Trading Update

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/
Dr. Marla Dubinsky, CEO and Co-Founder		Via Walbrook PR
Dr. Daniel Mahony Chairman
Singer Capital Markets (Nominated Adviser and Broker)		Tel: [phone]
Aubrey Powell / Jen Boorer
Walbrook PR	Tel: [phone] or  [e-mail]
Paul McManus / Sam Allen / Phillip Marriage	Mob: [phone]

About Trellus Health plc ( 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 program².

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

1) Source: https://www.cdc.gov/chronicdisease/about/costs/index.htm )

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

 

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