REG - Trellus Health PLC - Trading Update

Trellus HealthAnnouncement

06/03/2023 07:00

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RNS Number : 9258R  Trellus Health PLC  06 March 2023

Trellus Health plc

("Trellus Health" or the "Company")

 

Trading Update

 

LONDON, U.K. AND NEW YORK, U.S. (6 March 2023). Trellus Health plc (AIM:
TRLS), which is commercializing a scientifically validated, personalized
resilience-driven self-management solution for chronic health conditions at
their intersection with mental health, provides an update on progress,
strategy, financial position and current trading.

 

Progress and strategy

 

At 31 December 2022, there were over 100 users of the Trellus Resilience
Training and Self-Management Program for Inflammatory Bowel Disease (the
"Trellus IBD program"), coming from a range of sources including Athletes vs
Crohn's and Colitis, Connecting to Cure, and other select IBD centers
throughout the US. Since the start of 2023, the number of sign-ups have grown,
due in part to the two contracts signed with the Mount Sinai Health System
("Mount Sinai") in October 2022 becoming active this year.

 

Feedback received since launching the revised delivery method for the Trellus
programs in July 2022 has been highly positive. Since beginning the Trellus
IBD Program:

 

·    83% of members reported an increase in their self-confidence in how
to manage their condition;

·    92% of members reported an increase in their self-management skills
and behavior change; and

·    60% reported an improvement in their emotional and mental wellbeing.

 

The Company is continuing to evolve and execute its strategy, including the
targeting of further small-scale pilot and demonstration projects in both IBD
and the recently launched irritable bowel syndrome (IBS) offering.  Trellus
Health's objective here is to continue generating further data to validate the
use and outcomes of the Trellus Method.

 

This real-world data is being utilised by the Company to support B2B2C
engagement in larger project opportunities, including employers, regional and
national health plans to enable the wider rollout of its solution. This
activity builds upon recently announced agreements with Mount Sinai and the
New York Medicaid Health Plan.

 

Financial position and current trading

 

In line with expectations, Trellus Health expects to report an EBITDA loss for
the year ended 31 December 2022, and revenues of c.$30k reflecting the timing
of implementation of projects now underway in early 2023. As at 31 December
2022, the Company's net cash position was $19.08 million, ahead of
expectations, owing in part to steps taken to ensure careful cash management
and the reduction of cash burn. The Company's cash resources are considered
sufficient to provide a runway into 2025 on conservative growth assumptions.

 

With early revenue generation having commenced, the Company expects this to
grow throughout FY 2023 as a greater number and range of projects are both
underway and under discussion.  The continued generation of data allows for
larger scale discussions and agreements to be reached over time, including
more material B2B2C contracts.

 

The Company expects to report its final results for the year ended 31 December
2022 by the end of April 2023.

 

Dr. Marla Dubinsky, CEO and Co-Founder of Trellus Health, said: "Since my
appointment as CEO in July 2022, Trellus Health has made real progress in
refining and executing the Company strategy. I have been greatly encouraged by
the various agreements we have reached with partners during 2022 and since the
period end, and the highly positive feedback we have received from our users.

 

"Our current revenues and user base are reflective of the timing of existing
agreements, as well as the ongoing process of eligible patients being made
aware of the availability of the Trellus Platform. Reaching at least 100 users
during our early direct-to-consumer phase represented a key target for the
Company to generate important data and help us improve the program, and has
confirmed to us that we can replicate the same exceptional outcomes that were
seen in the original research conducted at Mount Sinai. As we further increase
the number of users, the evidence base will continue to grow and allow us to
scale to larger rollout projects that will empower even more people suffering
with IBD and IBS to achieve better health outcomes."

 

For further information please contact:

 

 Trellus Health plc                                                          https://trellushealth.com/ (https://trellushealth.com/)
 Dr. Marla Dubinsky, CEO and Co-Founder                                      Via Walbrook PR
 Dr. Daniel Mahony Chairman

 Singer Capital Markets (Nominated Adviser and Broker)                       Tel: +44 (0)20 7496 3000
 Aubrey Powell / Jen Boorer

 Walbrook PR                                  Tel: +44 (0)20 7933 8780 or trellus@walbrookpr.com
                                              (mailto:trellus@walbrookpr.com)
 Paul McManus / Sam Allen / Phillip Marriage  Mob: +44 (0)7980 541 893 / 07748 651 727 / 07867 984 082

 

 

About Trellus Health plc (www.trellushealth.com (http://www.trellushealth.com)
)

Trellus Health (LSE: TRLS) is the first resilience based digital health
company focused on the intersection of chronic illness and mental health.
Trellus Health integrates its proprietary resilience-based methodology with
the technology, tools and team to deliver a whole-person technology-enhanced
experience that results in relieving disease burden, building self-management
skills and promoting individual health behaviours that enable thriving in the
face of a chronic condition. Through its TrellusElevate™ connected health
platform and companion App, the company addresses both physical and
behavioural health together, in context, to improve outcomes and reduce
healthcare costs across the healthcare ecosystem.

 

The Company was initially focused on inflammatory bowel disease ("IBD"), which
includes the chronic incurable conditions of Crohn's Disease and ulcerative
colitis but has now added Irritable Bowel Syndrome ("IBS"). Given the common
struggles of self-management, Trellus Health considers its approach to have
potential utility and demand across many chronic conditions.

 

The TrellusElevate™ platform is the Company's proprietary connected health
platform that incorporates the GRITT™ methodology and learnings on
resilience from clinical research and practice conducted at the Mount Sinai
IBD Center for more than five years. This proprietary, resilience-driven
methodology has been scientifically validated to demonstrate meaningful
improvements in patient outcomes, 71% reduction in Emergency Department
(A&E) visits, and 94% reduction in unplanned hospitalisations, which the
directors of the Company believe indicates the potential for significant cost
savings for healthcare payers. Patients with IBD treated using the methodology
also experienced a 49% reduction in required opioid use and a 73% reduction in
corticosteroid use 12 months following starting the program(2).

 

The Company was founded by Mount Sinai faculty members Marla C. Dubinsky, MD
and Laurie Keefer, PhD, both with decades of combined experience in IBD and
psychogastroenterology, respectively. Trellus Health's patent-pending GRITT™
resilience assessment and personalized resilience training methodology was
developed and validated at the Mount Sinai Health System to build resilience
and wellness for improved outcomes at lower cost.

 

Shares in Trellus Health were admitted to trading on AIM in May 2021, under
the ticker TRLS. For more information on Trellus Health, visit:
www.trellushealth.com (http://www.trellushealth.com)

 

1) Source: https://www.cdc.gov/chronicdisease/about/costs/index.htm
(https://urldefense.proofpoint.com/v2/url?u=https-3A__www.cdc.gov_chronicdisease_about_costs_index.htm&d=DwMFaQ&c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&r=fSst1AtlXyuqcs3cHJXcCRilbI1Qm1WfjNYkVgQfiLE&m=IjQVBqsF0mJCc4cCch3kNewShI3X349VlYSUrh3C5-c&s=lilxcTv-hIGGEbeSix8wsDKl8TOyuP3Vw__GebvZFro&e=)
)

2) Source: https://www.sciencedirect.com/science/article/pii/S1542356521012258
(https://www.sciencedirect.com/science/article/pii/S1542356521012258) )

 

 

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