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B.C. med-tech Custom Health to go public via SPAC

American SPAC to put B.C.'s Custom Health on NYSE
Custom Health developed software used in a device, made by a third party, that manages the dispensing of medications.| Custom Health screengrab

A B.C. pharmacist who developed medication management technology for patients on multiple medications will launch his company, Custom Health Inc., on the New York Stock Exchange through a special purpose acquisitions company (SPAC).

Berenson Acquisition Corp. (NYSE:BACA), an American “blank check” company, had been casting about for a new company to invest in and settled on Custom Health, says Alyssa Barry, CEO of the public relations firm irlabs.

Shane Bishop, a pharmacist and founder and CEO Custom Health, developed software for tracking medications use in patients who are on multiple medications, which increases the risk of both under- and over-medication.

“The combination, centered around technology-enabled medication management, aims to address the needs of poly-med patients, representing a significant market of 78 million people in North America,” irlabs says in a news release.

The companies today announced that they have entered into a definitive business combination agreement to publicly list Custom Health on the NYSE. The companies are planning to raise US$40 million through the public offering.

“Proceeds from the proposed transaction and related financing are expected to be used to fuel organic growth and allow Custom Health to continue to execute on its proven add-on acquisition strategy,” the company said in a news release.

"We are very excited to work closely with the BACA team to enable us to better transform the care experience for people at home,” Bishop said. “We believe that their deep mergers and acquisitions expertise coupled with our shared commitment to impact patient lives will accelerate our path to market.”

"We believe that Custom Health will be a first-of-its-kind public company within the healthcare sector, utilizing a vertically-integrated business model that leverages proprietary technology at its owned and network pharmacies to manage the full cycle of a patient's medication and care journey," said BACA CFO Amir Hegazy.

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