Nurosene Health enters into a non-binding letter of intent with NetraMark for proposed acquisition.
Nurosene Health Inc, a healthtech company focused on building a generation of better brains, is pleased to announce it has entered an arm’s length non-binding term sheet with NetraMark, a private Ontario corporation, to acquire all of its issued and outstanding shares.
Longevity.Technology: Mental health is climbing the longevity agenda, with the idea that true longevity can only be achieved through improving both physical and mental wellbeing becoming firmly embedded. Just this year we have seen investor Christian Angermayer announcing a $120 million fund focused on mental health ventures, iamYiam scaling up its workforce wellbeing platform, the launch of Deep Longevity’s MindAge psychological aging clock and a $550,000 raise for nootropic supplements.
NetraMark was founded in 2016 by Joseph Geraci and Richard Brooks to address current gaps in the pharmaceutical market. The AI and pharmatech company has now developed proprietary solutions for pharmaceutical and biotechnology companies which allow them to leverage their small to large data in order to optimise clinical trials and drug development. NetraMark aims to provide a superior understanding of patient populations and use these insights to develop new drugs and nutraceuticals.
Based in Toronto, Ontario, Nurosene provides individuals with tools and technology that empower them to take control of their mental wellness and their mission is to build the next generation of better, healthier brains by leveraging technological advancements in AI and machine learning.
Nurosene said the non-binding Term Sheet was executed on 9th July, with both parties completing their mutual due diligence investigations on 6th August. It is currently contemplated that all of the required parties will enter into a definitive agreement on or before 15th September 2021 (subject to extension by mutual agreement between the parties) which will contain customary terms and conditions for transactions of this nature.
Nurosene’s CEO, Ranj Bath, commented, “We are looking forward to adding NetraMark’s talented technology team led by Dr Joseph Geraci, whose proprietary machine learning capabilities will evolve and advance Nurosene’s mission for better brain health.
“Based on NetraMark’s powerful data analysis and machine learning capabilities, NetraAI will power the Nuro app, which will not only extract extensive data and research but interpret that data quickly, providing a predictive component for our community’s health and wellness. These insights will be invaluable in supporting Nurosene to continue designing precision solutions, such as drug development, to address mental health challenges and other complex disorders .”
Joseph Geraci, PhD, Founder and CEO of NetraMark added, “Nurosene provides a platform and team that we can leverage to further market and transform our proprietary technology. Together we want to build a future for health and wellness that will advance precision medicine and drug development with the goal to develop new and personalized preventative therapeutics.
“By building upon the established AI and data-driven techniques of NetraMark’s products, we can effectively accelerate Nurosene’s mission to improve mental wellness by evaluating and predicting optimal treatments and therapeutic formulations in collaboration with their proprietary mobile application .”