Investing.com — Shares of Kooth (LON: ) jumped more than 9% on Tuesday after the digital mental health services company said it had secured a new pilot contract with the state of New Jersey, worth $1.45 million in its first year.
Under the terms of the contract, Kooth will provide mental health support through its Soluna platform to school districts in New Jersey, reaching an estimated 50,000 students ages 13 to 18.
The services are set to launch in mid-January 2025 and will provide students with round-the-clock access to mental health resources, content and support.
The pilot program will utilize Kooth's existing base in the US, as well as state sales expertise and licensed behavioral health professionals, to effectively deliver services.
The Soluna platform will give students access to self-directed resources, educational content, and a peer support community, as well as advance moderation by professional instructors.
In addition, students will have the opportunity to engage in confidential counseling and tutoring services, available seven days a week, providing flexibility in accessing support after school hours and on weekends.
This pilot contract with New Jersey comes after Kooth's growing presence in the US, including its contract with California and a private sector partnership with Aetna Better Health in Illinois.
The company is also in negotiations for a second pilot contract, which is expected to be completed in the first quarter of 2025.