Opyl Limited announces divestment of Opin to focus on AI-driven clinical trial management
Opyl Limited, listed on the Australian Securities Exchange under the ticker ASX:OPL, has entered a significant phase of corporate restructuring with the announcement of a non-binding offer from Trial Screen Pty Ltd, led by Dr. Hugo Stephenson, to acquire its patient candidate recruitment business, Opin. The proposed deal, which includes the divestment of Opin for A$1 and a 20% equity stake in Trial Screen, marks a pivotal shift in Opyl’s strategic direction, with a completion target set for 30 April 2024.
This strategic decision requires shareholder approval in accordance with ASX Listing Rule 11.2, underscoring its significance to the company’s future trajectory. Opyl intends to transfer all related intellectual property, key employees, clients, and brand assets of the Opin business as part of the sale. This move is expected to significantly enhance Opyl’s monthly cashflow by alleviating the approximately $700K annual net cash outflows attributed to Opin, thereby enabling a sharper focus on and investment in the company’s AI solution, TrialKey.
The divestment follows a strategic review by Opyl, concluding that a concentrated effort on its AI platform, TrialKey, is paramount for achieving long-term success. TrialKey, an innovative platform for clinical trial management, has been gaining traction in the market, attracting attention from biopharma, clinical research organizations (CROs), and life science investors. This growing interest is a testament to TrialKey’s potential in revolutionizing clinical trial processes with cutting-edge AI technology.
Dr. Hugo Stephenson’s role as a consultant and Head of Opin has been crucial in orchestrating the efficient transition of the Opin business. His involvement ensures continuity and opens pathways for future collaboration between Opin and TrialKey, aligning with both entities’ mission to support advancements in clinical trials and healthcare technology.
The decision to prioritize TrialKey over Opin reflects Opyl’s commitment to positioning itself as a leading disruptor in the AI technology domain within the clinical trials market. By leveraging AI to enhance clinical trial management, Opyl is poised to deliver significant long-term value to its shareholders and establish a formidable presence in the innovative clinical trial solutions space.