We last checked in with Progressive Care Inc. (OTCMKTS:RXMD) on February 20th, as the company announced that its retail pharmacy would officially begin accepting Bitcoin payments, using external payment providers such as BitPay for processing. The company had also recently announced a record breaking month of January.
The company’s PharmCo subsidiary filled over 23,000 prescriptions in January, and generated $1.8 million in net revenues. That was more than enough to catch our attention, and the attention of the investment community as well, because that marked the start of an excellent run on the RNMD chart leading all the way through this month.
The progress Progressive Care Inc. (OTCMKTS:RXMD) had made on the chart, as we stated in our last article, “provides us with all the reasoning we need for sticking to this play and keeping track of its activity going forward.”
What was to follow was an even more impressive run, and validation of our assumption. On the day of our last mention here on Street Register (02/20), shares of RXMD saw a low of .0471, and have since gone on to hit incredible five year highs. To start off this week the stock made a move past the twenty-five cent mark . That’s an increase of more than 440% in a span of less than three weeks’ time.
In recent news, the Company announced it had signed a letter of intent to purchase a pharmacy in Palm Beach County, Florida for $300,000. The Company is beginning the due diligence process with anticipated closing to occur in the second quarter of 2018. The acquisition target is located close to major highways in a 3,000 sq. ft facility. The operation has experienced staff, all applicable licenses, commensurate PBM contracts as PharmCo, LLC, and a Parata PASS 500 unit dose packaging system.
The acquisition of this pharmacy in Palm Beach County will facilitate growth by increasing the delivery radius into Martin County which includes Jupiter and Stuart. It will also decrease costs of expansion and increase prescription dispensing efficiency. The location has the adequate facility space to provide the opportunity to develop new processes for long term care services, compounded medications, and tele-pharmacy services.
In anticipation of the acquisition, the Company drew down just under $600,000 from its Chicago Ventures funding facility. These funds will allow the Company to close the transaction as well as provide working capital for additional build out and sales ramp up of the new Palm Beach location.
“We believe this is the opportunity we have been waiting for,” stated S. Parikh Mars, CEO. “We have been rapidly gaining ground in Palm Beach County and this is the missing piece to lasting success in the area. After an exhaustive search, we think that this acquisition will be just the beginning of an aggressive expansion agenda that allows the Company to reach thousands of new doctors and patients who will benefit greatly from the PharmCo pharmacy model.” (Source: Globe Newswire)
We will be very interested to continue tracking this stock that was trading below a nickel when we came across it, and has since gone on to quadruple in value. SeeThruEquity also upgraded its price target on RXMD this week to .35 a share, so it will be interesting to see how far this ride can take us. We’ll continue to stay up on any further developments with RXMD and pass them along to you! Stay locked on StreetRegister.com and be sure you’re signed up for our 100% free smallcap newsletter. It’s as easy as that! Simply submit your primary active email address in the box below. Subscribe now!
Disclosure: No one at Street Register has been compensated in any way for the publishing of this article, nor do we hold any position in RXMD stock, short or long.