Longevity clinic Modern Age announces closure

As the New York-based clinic shutters its business, we ask does this mean the longevity clinic bubble is about to burst?

US longevity clinic Modern Age has announced it has closed. Founder and CEO Melissa Eamer revealed the closure in an email to clients earlier today, citing funding issues as the cause.

“While we have been guiding our patients to invest in their future health, we have also worked with like-minded investors to help build the practice,” she said. “However, in today’s challenging funding environment, we have been unsuccessful at raising the capital we need to continue to run the business. As such, we have made the difficult decision to close the business.”

Eamer also confirmed that existing patients would be informed about the “next steps”.

Modern Age launched in 2021, opening its first clinic in 2022, and had raised $33 million in outside capital, according to Crunchbase, including a $27 million Series A in October 2021. The clinic offered wellness assessments that included bone density scans, biomarker analysis and hormone panels, and a diagnostic follow up with a clinician that advised on lifestyle modifications for improved healthspan. Regular cosmetic services were also available, including chemical peels and microneedling.

However, as of today, a statement on Modern Age’s website states: “Unfortunately, in today’s challenging business climate, it is not possible for us to continue to operate the business.”

Longevity.Technology: So, is the longevity clinic bubble about to burst? We don’t think so; or rather, we think there is plenty of room for growth – but only for genuine players. We have reported on various clinics in multiple locations, and there is no doubt that every week sees the number of establishments growing, as well as practitioner networks developing their own take on longevity clinic services.

While price points and service levels vary, what is obvious is that this is a space that is only for the genuine and diligent.

With pricing ranging from $10,000-$25,000 (even $100k) per annum, it is easy to see why the idea of a longevity angle would appeal to any existing clinic that is looking for new revenue, a refreshed pitch and ongoing customer retention – after all, who is going to cancel their subscription to a longer, healthier life?

In our longevity clinic survey from last year, we could see that clinics themselves are still resolving their range of services, their pricing strategies, and, indeed, their very raisons d’être.

The longevity field is a broad church, and given both the range of technologies and therapies involved, and the rapid growth of the sector, it is easy to see why adding a lifestyle coach and a couple of blood tests to menu and styling oneself as a longevity clinic would appeal. The bandwagon will only get more crowded, and customers will need to be savvy, searching out clinics that measure and track biomarkers of aging, look for and tackle age-related diseases and take a proactive, preventative, personalized approach to healthspan, addressing diet, exercise, sleep, stress and environment.

Standards and regulation is needed; as the focus on preventive medicine and extended healthspan grows, we will hopefully see longevity medicine become embedded in healthcare infrastructure, shifting the paradigm from sickcare to prevention, democratizing longevity and catalyzing regulation. It is fortuitous indeed, that a cohort of established professionals and leaders in the longevity clinic scene – including field leaders such as Andrea Maier, Evelyne Bischof and James Kirkland – published their protocol for Establishing healthy longevity clinics in publicly funded hospitals which addresses longevity at a public health level (for the 99%) [1].

The appeal of servicing the 1% and their wealth is lost on no one. However, Modern Age has closed due to lack of new investment, despite offering both longevity screenings and aesthetic services; they weren’t the first clinic to combine the ‘health on the inside, beauty on the outside’ pitch, mainly to women aged 35-45, and perhaps investors are now seeing the potential of longevity clinics that are focused on healthspan science, rather than dabbling in longevity as an optional extra.

There is momentum from the Healthy Longevity Medical Society, among others, to set industry standards for longevity clinics; the recent inaugural International Roundtable of Longevity Clinics, organized and financed by the International Institute of Longevity, convened to do just this. And industry standards can’t come a moment too soon, as the risk to the overall longevity economy of clinics hitching onto the longevity bandwagon will not be lost on those that want to see the longevity clinical sector thrive, and the diagnostics and therapies being experienced by the 1% becoming more widely available and at a more reasonable price point.

[1] https://link.springer.com/article/10.1007/s11357-024-01132-0