Medicinal clinics focused on cannabinoid-based medicines and clinical data

Establishing and operating network of patient-centred medical clinics specialising in safe cannabinoid treatment and real-world clinical evidence (data) generation

OnMarket Bidding Closed Emerald Clinics Ltd ASX: EMD

OnMarket | Emerald Clinics Ltd | ASX: EMD

Fixed Priced IPOType of Offer
08 Jan 20Offer Open
17 Jan 20Pay By
$0.20Price
Up to $8 millionSize of Offer
$2,000 Minimum Investment
PAC PartnersLead Manager
The Lead Manager has confirmed they have received commitments for the minimum subscription. Offer is closing 5pm today (AEST).

Key Investment Highlights

  • Established a network of four specialist Clinics staffed and managed by experienced clinicians who have received training in cannabinoid medicine.
  • Purpose-built technology platform that securely captures clinical data from consenting patients to generate a unique real-world clinical evidence data asset.
  • Continue to develop its data management platform to capture and generate a comprehensive real-world data asset that can be used as evidence to help evaluate the safety and efficacy of cannabinoid medicines.
  • Closed multiple anonymous patient data deals demonstrating both the strategic need for, and commercial potential of, Emerald Clinics' unique data assets and knowledge-generating care model.
  • Planned expansion to open more Clinics around Australia and considering viability of expanding its operations to the United Kingdom.
  • Led by an experienced Board and management team possessing skills and experience spanning clinical medicine, clinical trials, data science, learning health systems, digital health, medicinal cannabis, medical clinic operations, capital raising, corporate governance and administration

Introduction

Emerald Clinics Ltd (ASX: EMD) is an Australian company that operates a network of specialist medical clinics (Clinics) and uses purpose-built software and technology to gather high quality clinical data from informed and consenting patients.

Emerald Clinics is a clinical services and healthcare technology company focussed on the provision of care for patients clinically determined to have exhausted conventional therapies and who may be suitable for cannabinoid-based medicines. A key focus of Emerald Clinics is the use of technology to capture clinical data that can be used to generate clinical evidence relating to the safety and efficacy of cannabinoid based medicines.

Emerald Clinics provides patient-centric and independent specialist clinical expertise. All patients are referred to Emerald Clinics by a patient’s treating doctor. As such, Emerald Clinics forms an integral part of a patient’s care team. Emerald Clinics’ Care Model includes suitability screening and treatment planning as well as treatment safety and efficacy monitoring. All patients are invited to share their anonymous clinical data with the Emerald Clinics team via an informed consent process.

Emerald Clinics has established four medical centres in Australia including one site each in West Leederville WA, Woolloomooloo NSW, Tintenbar NSW and Richmond VIC. Additional Clinics are planned across Australia within the next 12 months. Emerald Clinics is also considering the viability of expanding its operations to the United Kingdom.

Offer Overview

Emerald Clinics Ltd is looking to undertake an IPO on ASX to raise up to $8 million via the issue of up to 40 million shares at an offer price of $0.20.

Key Offer Statistics

Funds raised from the Offer will be applied as follows in the one-year period following admission:

* includes existing cash as at the date of the prospectus.

For further information on the Key Offer Statistics and Use of Funds, please see the Prospectus.

Industry Overview

Emerald Clinics Ltd operates in the medicinal cannabis industry. Medicinal cannabis received legislative approval in Australia in November 2016 and legal importation for medicinal cannabis commenced in 2017. Accordingly, the Australian market is still in its infancy.

The Therapeutic Goods Administration (TGA) has developed a series of guidance documents based on reviews of published clinical studies to assist health professionals prescribe cannabis for medical conditions with varying levels of evidence. The conditions reviewed includes epilepsy, multiple sclerosis, nausea and vomiting, palliative care and chronic non-cancer pain.

Business Overview

Emerald Clinics operates a network of specialist medical Clinics and uses purpose-built software and technology to gather high quality clinical data from informed and consenting patients. The real-world data (RWD) generated across Emerald Clinics’ clinical network is commercially valuable and, when anonymised and analysed, can be used as clinical evidence to improve cannabinoid and other medicine development, improve clinical trial design and delivery, develop clinical decision support tools for clinicians, guide pharmacovigilance programs, inform health economic and payment coverage decisions and, ultimately, aims to improve patient health outcomes.

Emerald Clinics' mission is to ensure that cannabinoid-based medicines are appropriately prescribed to suitable patients in order to improve health outcomes and quality-of-life. A core component of the Emerald Clinics Care Model is the capture of comprehensive RWD, from consenting patients that can be used as real world evidence (RWE) to support innovation across the cannabinoid medicine industry (Emerald Data Platform).

Emerald Clinics received its first TGA approval for the prescription of medicinal cannabis on 28 December 2018. As of 18 November 2019, Emerald Clinics has received 811 successful initial approvals for the prescription of medicinal cannabis and Emerald Clinics has received referrals for 818 unique patients who are now considered Active Patients across its four Clinics.

The Emerald Data Platform

Initially, Emerald Clinics focussed on developing the architecture, policies, processes and implementation plans for its clinical data capture approach, which underpins the Emerald Data Platform. During the start-up phase of product development, Emerald Clinics developed protocols for data collection and privacy protection with the intent of generating data focussed on the treatment of chronic and neuropathic pain with cannabinoid products. Emerald Clinics has since secured fee-paying contracts for the use of the Emerald Data Platform.

The Emerald Data Platform adheres to strict security, data governance and quality management standards and all data is captured, encrypted and stored in either an electronic health record (EHR) or an FDA-compliant electronic data capture system (EDC). This helps ensure that the RWE generated from Emerald Clinics’ RWD could be presented to major global regulators such as the Food and Drug Administration (FDA) in the US and the European Medicines Agency (EMA) in Europe. Both the FDA and EMA are actively developing guidance to increase the use of RWE in support of “market authorisations”.

The Platform

Emerald Clinics’ clinicians and research team collect information from each consenting patient. This data comprises a demographic profile as well as specific safety and treatment outcomes as monitored via routine medical examinations and a suite of clinically validated measures and questionnaires designed to evaluate changes in specific medical conditions, adverse events, quality-of-life changes, physical and emotional functioning and sleep.

Emerald Care Model

The "Emerald Care Model" is a combination of clinical protocol (which determines the schedule of assessments and sequencing of when and how such assessments are performed), business processes and decision making affecting the patient experience.

Patients present to Emerald Clinics with a referral from their primary care doctor or treating specialist. All patients undergo an initial medical screen to assess their needs and suitability for cannabinoid therapy. If deemed appropriate, an application will be made by the medical practitioner to the TGA.

Patients are also invited to provide their consent to allow their anonymous clinical data to be aggregated and shared for research and commercial purposes thus helping develop Emerald Clinics’ RWE asset.

Emerald Clinics

The Clinics generate revenue and provide patient data. Consultations are billed directly to the patient or, on a case-by-case basis to a patient’s insurer. The Clinics derive revenue in a manner consistent with other general practice and specialist medical centres, noting however, that as part of Emerald Clinics’ governance model, doctors at the Clinics are remunerated on a per-day, rather than per-consult or prescription basis. This is designed to ensure that there is no financial incentive to prescribe cannabinoid products.

To date, Emerald Clinics has received SAS-B approvals from the TGA for the following non-exhaustive indications:

  • chronic, non-cancer pain
  • chemotherapy-induced nausea and vomiting;
  • palliative care indications;
  • cancer pain;
  • neuropathic pain;
  • spasticity from neurological conditions; and
  • anorexia and wasting associated with chronic illness (such as cancer).

A majority of Emerald Clinics' patients have presented for the symptomatic treatment of chronic, noncancer pain.

The Clinics

Key Board and Management

Dr Stewart Washer – Executive Chairman

Stewart has 25 years of CEO and Board experience in medical and agrifood biotech companies. He is currently the Executive Chairman of Emerald Clinics Ltd, Chairman of Orthocell Ltd (ASX:OCC), a regenerative medicine company and Director of Cynata Therapeutics Ltd (ASX:CYP) stem cell therapies.

Dr Michael Winlo – Managing Director

Michael has a Bachelor of Medicine and Bachelor of Surgery with Honours from the University of Western Australia as well as a Master of Business Administration from Stanford University. Prior to Emerald Clinics, Michael was CEO at Linear Clinical Research Ltd (Linear) until October 2019

Dr Alistair Vickery - Executive Director

Alistair is a specialist general practitioner with over 30 years’ experience in general practice. He is a Clinical Professor of Primary Health Care at the University of Western Australia and the clinical lead of the research group CHASM (The Collaborative for Health Care Analysis and Statistical Modelling).

Mr Matthew Callahan - Non-Executive Director

Matthew is an experienced life sciences executive based in Philadelphia. He is the founding CEO of iCeutica Inc. and a co-inventor of some of the technologies that comprise the SoluMatrix Fine Particle Technology drug delivery platform that iCeutica uses to develop new pharmaceuticals.

Sir John Tooke - Proposed Non-Executive Director

Sir John is a non-executive director at BUPA Chile and was recently a non-executive director of the BUPA main Board and the Chair of the Medical Advisory Council.

Mr Adam James – COO

Adam has over 10 years’ experience across health systems reform, public and private health service administration and research commercialisation.  Prior to Emerald Clinics, Adam supported research institutions, clinician researchers and corporates to commercialise novel life science technologies

Su-Mei Sain – Chief Financial Officer

Su-Mei is a member of Certified Practicing Accountants Australia since 2008 with eighteen years' experience in public practice and company accounting

Dr Patrizia Washer – Research Director

Dr Washer holds a doctorate in microbiology from The University of Western Australia with postdoctoral experience in cancer research. She has over ten years’ experience in business development managing the commercialisation of technologies.

Risks

An investment in Emerald Clinics Ltd is subject to a range of risks including but not limited to failure to execute business strategy, limited operating history, obtaining and maintaining required licences, liquidity, prescription of cannabis, clinical trial risks, competition, strategic relationships and sourcing from third parties. For more information read Section 4 of the Prospectus.  These risks should be considered in detail.

 

Section 734(6) disclosure: The issuer of the securities is Emerald Clinics Ltd ACN 625 085 734. The securities to be issued are ordinary shares. The disclosure document for the offer can be obtained by clicking on the link above. The offers of the securities are made in, or accompanied by, a copy of the disclosure document. Investors should consider the disclosure document in deciding whether to acquire the securities. Anyone who wants to acquire the securities will need to complete the application form that will be in or will accompany the disclosure document (which can be done via the electronic application form which will become available by clicking the bid button above).

OnMarket has a limited allocation. The offer may close early and the 'Pay By' dates may change. Duplicate bids under the same investment profile, investor name or residential address may be cancelled.

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IPO OnMarket Bidding Closed

Emerald Clinics Ltd ASX: EMD

Emerald Clinics Ltd
The Lead Manager has confirmed they have received commitments for the minimum subscription
Operating specialist clinics focusing on cannabinoid-based medicines and collecting clinical data

 

Emerald Clinics Ltd (ASX: EMD) has established a network of specialist Clinics staffed and managed by experienced clinicians who have received training in cannabinoid medicine. Emerald Clinic’s clinicians are supported by a research team and a purpose-built technology platform that securely captures clinical data from consenting patients to generate a unique real-world clinical evidence data asset.

 

Emerald Clinics has established four medical centres in Australia including a site in West Leederville WA, Woolloomooloo NSW, Tintenbar NSW and Richmond VIC. Additional Clinics are planned across Australia within the next 12 months and the Company is also considering the viability of expanding its operations to the United Kingdom.

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