Skylight Health Announces Expansion of ClinEdge Partnership and Award for First Colorado Study
August 05 2021 - 9:00AM
Skylight Health Group Inc (NASDAQ:SLHG; TSXV: SLHG) (“Skylight
Health” or the “Company”), a multi-state primary care management
group in the United States, announced today an expansion of their
partnership with ClinEdge, one of North America’s leading clinical
research groups, into the state of Colorado – a key market for
Skylight Health.
Skylight previously announced a partnership with ClinEdge for
their Study Lead Generation Services to bring industry-sponsored
clinical trials to one of its primary care clinics in
Massachusetts. The success of this partnership in Massachusetts has
led to an expansion of the initial contract, and Skylight has now
been awarded its first Colorado-based research project through
ClinEdge.
“This momentum is exciting for the research program within
Skylight and Colorado remains a key market for the Company,” said
Prad Sekar, CEO of Skylight Health. “As a national value-based
healthcare provider, leveraging our existing infrastructure for
patient-centric research projects works to further enhance the
value that we are able to bring to our patients, and the US
healthcare industry at-large.”
The research project has already initiated recruitment efforts
for the study and Skylight will be responsible for consenting,
enrolling, and observing patients during the 4-week research trial.
Both Skylight Health and patients taking part in the study will be
compensated. While this study is relatively short, Skylight Health
will expect to have the study completed by the end of Q3 2021.
Details of the trial are held in confidence to comply with study
protocols and necessary regulatory requirements.
Skylight Health expects to continue to grow its research efforts
into additional markets and ClinEdge has proven to be an excellent
partner for this growth effort.
The Company also announces that at its Annual and Special
Meeting of Shareholders (“Meeting”) held on June 29, 2021, Skylight
Health’s disinterested common shareholders approved the adoption of
an omnibus long-term incentive plan (the “Omnibus Plan”) for
purposes of attracting, retaining and motivating key individuals.
The Omnibus Plan permits such a number of options (each, an
“Option”) to be granted equal to up to 10% of Skylight Health’s
issued and outstanding common shares from time to time together
with 3,600,000 common shares of Skylight Health available for
issuance pursuant to performance share units, restricted share
units, and deferred share units (being approximately 10% of the
total issued and outstanding common shares of Skylight Health when
the Omnibus Plan was approved by Skylight Health’s Board of
Directors (the “Board) on May 20, 2021).
Please refer to the Management Information Circular of Skylight
Health dated May 20, 2021, which his available on SEDAR at
www.sedar.com under Skylight Health’s profile, for a copy and
summary of the Omnibus Plan.
Today, the Company also announces that it has issued 87,779
shares subject to TSX Venture Exchange approval pursuant to the
River City Medical Associates (RCMA) Acquisition announced on
February 4, 2021. Issued shares are restricted from trading for at
least 4 months and a day from issuance.
About Skylight Health Group
Skylight Health Group (NASDAQ:SLHG;TSXV:SLHG) is a healthcare
services and technology company, working to positively impact
patient health outcomes. The Company operates a US multi-state
primary care health network comprised of physical practices
providing a range of services from primary care, sub-specialty,
allied health, and laboratory/diagnostic testing. The Company is
focused on helping small and independent practices shift from a
traditional fee-for-service (FFS) model to value-based care (VBC)
through tools including proprietary technology, data analytics and
infrastructure. In a FFS model, payors (commercial and government
insurers) reimburse on an encounter-based approach. This puts a
focus on volume of patients per day. In a VBC model, the providers
offer care that is aimed at keeping patients healthy and minimize
unnecessary health expenditures that are not proven to maintain the
patient’s well-being. This places an emphasis on quality over
volume. VBC will lead to improved patient outcomes, reduced cost of
delivery and drive stronger financial performance from existing
practices.
About ClinEdge
ClinEdge provides a full suite of clinical trial management
solutions to pharmaceutical companies, CROs, and clinical research
sites. Offerings include a global site network of research clinics,
patient recruitment and retention, marketing and creative design,
patient travel coordination, clinical trial management, staffing,
and financial management. With extensive experience in
multiple medical indications representing all therapeutic areas,
including a specialty in rare disease engagement, ClinEdge has
helped clients successfully conduct thousands of clinical studies
by boosting patient recruitment, minimizing enrollment times,
driving retention, and improving overall business performance. For
more information visit www.clin-edge.com.
Forward Looking Statements
This press release may include predictions, estimates or other
information that might be considered forward-looking within the
meaning of applicable securities laws. While these forward-looking
statements represent our current judgments, they are subject to
risks and uncertainties that could cause actual results to differ
materially. You are cautioned not to place undue reliance on these
forward-looking statements, which reflect our opinions only as of
the date of this release. Please keep in mind that we are not
obligating ourselves to revise or publicly release the results of
any revision to these forward-looking statements in light of new
information or future events. When used herein, words such as "look
forward," "believe," "continue," "building," or variations of such
words and similar expressions are intended to identify
forward-looking statements. Factors that could cause actual results
to differ materially from those contemplated in any forward-looking
statements made by us herein are often discussed in filings we make
with the Canadian and United States securities regulators,
including the Securities and Exchange Commission, available
at: www.sec.gov, and Canadian Securities Administrators,
available at www.sedar.com, and on our website,
at skylighthealthgroup.com.
For more information, please visit our website or contact:
Investor Relations – USA:John
Evansjohn.evans@skylighthealthgroup.com415-309-0230
Investor Relations - Canada:Jackie
Kellyinvestors@skylighthealthgroup.com416-301-2949
Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
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