FOXO Technologies Completes Strategic Alternatives Review and Outlines Latest Progress Executing Corporate Strategy
October 23 2023 - 8:00AM
Business Wire
FOXO Technologies Inc. (NYSE American: FOXO)
(“FOXO” or the “Company”), a leader in the field of commercializing
epigenetic biomarker technology, today announces it has completed
its strategic review, following recent management changes, and
provided a business update on the Company’s progress and plans.
Mark White, Interim CEO of FOXO Technologies, stated, “Since
taking the helm just over a month ago, FOXO’s new management team
has initiated a significant restructuring of the business,
including rationalizing costs across the organization while
settling outstanding commercial issues. In particular, we have
reduced headcount expenses by approximately 65% and have begun the
process of divesting certain assets within FOXO Life, the former
business-to-business, agency-focused model, which is expected to
further reduce our operating expenses and burn rate going forward.
Most importantly, we are leveraging new artificial intelligence
(AI) technologies to both enhance our efficiency, as well as
cost-effectively drive our new direct-to-consumer (DTC)
go-to-market strategy. This includes our new subscription-based app
under development that will utilize existing health and wellness
analytic tools, as well as leverage AI, machine learning and
epigenetic data, to enhance health, wellness, and longevity.”
“Most recently we were granted an Issue Notification and Notice
of Allowance from the United States Patent & Trademark Office
(USPTO) for two key patents, respectively. The first patent
leverages an AI and machine learning model to enable the
commercialization of epigenetic biomarkers, while the second patent
leverages AI and machine learning to estimate aspects of an
individual’s health. We plan to integrate these technologies into
our new consumer-focused health and wellness offering, by providing
critical epigenetic information to individuals, thereby enhancing
their ability to make more informed health decisions through
advanced diagnostics, therapeutic solutions, and lifestyle
modifications. I truly believe the future of medicine lies in
preventative care, and the only way to take ownership of one’s own
health is to be fully informed about the potential risk factors
that could impact longevity and overall well-being. We believe our
Bioinformatics Services offering, a suite of bioinformatic tools to
help process, analyze, and interpret epigenetic data, has the
potential to save countless lives and improve the quality of life
for millions.”
“Despite some of the legacy challenges, FOXO has a rich patent
estate with extensive epigenetic data on thousands of individuals,
as a result of internally sponsored research and external research
collaborations. We look forward to leveraging this powerful data
and our advanced AI capabilities, with the goal of establishing
FOXO as the foremost leader in the emerging field of epigenetic
health data. Overall, we believe we have built a highly scalable
business model, and we look forward to unveiling new initiatives
that will enable us to further leverage AI, coupled with an
influencer model, to rapidly and cost-effectively drive uptake of
our new DTC offering.”
About FOXO Technologies Inc. (“FOXO”) FOXO, a technology
platform company, is a leader in epigenetic biomarker discovery and
commercialization focused on commercializing longevity science
through products and services that serve multiple industries.
FOXO's epigenetic technology applies AI to DNA methylation to
identify molecular biomarkers of human health and aging. For more
information about FOXO, visit www.foxotechnologies.com. For
investor information and updates, visit
https://foxotechnologies.com/investors/.
Forward-Looking Statements This press release contains
certain forward-looking statements for purposes of the “safe
harbor” provisions under the United States Private Securities
Litigation Reform Act of 1995. Any statements other than statements
of historical fact contained herein, including statements as to
future results of operations and financial position, planned
products and services, business strategy and plans, objectives of
management for future operations of FOXO, market size and growth
opportunities, competitive position and technological and market
trends, are forward-looking statements. Such forward-looking
statements include, but not limited to, expectations, hopes,
beliefs, intentions, plans, prospects, financial results or
strategies regarding FOXO; the future financial condition and
performance of FOXO and the products and markets and expected
future performance and market opportunities of FOXO. These
forward-looking statements generally are identified by the words
“anticipate,” “believe,” “could,” “expect,” “estimate,” “future,”
“intend,” “strategy,” “may,” “might,” “strategy,” “opportunity,”
“plan,” project,” “possible,” “potential,” “project,” “predict,”
“scales,” “representative of,” “valuation,” “should,” “will,”
“would,” “will be,” “will continue,” “will likely result,” and
similar expressions, but the absence of these words does not mean
that a statement is not forward-looking. Forward-looking statements
are predictions, projections and other statements about future
events that are based on current expectations and assumptions and,
as a result, are subject to risks and uncertainties. Many factors
could cause actual future events to differ materially from the
forward-looking statements in this press release, including but not
limited to: (i) the risk of changes in the competitive and highly
regulated industries in which FOXO operates, variations in
operating performance across competitors or changes in laws and
regulations affecting FOXO’s business; (ii) the ability to
implement FOXO’s business plans, forecasts, and other expectations;
(iii) the ability to obtain financing if needed; (iv) the ability
to maintain its NYSE American listing; (v) the risk that FOXO has a
history of losses and may not achieve or maintain profitability in
the future; (vi) potential inability of FOXO to establish or
maintain relationships required to advance its goals or to achieve
its commercialization and development plans; (vii) the
enforceability of FOXO’s intellectual property, including its
patents and the potential infringement on the intellectual property
rights of others; and (viii) the risk of downturns and a changing
regulatory landscape in the highly competitive biotechnology
industry or in the markets or industries in which FOXO’s
prospective customers operate. The foregoing list of factors is not
exhaustive. Readers should carefully consider the foregoing factors
and the other risks and uncertainties discussed in FOXO’s most
recent reports on Forms 10-K and 10-Q, particularly the “Risk
Factors” sections of those reports, and in other documents FOXO has
filed, or will file, with the SEC. These filings identify and
address other important risks and uncertainties that could cause
actual events and results to differ materially from those contained
in the forward-looking statements. Forward-looking statements speak
only as of the date they are made. Readers are cautioned not to put
undue reliance on forward-looking statements, and FOXO assumes no
obligation and does not intend to update or revise these
forward-looking statements, whether as a result of new information,
future events, or otherwise.
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