- The stock price of Science 37 (NASDAQ: SNCE) increased substantially this past week. This is why it happened.
The stock price of Science 37 (NASDAQ: SNCE) increased substantially this past week. The price increased as Science 37 (the Operating System for today’s agile clinical trials) recently completing its previously announced business combination with LifeSci Acquisition II Corp. (NASDAQ: LSAQ), a blank check company targeting the biopharma, medical technology, digital health and healthcare services sectors.
The shares of common stock of the combined company, named Science 37 Holdings started trading on the Nasdaq Global Market under the new ticker symbol “SNCE” on October 7.
LifeSci shareholders approved the transaction at a special meeting on October 4, 2021. And as a result of the transaction, Science 37 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 plans 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, and Science 37 current executive team will continue to lead the combined company.
Following the business combination, 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.
Yesterday, Science 37 also announced the appointment of Emily Rollins to the Company’s Board of Directors. Rollins will serve as the chairperson for Science 37’s Audit Committee. Rollins is a retired Deloitte audit and assurance partner who brings more than 30 years of expertise as she has guided hundreds of clients—from pre-revenue to $10B+ international public companies—through corporate governance, audit and reporting processes. Currently, she chairs multiple board committees from various industries.
“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. 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.”
— David Coman, Chief Executive Officer of Science 37
“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.”
— Andrew McDonald, Ph.D., Chief Executive Officer of LifeSci
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.