News Article | May 4, 2017
Combines Three Subsidiaries to Provide Advanced Precision Medicine for Patients, Physicians and Health Organizations; Appoints Industry Veteran Scott Jenkins to Lead the Group WEST PALM BEACH, FL--(Marketwired - May 04, 2017) - Rennova Health, Inc. ( : RNVA), ( : RNVAZ) ("Rennova" or the "Company"), a vertically integrated provider of industry-leading diagnostics and supportive software solutions to healthcare providers, announces the formation of the Advanced Molecular Services Group, Inc. ("AMS Group" or the "Group") to focus on precision medicine. The Group includes CollabRx, Inc., Genomas, Inc. and Alethea Laboratories, Inc., Rennova's New Mexico laboratory. Rennova's board of directors is considering all options to create shareholder value, and subject to required consents and approvals may spin off the Group to its stockholders. AMS Group's focus will be on mental and behavioral health, oncology, urology and cardiovascular disease. These areas benefit from understanding each person's molecular profile and, in turn, determining the best treatment protocol. The Group's proprietary technology combines Rennova's advanced testing development whereby the results of laboratory data are interpreted to provide treatment guidance to physicians and patients, with expertise in machine learning. Over time the AMS Group is expected to expand its offerings in both areas to help deliver precision medicine-based solutions. Rennova has licensed a critical mobile application that brings these services to users and intends to release a beta version this summer. This would bring the AMS Group's advanced products to patients, physicians and health organizations throughout the U.S. with testing to be conducted at Alethea Laboratories. Rennova also announces that following an extensive search, Scott Jenkins, Ph.D., a long-time Silicon Valley Healthcare IT executive with nearly 30 years of experience, has been selected to lead the newly formed AMS Group as chief executive officer. Dr. Jenkins is responsible for the integration of the operations of the individual companies that comprise the Group. "Precision medicine is exploding in part because of advances in diagnostic technologies and machine learning. Rennova has these key components to be a leader in this space," says Dr. Jenkins. "Every patient, physician and health organization needs immediate access to these life-changing tools, and we are going to deliver them." Dr. Jenkins comes to Rennova from Alchemist Ventures, where he led the development of many innovative precision medicine companies. Dr. Jenkins has been an executive in Healthcare and Life Sciences at Applied Biosystems, IBM and Apple, and more recently at Dell Healthcare where he was Vice President for Healthcare Solutions sales. Over the past several years, Dr. Jenkins has been committed to the advancement of precision medicine. He has lectured and presented papers at many global conferences, including most recently at Health2.0, The Milken institute, Best Practices in Personalized Medicine, The Galan Institute and Personalized Medicine World. He holds a Ph.D. in organic chemistry from the University of Minnesota and a B.S. in chemistry from Minnesota State University. Rennova provides industry-leading diagnostics and supportive software solutions to healthcare providers, delivering an efficient, effective patient experience and superior clinical outcomes. Through an ever-expanding group of strategic brands that work in unison to empower customers, we are creating the next generation of healthcare. For more information, please visit www.rennovahealth.com. This press release includes "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Actual results may differ from expectations and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "continue," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Additional information concerning these and other risk factors are contained in the Company's most recent filings with the Securities and Exchange Commission. The Company cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. The Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in their expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.
News Article | November 14, 2016
WEST PALM BEACH, FL--(Marketwired - November 14, 2016) - Rennova Health, Inc. ( : RNVA) ( : RNVAZ), a vertically integrated provider of industry-leading diagnostics, supportive software and medical billing services ("Rennova" or the "Company"), today reported financial results for the three and nine months ended September 30, 2016, and provided a business update. Business highlights for the third quarter of 2016 and recent weeks include: "Our third quarter financial results are disappointing and do not reflect the continued performance and success the Company has had in recent months in securing new customers in all divisions of our business. Sales for the third quarter were less than the second quarter as a result of the adjustment of our model towards business for which we are more likely to secure payment, and longer onboarding and integration times to start new customers. Underlying sales in our software division have grown in the third quarter, and we achieved a number of milestones and advanced several initiatives to create cost efficiencies and drive growth in the fourth quarter and throughout 2017," said Seamus Lagan, Rennova's chief executive officer. "Our immediate focus is to return Rennova to profitability. To that end, we believe it is vital to secure preferred provider contracts with insurance companies and other third-party payers. This, we believe, will ensure adequate and timely payment for our core business of laboratory testing services. Our success in securing licensure and contracts throughout the year has driven the refocus of our sales efforts on securing new business for which these licenses and contracts enable us to receive payment." "As previously disclosed, late 2015 saw a dramatic adjustment in the substance abuse sector in which we have historically been focused. A number of large third-party payers declined to reimburse laboratory testing services in the drug rehabilitation and toxicology sector, owing to industry-wide issues of integrity. Despite our exceptional compliance record, Rennova was negatively impacted by these decisions. However, I am very pleased with the progress we are making to expand preferred provider contracts, diversify our diagnostics business and build contracted sustainable relationships for the other divisions of our Company. As a result of these efforts, I believe we are on a path to quickly achieve positive and profitable cash flow in the immediate future." Commenting on expectations for the remainder of the year, Mr. Lagan said, "While the lag in sales revenue from our recently added customers and the losses incurred throughout the year have created an uncomfortable financial position for the Company that has resulted in the Company being in default of certain obligations, the Company is currently seeking, and expects to secure, the additional capital required to get to cash flow break even and profitability in the near future. The Company expects that recent achievements have created the opportunity to grow revenues adequately in all divisions to service its financial commitments and meet its business objectives," Mr. Lagan concluded. Net revenues for the third quarter of 2016 were $0.3 million, compared with $5.9 million for the third quarter of 2015. The decrease was primarily due to lower insured test volume, as well as the determination as of September 30, 2016 that the collectible portion of gross billings that should be reflected in net revenues was 15% of outgoing billings, compared with 20% of outgoing billings the prior year. The change in estimate of the collectible gross billings impacted our revenues for the quarter by $1.7 million. As a result, Clinical Laboratory Operations Revenue was $0.2 million in the third quarter of 2016, as compared with $4.1 million for the same period of a year ago. Total Supportive Software Solutions billings was $0.2 million in the third quarter of 2016, of which approximately $0.1 million was recognized in net revenues in the third quarter, with the remainder to be recognized in future periods. We had de minimus software revenues in the third quarter of 2015. The increase was due to revenues generated by sales of the Company's Medical Mime EHR product, which was launched in the fourth quarter of 2015. Decision Support and Informatics net revenues were $0.1 million for the third quarter of 2016, compared with no revenues in the prior year's third quarter, as this segment was created with the acquisition of CollabRx, Inc. in November 2015. Operating expenses for the third quarter of 2016 were $12.9 million, compared with $9.5 million for the prior-year third quarter. The increase was primarily due to bad debt expense of $3.7 million, engineering expenses associated with the acquisition of CollabRx of $0.5 million, and to an increase in general and administrative expenses of $1.0 million, partially offset by a decline in direct costs of revenue of $1.5 million. The Company has transitioned a significant portion of its testing from external reference laboratories to internal processing, which resulted in a 70% decrease in direct costs per sample. The Company reported other income of $0.6 million for the third quarter of 2016, compared with other expense of $0.4 million for the third quarter of 2015. The increase was mainly due to a gain on the change in the value of derivative instruments of $2.1 million in 2016, partially offset by an increase in interest expense of $1.1 million. The Company recognized no income tax benefit for the third quarter of 2016, compared with an income tax benefit of $2.7 million for the third quarter of 2015. Net loss attributable to common stockholders for the third quarter of 2016 was $12.0 million, or $0.29 per basic and diluted share, compared with a net loss attributable to common stockholders for the third quarter of 2015 of $1.5 million, or $0.05 per basic and diluted share. Net revenues for the nine months ended September 30, 2016 were $5.2 million, compared with $28.9 million for the nine months ended September 30, 2015. The decline was primarily due to lower insured test volume in the Clinical Laboratory Operations segment. The nine months ended September 30, 2016 include software revenues of $0.6 million, as compared to $0.5 million in the same period of a year ago, and $0.5 million of Decision Support and Informatics revenues. Operating expenses declined to $29.7 million for the nine months ended September 30, 2016, compared with operating expenses of $34.9 million in the prior-year period. The decrease was largely due to a $7.3 million reduction in direct costs of revenue and a $2.2 million decrease in general and administrative expenses. The net loss attributable to common stockholders for the nine months ended September 30, 2016 was $22.1 million, or $0.94 per basic and diluted share, compared with a net loss attributable to common stockholders of $6.1 million, or $0.21 per basic and diluted share, for the prior-year period. The Company had cash and cash equivalents of $0.5 million as of September 30, 2016, compared with $8.8 million as of December 31, 2015. The Company has not made the last two required payments under a senior secured convertible debenture with an outstanding principal amount of $3.0 million, and currently does not have the financial resources to satisfy this obligation. The Company is currently negotiating a forbearance agreement with the lender and is exploring several alternatives to refinance the debenture. Rennova Health management will hold a conference call and webcast today at 11:00 a.m. Eastern time to discuss third quarter financial results and provide a business update. To access the conference call please dial 888-563-6275 from within the U.S. or 706-634-7417 from outside the U.S. All listeners should provide passcode 16435379. Individuals interested in listening to the live conference call via the Internet may do so by logging on to the Company's website at www.rennovahealth.com. Following the conclusion of the conference call, a replay will be available through November 20, 2016 and can be accessed by dialing 855-859-2056 from within the U.S. or 404-537-3406 from outside the U.S. All listeners should provide passcode 16435379. The webcast will be available for 30 days. Rennova Health, Inc. ( : RNVA) provides industry-leading diagnostics and supportive software solutions to healthcare providers, delivering an efficient, effective patient experience and superior clinical outcomes. Through an ever-expanding group of strategic brands that work in unison to empower customers, we are creating the next generation of healthcare. For more information about Rennova Health, Inc., visit www.rennovahealth.com. This press release includes forward-looking statements that are subject to significant risks and uncertainties; actual results could differ materially from those projected and Rennova Health cautions investors not to place undue reliance on the forward-looking statements contained in this release. Risks and uncertainties relating to Rennova Health include those found in Rennova's filings with the Securities and Exchange Commission, which are available on www.sec.gov. Rennova Health undertakes no obligation to update or revise any such forward-looking statements to reflect subsequent events or circumstances, except as may be required by law.
Shrager J.,CollabRx |
Shrager J.,Stanford University
AI Magazine | Year: 2011
Cancer kills millions of people each year. From an AI perspective, finding effective treatments for cancer is a high-dimensional search problem characterized by many molecularly distinct cancer subtypes, many potential targets and drug combinations, and a dearth of high-quality data to connect molecular subtypes and treatments to responses. The broadening availability of molecular diagnostics and electronic medical records presents both opportunities and challenges to apply AI techniques to personalize and improve cancer treatment. We discuss these in the context of Cancer Commons, a "rapid learning" community where patients, physicians, and researchers collect and analyze the molecular and clinical data from every cancer patient and use these results to individualize therapies. Research opportunities include adaptively planning and executing individual treatment experiments across the whole patient population, inferring the causal mechanisms of tumors, predicting drug response in individuals, and generalizing these findings to new cases. The goal is to treat each patient in accord with the best available knowledge and to continually update that knowledge to benefit subsequent patients. Achieving this goal is a worthy grand challenge for AI. Copyright © 2011, Association for the Advancement of Artificial Intelligence. All rights reserved.
CollabRx | Date: 2015-06-03
An evidence-based computerized method for forming treatment plans can utilize an actionability framework, which can include a basis of actionability and a rationale for actionability for biomarkers. Treatment rules derived from data in literature, such as from clinical trials, case studies, research and published literature, can allow the method to form treatment plans with support reasoning and citations, similar to those of medical professionals. Thus the treatment plans proposed by the evidence-based treatment process can survive the inspection and scrutiny of treating physicians due to the available and cited support documents.
CollabRx | Date: 2011-08-26
Methods to treat cancer patients, especially melanoma patients, who have BRAF mutations and have become resistant to BRAF mutant kinase inhibitors employ inhibitors of multiple receptor tyrosine kinases. In addition, methods are described for identifying pharmaceutical compositions and drugs that will be successful in treating these patients.
CollabRx | Date: 2014-01-10
Computer software applications for providing web-based and mobile expert systems for clinical decision support; computer software applications for providing expert systems for clinical decision support; computer software applications with reference tools, social media and expert systems for providing web-based and mobile expert systems for clinical decision support. online non-downloadable computer software for mobile and web-based applications with reference tools, social media and expert systems for providing web-based and mobile expert systems for clinical and medical decision support. Providing medical information for clinical and medical decision support on web-based and mobile expert systems; providing medical information via clinical and medical reference tools, social media and expert systems; medical information subscription services for data analysis based on user data and use patterns and for clinical and medical decision support.
CollabRx | Date: 2014-01-10
Computer software applications for providing web-based and mobile expert systems for clinical and medical decision support; computer software applications for providing expert systems for clinical and medical decision support; computer software applications with reference tools, social media and expert systems for providing web-based and mobile expert systems for clinical and medical decision support; software for providing data analytics; software for providing annotation and interpretation of genetic variants. Online non-downloadable computer software for mobile and web-based applications with reference tools, social media and expert systems for providing web-based and mobile expert systems for clinical and medical decision support; providing medical and scientific research information in the field of annotation and interpretation of genetic variants. Providing medical information for clinical and medical decision support on web-based and mobile expert systems; providing medical information via clinical and medical reference tools, social media and expert systems; medical information for data analytics; providing medical information in the field of annotation and interpretation of genetic variants.
News Article | January 4, 2011
[Update 7:10 am 1/5/11] Cancer patients share their personal ups and downs all the time on Facebook and who knows how many Internet message boards. Now if one Silicon Valley entrepreneur gets his way, scientists and physicians will start sharing their experiences in treating cancer in ways that might actually help them come up with better personalized treatment strategies. Jay “Marty” Tenenbaum, an e-commerce pioneer and cancer survivor, started down this road a couple years ago with a startup in Palo Alto, CA called CollabRx. Now he’s putting a new twist on this idea by using the company’s web-based apps and services to set up an open-source database, called Cancer Commons, to put all kinds of real-time data on how cancer patients with specific tumor types are responding to certain therapies. For this kind of thing to catch on, it will have to demolish a culture in which researchers hold experimental data close to the vest until they can publish career-making scoops in peer-reviewed journals like Nature or the New England Journal of Medicine. That’s no easy thing to overcome, even if you make the coolest cancer research app ever for a smartphone or a tablet. Many top biologists could care less. “There are people in life sciences who still get their e-mail read to them by someone,” Tenenbaum says. And while some biologists may change their technology tools quickly, changing the professional culture from one of opaqueness to transparency is the real challenge. “It’s just so deeply ingrained to be competitive. We all talk about collaboration, but it’s almost anathema,” he says. Tenenbaum, 67, is setting out to make information technology tools that are so useful, so compelling, so irresistible that cancer physicians and researchers will have to use it to stay on the cutting edge of their fields—and to stay relevant to their patients. It’s an audacious dream, but Tenenbaum has been ahead of a very big curve once before. He was the founder and CEO of Enterprise Integration Technologies, the first company to conduct a commercial Internet transaction, in 1992. By the late ’90s, Tenenbaum got a personal look at how the world of medicine used (and didn’t use) information technology. He was diagnosed with melanoma, a very difficult to treat and often deadly form of skin cancer. He was lucky—his first round of treatment was successful. But as scientists sequenced the genome and heralded the era of personalized medicine, he was still frustrated by how little of this data was being shared among peers to help develop better drugs in a faster way. There was nothing in biology that worked like an open-source community, which combine brainpower to make software. CollabRx was founded in 2008 to develop web-based apps and services that could help connect the necessary players—doctors, researchers, patients, drugmakers. It has raised $5.5 million from angel investors, Tenenbaum says. For the company, he spent a couple years knocking on doors trying to win more support from nonprofit foundations that support research into rare diseases, in hopes they would provide sustained financing. Essentially, Tenenbaum says he offered them a chance to apply some of their learnings from basic research in a new drug development model, without spending a lot of money on bricks and mortar lab space. No dice. “We needed to engage companies and academics who didn’t want to partner exclusively with CollabRx. They want to play on neutral turf. That’s why set up CancerCommons,” Tenenbaum says. There’s nothing exclusive about the Cancer Commons—it’s a free and open … Next Page »