Plantable Health Inc. Closes $1.5M Financing to Scale Operations and Advance Clinical Trials
Brooklyn, New York--(Newsfile Corp. - July 22, 2021) - Plantable Health Inc. ("Plantable" or the "Company"), a leader in plant-based nutrition and digital health programs announces the closing of successful oversubscribed non-brokered private placements (the "Offerings") for total proceeds of $1.5M.
Plantable is best known for its signature "Reboot" program that combines pre-portioned plant-based meals, behavioral coaching and a lifestyle app that tracks progress and curates educational content for the consumer.
After a record year of revenue and client growth exclusively from organic word of mouth marketing and referrals, Plantable will use some of the proceeds from the Offerings to launch a marketing campaign consisting of influencers, digital advertising and public relations.
CEO Dr. Nadja Pinnavaia stated: "After leaving Goldman Sachs, I set out on a mission to radically transform health and well-being. We have made an impact on thousands of people's lives by resetting dietary habits. Plantable is a clinically supported lifestyle platform and we are in randomized clinical trials with the world's leading medical institutions who see Plantable as a successful, practical, and cost-effective solution for the reversal and prevention of chronic disease."
In the first 28 days of the Reboot program, the average weight loss is 8.9 lbs along with 2.0" in waist circumference. Blood work collected before and after the program show a reduction in blood sugar (hgbA1C), inflammation (hsCRP) and cholesterol (LDL) - metabolic markers associated with chronic disease. According to the Center of Disease Control ("CDC"), 70% of people in the U.S. are obese or overweight, and 60% currently suffer from at least one chronic illness, whose direct and indirect costs in the US alone amount to $1 trillion and $3.7 trillion per year - or about 20% of the US economy.
Currently Plantable has active and upcoming clinical trials with Memorial Sloan Kettering, Weill Cornell and Johns Hopkins to validate the efficacy of the Reboot program as a clinically meaningful method for sustained weight loss, reduction in inflammation, reduction in cholesterol, reduction in elevated blood pressure and an improvement in the microbiome.
Learn more about Plantable and "The Reboot" at https://plantable.com/pages/reboot
About Plantable Health Inc.
Plantable is the first clinically-supported lifestyle change program that simultaneously utilizes coaching, technology and plant-based nutrition delivered to one's home, to transform human health in as little as 28 days. Plantable has active clinical trials underway and a pipeline of further trials to validate its efficacy as a sustainable lifestyle intervention to prevent and reverse chronic conditions.
For further information please contact:
Dr. Nadja Pinnavaia
Chief Executive Officer
For investor inquiries please contact:
Corporate Communications and Investor Relations
Cautionary Note Regarding Forward-Looking Information
In the interests of providing Plantable Health Inc.. ("Plantable" or the "Corporation") potential investors with information regarding Plantable, including Management's assessment of future plans and operations relating to the Corporation following the transaction, this document contains certain statements and information that are forward-looking statements or information within the meaning of applicable securities legislation, and which are collectively referred to herein as "forward-looking statements". Forward-looking statements in this document include, but are not limited to statements and tables (collectively "statements") with respect to: capital projects and expenditures; strategic initiatives; anticipated activity and industry trends; anticipated performance; and clinical trial results. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, as well as known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur and which may cause Plantable's actual performance and financial results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by the forward-looking statements. These assumptions, risks and uncertainties include, among other things: Plantable's ability to successfully implement strategic initiatives and whether such initiatives yield the expected benefits; future operating results, Plantable's ability to generate sufficient cash flow from operations to meet its current and future obligations; its ability to access external sources of debt and equity capital; economic conditions; and other risks and uncertainties described from time to time in the reports and filings made with securities regulatory authorities by Plantable. Readers are cautioned that the foregoing list of important factors is not exhaustive. The forward-looking statements contained in this document are made as of the date of this document or the dates specifically referenced herein. All forward-looking statements contained in this document are expressly qualified by this cautionary statement. Any financial outlook or future-oriented financial information, as defined by applicable securities legislation, has been approved by management of Plantable. Such financial outlook or future-oriented financial information is provided for the purpose of providing information about management's current expectations and goals relating to the future of Plantable. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Corporation is not a "reporting issuer" in any province or territory in Canada or equivalent in the United States. There is no guarantee that a going public transaction will be completed or that the Corporation will become listed on any stock exchange. Accordingly, the Corporation may never complete a going public transaction and may never become a "reporting issuer" in any jurisdiction in Canada or the elsewhere.
None of the securities issued in connection with the Transaction will be registered under the United States Securities Act of 1933, as amended (the "1933 Act"), and none of them may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act. This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of the securities in any state where such offer, solicitation, or sale would be unlawful.
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