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MMCV, Inc.
9 Sept 2024
Momentum We Can Measure
Announcements
We are excited to present a comprehensive update on MMCV’s significant progress and key developments following the leadership transition last April.
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MMCV's core strategy remains dedicated to generating commercial value for Meharry Medical College by fostering strategic partnerships, advancing technology transfer, and making targeted investments. We are committed to building impactful collaborations that drive economic growth while promoting health equity. Below are a few of our upcoming projects:
Nursing: We are strategically exploring the acquisition of Nursing School opportunities in South Africa, a move that addresses the College’s goal to expand its footprint in Africa, while directly addressing the global shortage of nurses.
Pharmacy and Imaging Operations: We are actively working to identify partners to expand and integrate both into the MMC clinical enterprise. Our goal is to launch an imaging operation with both onshore and offshore radiology capabilities by January 31, 2025.
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In line with our technology transfer efforts, we are diligently evaluating MMC's extensive intellectual property portfolio for potential investment and commercialization opportunities. A standout asset is a patent for antibodies that definitively distinguish between Crohn's disease and Ulcerative Colitis in tissue samples. Ongoing research is focused on verifying its efficacy in blood and serum, which could significantly expand its diagnostic applications.
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MMCV was established to commercialize opportunities that provide additional revenue streams to MMC. As part of this effort, we launched a pilot fund utilizing $2MM of its own assets with a thesis to invest in auxiliary services that would support and enhance the MMC clinical enterprise. Key developments from the pilot fund include:
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Meharry Medical College Consolidated Clinical Laboratories (MMCCCL): We have invested $640,000 to establish the clinical pathology lab, which is set to begin processing commercial samples on September 24, 2024.
MMCCCL has a valuation of $11.3 MM that is based on its contracted revenue, as confirmed by our accountants.
Currently, MMCV has $12.6 MM in Assets Under Management (AUM).
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As we sought investment opportunities, we realized there was a significant opportunity to raise capital and invest more broadly in health equity initiatives. To that end, we invested $100,000 to establish a venture capital fund, MMC Ventures Fund I, and as its general partner, committed to invest $1MM.Â
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Our $640,000 investment in the clinical pathology lab has already added significant value:
Transformed underutilized space at MMC into a fully operational organization with a post-money valuation of over $11.3 MM.
Increased our AUM to $12.6 MM.
Showcased the effectiveness and impact of our investment strategies.
Strengthened MMCV’s financial position, growing from $2 MM in cash on hand to $12.6 MM in AUM, significantly enhancing our balance sheet.
Established a solid foundation for our $100MM target VC fund.
Provided valuable training opportunities in support of MMC’s academic pathology program.
The remaining $360,000, initially earmarked for further investments in auxiliary services following the lab investment, has been temporarily used to cover operational expenses. However, as we raise additional funds and generate revenue, we remain fully committed to investing the $360,000 in the next auxiliary service and utilizing the proceeds from those operations to further enhance our clinical enterprise.
To date, we have achieved the following milestones with the fund:
Invested approximately $100,000 to establish the fund, including the back office functions and legal expenses.
Set an ambitious goal of raising $100MM to target specific healthcare companies in various sectors.
Committed $1MM as the fund's first Limited Partner.
Secured a $4MM commitment from MMC to be our second Limited Partner.
Engaged in discussions with over 50 potential investors, with targeted efforts to anchor the fund with strategic local investors such as Vanderbilt University, Vanderbilt University Medical Center, HCA Healthcare, and Blue Cross Blue Shield Tennessee. These conversations and due diligence processes are ongoing and progressing positively.
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We're excited about the Fund's early traction. Our current portfolio includes investments in a restorative health company, a health technology firm, and an innovative medical device company. These ventures underscore our commitment to driving impactful change and transformational advancements in health equity.
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As we continue to expand our portfolio and work toward our $100 million target, we are confident that, with your continued support, we will reach even greater milestones in the years ahead.
In addition to the above, MMCV is actively leveraging its resources and healthcare expertise to support the advancement of current opportunities for MMC, as well as the long-term growth objectives that support the vision of President and CEO of MMC, Dr. James E.K. Hildreth. The initiatives underway that align with our mission to enhance patient care, support medical education, and drive long-term growth include:
The establishment of a culturally competent accountable care organization, ensuring that diverse patient needs are met with the highest level of care.
The revitalization of our clinical enterprise, which is designed to increase patient volume, generate revenue for the college’s operations, and create a rich environment for the training and development of medical students.
A new partnership with Oracle Health that fosters growth while ensuring the delivery of high-quality healthcare to all MMC patients.
The development of a unique value-based care model tailored specifically to MMC, positioning us as a leader in innovative care solutions.
The enhancement of auxiliary services, which not only support student training but also create additional revenue streams to fuel further expansion.
These initiatives reflect our commitment to excellence in healthcare and education, and we are excited about the positive impact they will have on MMC’s future.
Many of our initiatives are interconnected and build upon one another. For instance, our partnership with Oracle Health offers MMC a unique opportunity to implement cutting-edge, high-tech solutions. However, fully leveraging this relationship requires several key steps: establishing an accountable care organization (ACO), developing a robust provider network, securing managed care patients, creating a dedicated Care Management Team, and implementing a value-based care model. Each of these elements plays a critical role in maximizing the benefits of the Oracle Health partnership and advancing our broader goals.
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Striving to move our initiatives forward, MMCV has engaged with Dr. Rick Gannotta, a consultant with extensive experience in leading academic health science centers and faculty practice plans, and currently a professor at New York University (NYU). Together, MMCV and Dr. Gannotta have developed comprehensive plans to integrate and advance these key initiatives.
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MMC’s President, Dr. Hildreth is confident that this is the perfect moment to advance these initiatives, and MMCV is fully aligned with this exciting vision for growth and innovation.Â
Our Vision for Nursing Education
Guided by Dr. Hildreth's vision, MMCV, Inc. is actively exploring opportunities to acquire nursing institutions abroad and expand MMC’s presence in Africa by supporting and advancing nursing education. A nursing education program is part of a broader vision to strengthen the MMC’s leadership in healthcare education and address the growing demand for skilled nursing professionals. We are currently conducting due diligence on a nursing college in South Africa, with plans to acquire up to six additional institutions. These colleges will be rebranded under the Meharry Medical College name, creating a network of nursing schools dedicated to providing high-quality, culturally sensitive education. This expansion highlights MMC’s commitment to developing future healthcare leaders and improving health outcomes in communities across the region.
Meharry & MMCV to partner with Oracle for culturally competent Healthcare Technology Model
MMC is driving healthcare innovation through a strategic partnership with Oracle. Together, MMC, MMCV, and Oracle aim to establish a culturally sensitive, accountable care organization (ACO) designed to serve diverse communities. This collaboration will also focus on creating an advanced back-office system to support our new health network providers, upcoming network partners, and acquired practices, ensuring seamless integration and enhanced care delivery.
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The ACO will work to build a strong network of healthcare providers and offer high-quality care with a focus on comprehensive services. Our goal is to enhance patient care and reduce administrative complexities.