XRHealth and Amelia Virtual Care Announce Merger, Creating the Largest XR Therapeutics Platform in the World

Both Companies will Be merged Under the XRHealth Brand Name and By the End of the Year Are Forecasted to Have over 500K VR Treatments, Exceed 25K Patients Treated, and Be Deployed by Over 2500 Clinicians

BOSTON and BARCELONA, Spain and TEL AVIV, Israel, April 18, 2023 /PRNewswire/ -- XRHealth, a Boston-based developer and operator of virtual treatment rooms, and Amelia Virtual Care, a global leading virtual reality platform for mental health professionals based in Barcelona, Spain, today announced their intention to merge into one company, which will remain called XRHealth. The union aims to create an XR therapeutic powerhouse, uniquely capable of addressing both physical and mental health issues. The combination of the two businesses is expected to deliver significant revenue during the coming months, distancing all other platforms to become the leading XR/VR therapeutic solution in the market. The completion of the merger is subject to the execution of definitive contracts by the parties, as well as to the satisfaction of certain conditions customary in this kind of transactions including the approval by the shareholders of both companies.

The merger was facilitated by Asabys Partners, a leading Barcelona-based venture capital firm specializing in health innovation and deep tech supported by Alantra and Banc Sabadell, and legacy investor at Amelia Virtual Care. In the words of Guillem Masferrer, Partner at Asabys leading this transaction, "We are very proud to see the evolution of Amelia Virtual care since our investment in 2019 to become the leading global VR platform serving mental health professionals. We have always been very impressed with XRHealth's accomplishments and believe the combination of the two will provide patients across therapeutic areas with the benefits of VR/XR therapies." Other shareholders at Amelia Virtual Care include Caixa Capital Risc, Banc Sabadell, ENDRA and CG Ventures.

"The consolidation of these two VR leading players represent an impactful opportunity to provide therapeutic virtual health care psychotherapy options to patients contributing to solve the mental health pandemic. Both companies cover the needs of patients and healthcare systems with a technological, clinical and efficient approach which represents also an outstanding opportunity for the respective shareholders," says Josep Ll. Sanfeliu, Managing Partner at Asabys.

XRHealth integrates immersive virtual reality and augmented reality (AR) technology, licensed clinicians, and advanced data analytics on one platform, providing a comprehensive therapeutic care solution that enables patients to receive treatment from the comfort of their homes. The technology helps clinicians treat patients who have complex medical conditions such as Parkinson's Disease and Multiple Sclerosis. The platform also has demonstrated efficacy in providing post-stroke rehabilitation and in treating a broad range of physical health issues, including acute and chronic pain, post-stroke needs, fibromyalgia, anxiety, stress, dementia, and menopause-related symptoms.

According to Miki Levy, XRHealth co-founder and CTO, "With our merger, we now have an end-to-end product that addresses privacy and security, multiple use cases with a variety of content, compliance and regulation, and operational tools to support scale (including real-time and asynchronous control of treatments and treatment plans, connectivity, integrations to EHR/CRM, and lines of communications). This solution is ideal for providers and third-party companies that want to help revolutionize healthcare with a XR software without investing time and money into building all the supporting infrastructure. We have a growing number of content partners today and expect this to increase dramatically after this merger."

Amelia Virtual Care offers comprehensive and flexible virtual reality software, Amelia VR, for mental health professionals to use in day-to-day clinical practices. Amelia VR provides more than 140 virtual environments, each designed by clinicians and built on the most widely accepted and effective paradigms of psychology related to cognitive-behavioral therapy (CBT). Further, the Amelia VR library enables therapists from around the world to easily access exposure tools and systematic desensitization techniques to facilitate their psychoeducation sessions with patients.

Xavier Palomer, founder and executive chairman of Amelia Virtual Care and Chief Growth Officer for the merged company, says the merger marks the most significant step yet in the company's rapid growth in recent years. "We're thrilled to join forces with XRHealth at a time when clinicians are adopting virtual reality as a mainstream tool for delivering high-quality care and engaging patient experiences. While VR is still novel to many patients, it's a well-proven solution grounded in more than 30 years of research and experience."

XRHealth CEO Eran Orr, who will remain CEO of the merged company, notes that the merger marks one of the most exciting new developments in the healthcare market. "Hundreds of papers and high volumes of clinical outcomes data have shown how powerful XR is for patients. Now that our industry is maturing, we're ready to introduce the XR platform that any hospital and clinic can use, designed specifically for the healthcare market.  The merger enables us to offer a one-stop shop to diverse players and streamline the technology in a way that will see XR devices adopted for a variety of treatments, with XRHealth leading the way for the entire industry."

The XRHealth platform on the VIVE XR Elite headsets will be demonstrated at the 2023 HIMSS Global Health Conference & Exhibition at the CDWG Federal Healthcare booth, #8535 and at the HTC VIVE booth #6012.

About Amelia Virtual Care

Amelia Virtual Care provides evidence-based virtual reality tools for mental health professionals to use in their practice. The company's VR platform is used by over 2,000 therapists across the globe to enhance patient therapy for both in-person and remote environments. https://ameliavirtualcare.com/

About XRHealth

XRHealth operates state-of-the-art therapeutic care Virtual Rooms, utilizing proprietary FDA and CE registered medical Extended Reality (XR) technology (virtual and augmented reality). XRHealth integrates immersive XR technology, licensed clinicians, and advanced data analytics on one platform, providing a comprehensive therapeutic care solution for patients to receive treatment from the comfort of their home. The company offers a variety of patent-pending solutions from rehabilitation services to cognitive assessment and training to pain management. XRHealth works with several world-renowned U.S. healthcare providers, hospitals, and rehabilitation centers. Founded in 2016, XRHealth is headquartered in Boston, Massachusetts and its R&D center is located in Tel-Aviv, Israel. https://www.xr.health/

CONTACT:
DeeDee Rudenstein
(267) 521-9654
[email protected].

SOURCE XRHealth