One Drop Announces Nearly $100M Financing And Commitments By Bayer

One Drop

2020-08-24 19:00 4330

English

$98.7M financing, development fees and commercial milestone commitments accelerate the development and commercialization of One Drop's digital health platform and data-driven predictive capabilities across multiple therapeutic areas

NEW YORK, Aug. 24, 2020 /PRNewswire/ -- One Drop, a leader in digital solutions for people living with diabetes and other chronic conditions, today announced a new agreement with Bayer to jointly develop digital health products for multiple therapeutic areas based on One Drop's predictive, preventative, personalized self-care platform. It has closed on a $34.7 million Series C financing led by Bayer as well as $64 million in development fees and potential commercial milestone payments.

The new agreement demonstrates Bayer's commitment to its partnership with One Drop and the One Drop vision of data-powered, efficient, personalized self-care as the future of chronic condition management. One Drop's winning solution is fueled by data, drawing on more than 13 billion diverse health data points from users who have downloaded One Drop over three million times. This data-powered platform enables health predictions delivered through a user-centric experience that provides the right interventions at the right times.

While One Drop currently supports people in the management of diabetes, prediabetes, high blood pressure, high cholesterol, or any combination of these conditions, Bayer's $64 million in development commitments and potential commercial milestones will help expand One Drop's industry-leading solution into Bayer's focus areas, e.g., cardiology, oncology and women's health. The modular architecture of One Drop's solution will enable expansion into the new therapeutic areas. Rather than treating individual conditions, One Drop's self-care experience will support all the conditions that an individual may be managing, delivering a whole-person approach that drives sustainable outcomes.

"To deliver better health outcomes and cost savings at a population level, we must focus on individuals," said Jeff Dachis, CEO and founder. "One Drop delivers a personalized health transformation program that dynamically tunes to your needs and behaviors each day, empowering each individual to achieve the best possible health outcomes. In contrast, other platforms lacking our data wealth and predictive engine continue to focus on telemedicine and remote monitoring, reacting to problems that have already occurred and delivering a one-size-fits-all model that works for some, but fails for most."

One Drop's digital health platform has been available to consumers, employers, insurers, and healthcare providers since 2016, and its effectiveness has been confirmed by over 20 peer-reviewed studies demonstrating significant improvements in glycemic control among people living with diabetes in as little as one month. Most recently, at the 80th Annual American Diabetes Association's Scientific Sessions, One Drop presented long-term A1C, blood pressure, and weight outcomes forecasts for individuals living with diabetes, hypertension, and prediabetes, as well as overnight hypoglycemia predictions for continuous glucose monitor (CGM) users. These forecasts are powered by the same pooled population data that drives the machine learning models behind One Drop's health forecasting and insights. Currently, One Drop users can receive eight-hour glucose forecasts, along with real-time advice for exercise, diet, and lifestyle adjustments, every time they log data in the One Drop app.

"Building new digital business models is a key element of our business strategy with the ambition to actively shape the future of healthcare," said Jeanne Kehren, PhD, Head of Digital & Commercial Innovation and Member of the Pharmaceuticals Executive Committee of Bayer AG. "We are convinced that a data-driven approach will empower patients to drive better outcomes for themselves and will bring back the person, not the disease, as the point of focus. The new collaboration with One Drop allows Bayer to further accelerate its evolution towards a digital health business and paves the way for new integrated care patient service offerings."

By focusing on the individual, One Drop's intelligent solution bridges the final mile between healthcare and self-care by meeting the needs of stakeholders across the industry, from the provider who desires improved patient care, to the manufacturer who wants to maximize effectiveness, and finally to the payers who seek to improve outcomes and lower healthcare costs.

About One Drop

One Drop reimagines possible by harnessing the power of clinical science, behavioral science and advanced AI to transform the lives of people with chronic conditions worldwide. Evidence-based and clinically effective, One Drop's digital health platform delivers one-on-one coaching and personalized health transformation plans that promote positive behavior change and drive outcomes for all individuals, while reducing costs for their insurers, employers, and healthcare providers. One Drop products and services can be purchased in One Drop's award-winning app (iOS and Android) and at https://onedrop.today, Walmart, Amazon, BestBuy, the Apple Store, and CVS.

For information on helping your organization lower the cost of care, contact results@onedrop.today.

About Bayer

Bayer is a global enterprise with core competencies in the life science fields of healthcare and nutrition. Its products and services are designed to benefit people by supporting efforts to overcome the major challenges presented by a growing and aging global population. At the same time, the Group aims to increase its earning power and create value through innovation and growth. Bayer is committed to the principles of sustainable development, and the Bayer brand stands for trust, reliability and quality throughout the world. In fiscal 2019, the Group employed around 104,000 people and had sales of 43.5 billion euros. Capital expenditures amounted to 2.9 billion euros, R&D expenses to 5.3 billion euros. For more information, go to www.bayer.com

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