We have followed Progressive Care Inc. (OTCMKTS:RXMD) here on Street Register for quite some time now, and wanted to swing back around today to check in, and take a look at the last couple of announcements from the company.
For those that may not recall, RXMD is a provider of prescription pharmaceuticals, compounded medications, tele-pharmacy services, medication therapy management (MTM), and health practice risk management, amongst other things.
Progressive Care Inc. (OTCMKTS:RXMD) frequently shares fiscal milestones via its press releases and to finish out the week we have received another such update, concerning increased prescriptions filled and revenue for March 2018. The company also provided an update on previously announced tentative plans for an acquisition, with which it will move forward.
The company’s PharmCo subsidiary filled over 22,800 prescriptions during the month of March, generating nearly $1.9 million in net revenues. Prescriptions filled and revenues increased by 20% and 5% respectively compared to the same month last year. Revenues and prescription counts continue to increase as the Company promotes its proactive patient engagement model to doctor’s offices and clinics keen to lower healthcare costs and provide quality service to their patients. The company also filled over $470,000 worth of prescriptions on behalf of 340B entities (not included in Net Revenues) in February, generating fees to the pharmacy of approximately $20,000 which is over a 200% increase over the same month last year.
The Company is proceeding with its acquisition of Touchpoint Rx, located in Palm Beach County. The Company has begun the process of filing applications and notifying relevant regulatory agencies the results of which will consummate the closing. In the interim, PharmCo, LLC is facilitating the management of the Touchpoint and initiated transition processes for smooth workflow and the introduction of convenience packaging to the South Florida retail market (Source: Globe Newswire)
In other recent news, CEO S.P. Mars released a letter to shareholder wherein he made it known that he was aware of misinformation currently circulating about RXMD. He began by also revealing that the company’s website was hacked, although no patient or non-public information is available through the website, so no breach of personal data occurred.
Next, Mr. Mars addressed and refuted public speculation that insiders of the company have been selling shares or that its funding partner is irresponsibly selling shares. He also noted that no one in his employ could have sold any share, because all shares owned by employees and management are still in certificate form with their restrictive legends still in place.
As for the company’s funding partner, Chicago Venture Partners; according to Mars, it is bound by a leak-out agreement, which it has honored since beginning the conversion of its facility last year. Of the new funds drawn down, $50,000 was converted into roughly 2.4 million shares, which were then sold over a period of several days, with no further conversions having been executed.
Mr. Mars also reassured that there is no plan for a reverse split of the company’s common stock, nor could there be without the proper shareholder approval. While he did concede that it always a future possibility, it is not currently being considered.
According to HealthyPeople.gov, a nationwide ten-year health initiative, health communication and health information technology are central to health care, public health, and the way our society views health. These processes make up the ways and the context in which professionals and the public search for, understand, and use health information, significantly impacting their health decisions and actions.It is in those areas that RXMD has continued to make headway and for that reason, we have been tracking it closely, and will continue to do so. We’ll 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.