BOSTON and MENLO PARK, Calif., Nov. 15, 2021 /PRNewswire/ -- Valo Health,
LLC ("Valo"), the technology company using human-centric data and
artificial intelligence (AI) powered computation to transform the
drug discovery and development process and Khosla Ventures
Acquisition Co. (Nasdaq: KVSA) ("KVSA"), a special purpose
acquisition company sponsored by affiliates of Khosla Ventures,
LLC, announced today that both companies have mutually agreed to
terminate their previously announced agreement and plan of merger
(the "Business Combination Agreement"), effective immediately.
Both parties decided to terminate the Business Combination based
on current market conditions, particularly in the biotechnology
area.
"We formed KVSA to merge with companies that are impactful to
the world as we recently did with KVSB when we merged with
Nextdoor," said Samir Kaul, Founding
Partner and Managing Director at Khosla Ventures. "Valo Health is a
strong company and we wish them continued success as they move
forward on a very solid plan. We will continue to look for other
high-impact targets across a range of industries to deliver maximum
shareholder value."
"We made this decision to ensure that Valo continues to be in an
optimal position of strength to pursue our growth strategy and to
deliver on our mission to transform drug discovery and
development," said David Berry,
Founder & CEO. "Our team has worked hard to ensure that all of
the fundamentals of our business are strong. As we move closer
to launching our first Phase 2 trial this year, our second Phase 2
trial in the first half of next year, and continue to aggressively
build out the additional unique capabilities of our platform, we
have tremendous momentum going into 2022 and beyond."
About Valo Health
Valo Health, LLC ("Valo") is a technology company built to
transform the drug discovery and development process using
human-centric data and artificial intelligence-driven computation.
As a digitally native company, Valo aims to fully integrate
human-centric data across the entire drug development life cycle
into a single unified architecture, thereby accelerating the
discovery and development of life-changing drugs while
simultaneously reducing costs, time, and failure rates. The
company's Opal Computational Platform™ is an integrated
set of capabilities designed to transform data into valuable
insights that may accelerate discoveries and enable Valo to advance
a robust pipeline of programs across cardiovascular metabolic
renal, oncology, and neurodegenerative disease. Founded by Flagship
Pioneering and headquartered in Boston, MA, Valo also has offices in
Lexington, MA, San Francisco, CA, Princeton, NJ, and Branford, CT. To learn more, visit
www.valohealth.com
About KVSA
KVSA is a special purpose acquisition company sponsored by
affiliates of Khosla Ventures. Khosla Ventures manages a series of
venture capital funds that make early-stage venture capital
investments and provide strategic advice to entrepreneurs building
companies with lasting significance. The firm was founded in 2004
by Vinod Khosla, co-founder of Sun
Microsystems. Khosla Ventures has over $15
billion dollars of assets under management and focuses on a
broad range of sectors including artificial intelligence,
agriculture/food, consumer, enterprise, financial services, health,
space, sustainable energy, robotics, VR/AR and 3D printing.
Collectively, Khosla Ventures portfolio of investments has created
nearly half a trillion dollars in market value.
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SOURCE Khosla Ventures Acquisition Co.