NewSpring Portfolio Companies Providing Innovative Solutions to Support their Communities
April 01, 2020
With the COVID-19 coronavirus impacting every aspect of our daily lives, we all find ourselves settling into a new reality of working from home, keeping ourselves and our families safe, and navigating this new business landscape. Our team at NewSpring is fortunate to be in a position where working remotely is not only possible but productive and we hope you are finding the same.
Through 20 years of investing, NewSpring remains vigilant in our efforts to provide value to our portfolio companies through these challenging times. We have seen economic conditions fluctuate greatly in the past two decades and continue to rely heavily on our operating experience and strength of knowledge across the entire NewSpring team.
Even in the face of uncertainty, we have been overwhelmed by the positive responses of our portfolio companies to this pandemic. Several of these companies are on the front lines helping to fight back against this virus with innovative new solutions, exciting technologies, and resiliency like we’ve never seen before.
Here are a few examples of NewSpring portfolio companies who have risen to the challenge of this global pandemic:
In the rush for a vaccine or effective treatments for the coronavirus, life sciences companies are testing new drugs in clinical trials every day. TrialScope, an information technology provider to clinical trial sponsors, recently launched CoronaClinicalTrials.com, a robust search engine, that enables everyone to easily find information about COVID-19 treatments and vaccines in the works. The site is meant to offer the public information about drugs that may become available, as well as help individuals find clinical trials to participate in.
A few existing drugs have emerged as a potential treatment for COVID-19. With the number of cases in the U.S. skyrocketing, life science companies are scrambling to test them and see if they may be a safe and viable treatment for this new virus. ADL, a clinical diagnostic laboratory, is working around the clock to make their own private labs available for testing drugs that could help patients recover from COVID-19.
With individuals staying home, limiting travel, and businesses shuttered, the demand for delivery services that can transport essential items has skyrocketed. USPack, a technology-powered, final mile logistics solutions provider, has stepped up to meet this demand by facilitating the same-day transport of COVID-19 specimens, specialty pharmacy and infusion medication, medical prescription deliveries to healthcare providers, labs, and individuals, and other essential goods across the U.S.
A number of our other portfolio companies are doing their part by ramping up their services in response to this pandemic. Philadelphia’s leading independent urgent care provider, vybe urgent care, has launched a new telemedicine service that allows patients to access a vybe urgent care clinician from the comfort of their home. Mental health services provider, ncgCare, is working with states, healthcare payors, and employees to continue delivering outpatient behavior health services in an effort to divert traffic from emergency rooms. And finally, pharmacy network, TotalCareRX, is ramping up its service to critically ill patients.
Full speed ahead
For many of us, it can be difficult to know what to do in such uncertain times. It is easy to feel a sense of hopelessness. But with new ideas, new technology, and a commitment to finding new solutions, we will overcome these challenging times together.
NewSpring is fully operational and remains a strong resource for investors, portfolio companies, and peers in the deal community. We continue to seek and evaluate new investment opportunities and have a significant amount of dry powder and the flexibility to invest across the capital structure through our various strategies. Whether you are a private equity sponsor, investment bank, trusted advisor, or entrepreneur seeking capital, we may be in a position to work together. Please do not hesitate to reach out to us as a resource.
In the meantime, stay healthy and safe.