Science 37, Inc., the Operating System for today’s agile clinical
trials, announced today that it has completed its previously
announced business combination with LifeSci Acquisition II Corp.
(NASDAQ: LSAQ) (“LifeSci”), a blank check company targeting the
biopharma, medical technology, digital health and healthcare
services sectors. Shares of common stock of the combined company,
named Science 37 Holdings, Inc. (“Science 37” or the "Company")
will begin trading on the Nasdaq Global Market under the new ticker
symbol "SNCE” today, October 7, 2021.
LifeSci shareholders approved the transaction at a special
meeting on October 4, 2021. As a result of the transaction, Science
37 has received approximately $235 million total cash, net of fees
and expenses paid in connection with the closing of the business
combination, including the proceeds from the private placement
completed in connection with the transaction. Science 37 intends to
use the transaction proceeds to fund its decentralized trial
technology platform, extend into new adjacencies, and power the
next generation in clinical research. David Coman, Chief Executive
Officer of Science 37, Inc., and Science 37 Inc.’s current
executive team will continue to lead the combined company.
“The Science 37 Operating System has been proven to materially
accelerate patient enrollment, provide meaningfully higher patient
retention, significantly reduce patient burden and enable
participation from underserved patient populations. This is all
made possible through our full-stack, end-to-end technology
platform and supported by specialized patient communities,
telemedicine investigators, mobile nurses, and remote
coordinators,” said Mr. Coman. “The additional capital from this
transaction will help us deliver on our vision to be the
category-defining operating system that powers every clinical trial
as the industry shifts to more agile trial designs.”
Andrew McDonald, Ph.D., Chief Executive Officer of LifeSci,
said, “Science 37’s extraordinary differentiation based on its
technology platform and specialized networks represents the future
of clinical trial operations. As a leader and innovator in agile
clinical trials, Science 37 has the opportunity to transform the
industry and impact positive change in millions of people's lives.
We are proud to partner with David and his talented team as Science
37 begins its next chapter as a public company.”
Following the business combination, David Coman will serve on
Science 37’s Board of Directors alongside Rob Faulkner, Managing
Director at Redmile Group, as Chairman; John W. Hubbard, Ph.D.,
former Chief Executive Officer at Bioclinica and former Senior Vice
President and Worldwide Head of Development Operations at Pfizer;
Bhooshi de Silva, Senior Vice President, Global Head of Corporate
Development, Strategy and Ventures, at PPD; Adam Goulburn, Ph.D.,
Partner at Lux Capital; Neil Tiwari, Partner of Private Healthcare
Ventures at Magnetar Capital; and Emily Rollins, former Partner of
Deloitte & Touche.
AdvisorsCowen and Perella Weinberg Partners LP
served as financial advisors and Latham & Watkins LLP and DLA
Piper LLP (US) served as legal advisors to Science 37. Cowen acted
as sole placement agent to LifeSci Acquisition II Corp. in
connection with the private placement. LifeSci Capital LLC acted as
lead book-running manager to LifeSci Acquisition II Corp. in
connection with its initial public offering in November 2020. Loeb
& Loeb LLP served as legal advisor to LifeSci Acquisition II
Corp. Cowen, William Blair, Baird, and Lake Street Capital Markets
acted as capital markets advisors to Science 37.
About Science 37 Science 37's mission is
to enable universal access to clinical research—making it easier
for patients and providers to participate from nearly anywhere and
helping to accelerate the development of treatments that impact
patient lives. As a pioneer of decentralized clinical trials, the
Science 37 Clinical Trial Operating System (OS) supports today’s
more agile clinical research designs with its full stack,
end-to-end technology platform and specialized networks of patient
communities, telemedicine investigators, mobile nurses, remote
coordinators and connected devices. Configurable to enable any
study type, the Science 37 OS can enable up to 15x faster
enrollment, 28% better retention and 3x more diverse patient
population with industry-leading workflow orchestration, evidence
generation and data harmonization. For more information, visit
https://www.science37.com.
About LifeSci Acquisition II Corp.LifeSci
Acquisition II Corp. (Nasdaq: LSAQ) is a blank check company formed
for the purpose of entering into a merger, share exchange, asset
acquisition, stock purchase, recapitalization, reorganization, or
other similar business combination with one or more businesses or
entities, pursuing targets that are focused on healthcare
innovation in North America or Europe. For more information
visit: https://lifesciacquisition.com/spac-2/.
Forward-Looking StatementsThis press release
contains certain forward-looking statements within the meaning of
the federal securities laws, including statements regarding the
benefits of the transaction between Science 37, Inc. and LifeSci,
the services offered by Science 37 and the markets in which it
operates, and Science 37’s projected future results. These
forward-looking statements generally are identified by the words
“believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,”
“strategy,” “future,” “opportunity,” “plan,” “may,” “should,”
“will,” “would,” “will be,” “will continue,” “will likely result”
and similar expressions. Forward-looking statements are
predictions, projections and other statements about future events
that are based on current expectations and assumptions and, as a
result, are subject to risks and uncertainties. Many factors could
cause actual future events to differ materially from the
forward-looking statements in this press release, including but not
limited to: (i) the ability to maintain the listing of Science 37’s
securities on Nasdaq, (ii) volatility in the price of Science 37’s
securities due to a variety of factors, including changes in the
competitive and highly regulated industries in which Science 37
plans to operate, variations in performance across competitors,
changes in laws and regulations affecting Science 37’s business and
changes in its capital structure, (iii) the ability to
implement business plans, forecasts, and other expectations, and to
identify and realize additional opportunities, (iv) the risk that
Science 37 may never achieve or sustain profitability, (v) the risk
that Science 37 will need to raise additional capital to execute
its business plan, which may not be available on acceptable terms
or at all; and (vi) the potential adverse effects of the ongoing
global COVID-19 pandemic. The foregoing list of factors is not
exhaustive. You should carefully consider the foregoing factors and
the other risks and uncertainties described in the “Risk Factors”
section of LifeSci’s definitive proxy statement/prospectus and
registration statement on Form S-4 filed with the U.S. Securities
and Exchange Commission (the “SEC”) and other documents filed by
Science 37 from time to time with the SEC. These filings identify
and address other important risks and uncertainties that could
cause actual events and results to differ materially from those
contained in the forward-looking statements. Forward-looking
statements speak only as of the date they are made. Readers are
cautioned not to put undue reliance on forward-looking statements,
and Science 37 and LifeSci assume no obligation and do not intend
to update or revise these forward-looking statements, whether as a
result of new information, future events, or otherwise. Neither
Science 37 nor LifeSci gives any assurance that either Science 37
or LifeSci will achieve their expectations.
ContactsFor Media:
Margie Kooman margie.kooman@science37.comNina
GillScience37@10fold.com
For Investors:
Caroline PaulGilmartin Groupinvestors@science37.com
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