holdings . The funds are held in escrow pending satisfaction of release conditions, primarily the completion of the Orion Health acquisition. The company expects to complete the convertible debenture portion of the financing around January 28, 2025.
Company insiders participated in the financing with 550,000 subscription receipts, representing approximately 4% of the equity tranche proceeds. If release conditions aren't met by June 30, 2025, the subscription receipts will be cancelled and funds returned to holders.
HEALWELL AI Inc. (TSX: AIDX) (OTCQX: HWAIF) has secured shareholder approval for its previously announced $55 million bought-deal financing and the acquisition of Orion Health Holdings . The approval was obtained through written consent from majority shareholders, eliminating the need for a special meeting.
A Schedule A Bank has granted internal risk approval for a $50 million senior secured credit facility, subject to finalizing a credit agreement. The facility will help fund the cash portion of the Orion acquisition.
The transaction involves issuing approximately 35.7 million Class A Subordinate Voting Shares at $1.61/share, totaling CA$57.4 million. The company expects to issue up to 14.7 million subscription receipts and 31,250 convertible debentures with a 10% annual interest rate. The transaction could result in issuing up to 76.4 million additional Subordinate Voting Shares at prices ranging from $1.61 to $2.50 per share.
HEALWELL AI has acquired a 51% controlling interest in Mutuo Health Solutions for $5.5 million in cash and shares. Mutuo's flagship product, AutoScribe, is an AI-powered platform that transcribes clinician-patient dialogues into structured electronic medical records in real-time using machine learning and natural language processing. Founded in 2018, Mutuo developed AutoScribe through collaboration with the University of Toronto and Unity Health Toronto. HEALWELL plans to integrate AutoScribe with its proprietary AI-enabled clinical decision support co-pilots to create a next-generation suite of physician assistance tools focused on clinical administration automation and decision support.
HEALWELL AI subsidiary VeroSource Solutions reports significant growth in its healthcare technology solutions. More than 600,000 New Brunswick residents can now generate Patient Summaries through MyHealthNB, which saw 100% user growth in 2024 with 35,000 monthly users. The VeroSource-managed Saskatchewan Health Authority website recorded 1.3 million accesses in 2024, a 50% increase from previous year. VeroSource has expanded revenue generation to three additional provinces and developed North America's first patient-mediated Patient Summary, enabling secure health information sharing across healthcare systems.
HEALWELL AI (TSX: AIDX, OTCQX: HWAIF) announces the formation of a Strategic Advisory Board with three initial members: Beatrice York, Dr. Marcel Reichart, and Reeva Misra. The board will guide the company's strategic initiatives, focusing on product development, ethical AI considerations, regulatory compliance, and market positioning. York brings expertise in technology and philanthropy through BY-EQ , Reichart contributes extensive international business development experience, and Misra adds valuable insights from her background in health tech innovation and entrepreneurship.
HEALWELL AI reported record quarterly revenue of $13.7 million in Q3-2024, up 738% from Q3-2023 ($1.6M) and 153% from Q2-2024 ($5.4M). Growth was driven by acquisitions of BioPharma Services and VeroSource Solutions. The company secured 5 new Master Services Agreements, bringing total pharmaceutical/life sciences MSAs to 27, with revenue generated from 23 partners including 7 of top 10 global pharma companies. Management expects further M&A announcements by year-end to approach $100M annualized revenue run-rate and achieve Adjusted EBITDA profitability in 2025.
HEALWELL AI's subsidiary Pentavere has won the Prix Galien USA 2024 award in the Best Startup category for Digital Health & Medical Technology. The award recognizes Pentavere's DARWEN™ AI platform for making healthcare more accessible and personalized. Selected from 43 nominees, this marks Pentavere's first win after three previous nominations. The Prix Galien Award, often referred to as the Nobel Prize of life sciences, honors outstanding biomedical and medical technology achievements. The selection committee included former CEOs of major life science companies, and the award ceremony took place at the American Museum of Natural History in New York on November 7, 2024.
HEALWELL AI reports significant growth in its AI and data science business unit during Q3-2024. The company executed 5 new Master Services Agreements with pharmaceutical partners, bringing the total to 27 MSAs, including partnerships with 6 of the top 10 pharmaceutical companies globally. Revenue-generating pharmaceutical partnerships increased from 8 in Q4-2023 to 23 in Q3-2024.
The company's subsidiary Khure Health secured an MSA with a major medical device conglomerate, while Pentavere established a commercial agreement with a major U.S. health system for identifying valvular heart disease patients using its DARWEN™ AI platform. Six life science customers have adopted Pentavere's subscription-based revenue model.
HEALWELL AI (TSX: AIDX, OTCQX: HWAIF) has scheduled its Fiscal Third Quarter 2024 financial results release for Tuesday, November 12, 2024. The company will host a conference call and simultaneous webcast at 1:00 PM EST to discuss the results for the period ended September 30, 2024. The presentation will be led by CEO Dr. Alexander Dobranowski and CFO Anthony Lam. Participants can join via webcast or phone using toll-free (North America: 1-844-763-8274) or international (1-647-484-8814) numbers.
WELL Health Technologies and HEALWELL AI have expanded their multi-year strategic alliance to launch and manage clinical trial sites across WELL's network of over 180 Canadian clinics. The partnership combines WELL's healthcare infrastructure with HEALWELL's AI technology and Contract Research Organization capabilities to create an end-to-end clinical trials service. The collaboration will leverage WELL's extensive network of primary and specialty care clinics, including diagnostic centers specializing in cardiology, radiology, sleep medicine, and endocrinology, to enhance patient recruitment and trial execution while opening new revenue streams.
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