What You Should Know:
– Augmedix closes $25 million in private placement funding and completion of a reverse merger transaction with Malo Holdings Corp.
– Following the transaction, the merged entity will be named “Augmedix, Inc.”, and will continue the historic and innovative business of Augmedix.
Augmedix, a company specializing in providing remote medical documentation and live clinical support services, today announced the closing of a $25 million private placement financing and completion of a reverse merger with Malo Holdings Corp. In connection with the financing, current investors Redmile Group, DCM, and McKesson Ventures invested alongside new investors. Financial advisory firms, Stifel, Nicolaus & Company, Incorporated, B. Riley Securities, Inc., and GP Nurmenkari, Inc. (as consulted by Intuitive Venture Partners) acted as placement agents for the private placement. Montrose Capital Partners was the sponsor for this transaction.
Reverse Merger Details
Augmedix further announced the completion of a reverse merger transaction with Malo Holdings Corp., an SEC-reporting public Delaware corporation. Following the transaction, the merged entity will be named “Augmedix, Inc.”, and will continue the historic and innovative business of Augmedix. In connection with the financing and merger, Augmedix agreed to cause its common stock to be quoted on the OTC Markets QB tier, subject to certain terms and conditions.
Remote Medical Documentation & Live Clinical Support
Founded in 2012, Augmedix converts natural clinician-patient conversation into medical documentation and provides live support, including referrals, orders, and reminders, so clinicians can focus on what matters most: patient care. The Augmedix platform is powered by a combination of proprietary automation modules and human-expert assistants operating in HIPAA-secure locations to generate accurate, comprehensive, and timely-delivered medical documentation.
Augmedix services are compatible with over 35 specialties and are trusted by over one dozen American health systems supporting telemedicine, medical offices, clinics, and hospitals. We estimate that our solution saves clinicians 2–3 hours per day, increases productivity by as much as 20%, and increases certain clinicians’ satisfaction with work-life balance by 49%
Manny Krakaris, Augmedix Chief Executive Officer, said, “We’re thrilled to complete this financing, which we believe puts Augmedix on the path of accelerated expansion, and will enable us to broaden our operational capabilities, accelerate our technology research and product development, and strengthen our marketing and sales.” Krakaris noted that the COVID-19 pandemic has accelerated the growth of telemedicine and enabled Augmedix to showcase its competitive advantages in the medical documentation market. “Because the Augmedix service is accessed through mobile devices and is telemedicine application-agnostic, our innovative technology allows clinicians access to medical note documentation, regardless of their location,” Krakaris said.
