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Press Release

ALAVIDA HEALTH Secures Third Round of Funding


Posted on: 30 Apr 18

Company Offers Alternative Treatment for Problem Drinking with a 75% Success Rate

VANCOUVER, British Columbia, April 30, 2018 (GLOBE NEWSWIRE) -- Alavida Health, a science-based remote treatment program for Alcohol Use Disorder (AUD) that combines 40 years of research with the latest technology, announced today it has secured a third round of funding. The company exceeded their target raise of $2M with Nimbus Synergies Inc. leading the round. The financing will be used to accelerate access in new locations to physicians, therapists and program materials from the privacy and comfort of home.

Since launching in Vancouver in 2016, Alavida has expanded throughout North America to include patients in British Columbia, Ontario, Alberta, Saskatchewan and most recently California.

"Working with Nimbus Synergies Inc. means we will be able to reach clients in new areas in Canada and the USA.  Because the Alavida program is delivered through our custom Tech Platform, we can expand geographically without having to expand physically,” says Alavida CEO and Founder Elliot Stone. “Nimbus’ commitment to seeing technology become the most productive and socially relevant industry in BC makes them an ideal partner to bring our business to the next level by delivering access to even more people struggling with Alcohol Use Disorder."

Alavida's revolutionary treatment program boasts a 75% success rate and has treated more than 230 clients since 2016.  Upon completion of the program, 91% of clients have reduced their drinking, with 75% reducing their alcohol consumption by more than 50%.

"In addition to expanding geographically, we have also started to work directly with insurance providers and employers.  AUD is a substantial issue in companies, and they struggle to help their employees and keep the company healthy as well,” adds Stone.  “With Alavida, it's possible to gradually reduce alcohol consumption toward a goal, be it abstinence or controlled drinking, without putting their work or family life on hold.  This lowers the barriers to seeking treatment and gets people help before they reach crisis."

About Alavida Health

Alavida Health is a science-based treatment program that combines non-addictive medication, behavioural therapy and technology to help people decrease or stop their consumption of alcohol. Alavida clients work with their doctor and therapist for typically four to six months and can access their doctors in person or virtually, making the access barrier-free. Available in North America since 2016, Alavida currently has offices in Canada and the USA. The treatment model has a success rate of over 75 percent, in line with a clinical study and 20 years of ongoing practice conducted in Finland. More information about Alavida and how treatment works can be found at www.alavida.co.

About Nimbus Synergies Inc., (a part of Discovery Parks Investments Ltd.)

Nimbus is one of the most exciting additions to BC’s tech industry and the newest member of the Discovery Parks’ group of companies. This new technology investment program is unlike anything seen in BC to date. Nimbus will invest Discovery Parks’ assets, and provide a significant boost to BC’s fertile yet underserved Health Tech sector, focusing on the intersection between life sciences and technology. Each year, three to five companies will be selected to participate. Nimbus will bring these companies together to share resources, industry specific knowledge, and relationships — to accelerate their growth and commercialization. To seed this new investment program, Discovery Parks will be committing $20 million dollars.

Contact:

Alavida:

Binu Koshy
Media Relations
P: 905-617-1988
E: Binu@marketingfactory.ca

Christine Gomes
Marketing Manager
E: chris@alavida.co

Nimbus Synergies Inc., Discovery Parks Investments Ltd. :
Christina Schroeder
Office Manager
P: 604.734.7275 ext 0
E: christina@discoveryparks.com

GlobeNewswire
globenewswire.com

Last updated on: 30/04/2018

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