Canadian health technology company begins trading on the TSX Venture Exchange (TSXV)
TORONTO, May 4, 2020 /CNW/ - Newtopia Inc. (TSXV: NEWU) (the "Company"), a fast-growing telehealth-enabled habit change platform focused on chronic disease prevention, started trading today on the TSXV under the symbol "NEWU" through a direct listing. In light of the COVID-19 pandemic where nations, organizations, and people everywhere are taking a collective pause to stop the spread of this infection, Newtopia's prevention-first approach to better health is more relevant than ever, making the timing of the public listing fitting.
"Today I'm proud to announce that Newtopia has begun trading on the TSX Venture Exchange to represent a bright light amid a global disease prevention pandemic," says Jeff Ruby, founder and CEO of Newtopia. "This public offering is an invitation to join the fight against chronic disease, especially as we are all witnessing firsthand how vulnerable those with chronic disease truly are. The COVID-19 pandemic will be a catalyst for us all, as a global society, to focus on proactive disease prevention. This concept is precisely what motivated me to start Newtopia in 2008."
Headquartered in Toronto, Newtopia is following the lead of other disruptive tech companies, opting for a direct listing that better meets the needs of its investors, rather than going through a traditional initial public offering.
Following the publication of clinical randomized control trial outcomes, Newtopia has experienced 100 per cent year-over-year revenue growth since 2016. By the end of Newtopia's 2019 third quarter, the company had produced over $4.5 million in revenue, showing 40 per cent gross profit margin increase year-over-year, as well as an average of over 14,000 engaged participants.
Newtopia focuses on a sustainable, 1:1 individualized approach to habit change. The company takes into account social, psychological, and genetic insights, facilitating the prevention of chronic disease with individuals at risk of developing obesity, type 2 diabetes, heart disease, and stroke, among other conditions. Built to be fully remote, Newtopia's tailored programs combine the best of telehealth, behavioural psychology, and technology to motivate a healthy lifestyle, with data collected through supplied connected devices and wearables with no participant self-reporting.
"Newtopia was born out of the need to re-think disease prevention instead of the conventional sick care system that is perpetually stuck on its back foot. Through habit-changing innovations we help people live healthier every day, resulting in lower health costs," continues Ruby. "We look forward to continuing to grow our partnerships with risk-bearing employers and insurers to continue our mission of helping at-risk individuals on their unique path to better health."
Over the past decade, Newtopia's interdisciplinary team of medical and behavioural experts, Inspirators, and product designers have built a multi-faceted, telehealth-enabled habit change platform that has changed tens of thousands of lives. Today Newtopia is poised to become the leader in lifestyle-based disease prevention.
Newtopia is a telehealth-enabled habit change platform focused on disease prevention that delivers a 1:1 individualized approach by understanding social, psychological, and genetic insights. Our approach is proven to deliver value on investment for risk-bearing insurers in the form of reduced metabolic syndrome risk factors, medical claims savings and increased quality of life, productivity and morale for at-risk individuals. Our mission is to inspire people to live healthier. To learn more, visit newtopia.com.
For further information: Media Contact: Cole Douglas, APEX PR, [email protected], 416-460-5480.