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New York, NY – February 24, 2022 – The average American’s lifespan may have increased to 78 years old, but chronic diseases are are still prevalent. According to the CDC, six in 10 adults in the US have a chronic disease and it has become the leading cause of death and disability across the nation. The rise in chronic disease cases has led to a significant increase in specialty medication development as well as a rise in specialty pharmacies, which are associated with better patient care and higher rates of adherence. Healthcare companies like Mednow, Inc. (TSXV:MNOW) (OTCQB:MDNWF), 1Life Healthcare, Inc. (NASDAQ:ONEM), Hologic, Inc. (NASDAQ:HOLX), Medtronic plc (NYSE:MDT), and WELL Health Technologies Corp. (TSX:WELL) (OTCPK:WLYYF) are all well-placed in the healthcare and specialty pharmacy sectors to serve this growing market.
Chronic disease management requires constant monitoring and adjustments for symptoms and side effects, which is where healthcare technology companies offering virtual access with exceptional care like Mednow, Inc. (TSXV:MNOW) (OTCQB:MDNWF) come in.
On February 24,2022, Mednow provided a corporate update outlining major operational milestones over the last few months, including several key acquisitions and milestones.
On February 22, 2022, Mednow, Inc. acquired London Pharmacare Inc. and Liver Care Canada Inc. (collectively, the “Liver Specialty Group”). This acquisition is Mednow’s second acquisition within the specialty pharmacy market and is expected to strengthen the company’s expertise in hepatological drugs. Mednow is a healthcare technology company, with its own digital pharmacies, offering telemedicine services as well as home doctor visits, genetic testing, mental health assessments and nutritionists.
In its last fiscal year, the Liver Specialty Group generated approximately C$21M in revenue and C$2M in gross profits from selling prescription medications and support services to its patients. The Liver Specialty Group deal follows Mednow’s acquisitions of InfusiCare Canada Inc. on November 18, 2021, and Medvisit on August 6, 2021. The combination of Liver Specialty Group, InfusiCare and Medvisit’s aggregate revenue in their last fiscal years was approximately C$34M and C$3.2M in total gross profit.
“The successful acquisition of the Liver Specialty Group further demonstrates the continuation of our acquisition strategy to continue to expand nationally and grow organically” said Karim Nassar, Chief Executive Officer of Mednow. “Over the last ten months, since our initial public offering in March 2021, Mednow has continued on its growth trajectory by acquiring companies with aggregate revenue in their last fiscal year of approximately C$33.6M and C$3.3M in total gross profit, while building out a national, digital pharmacy.”
The acquisition of the Liver Specialty Group’s expands Mednow’s offering of specialty pharmacy services to two, following the acquisition of InfusiCare Canada Inc. last month. Liver Specialty Group’s database includes a patient base of 100,000 patients, ten Hepatologist and Gastrointestinal Specialists, ten Nurses and two Nurse practitioners and boasts a history of 5,000 cured patients of hepatitis C.
The acquisition of the Liver Specialty Group is Mednow’s second acquisition within the specialty pharmacy space. In November 2021, the company signed an agreement to acquire InfusiCare Canada and its wholly-owned subsidiary, a specialty pharmacy that is also operating out of the Arva Clinic in London, Ontario. The acquisition of the Liver Specialty Group is expected to bolster Mednow’s expertise in biologic drugs, which is a growing class of drugs in the pharmaceutical industry, and would give the company the ability to offer same-day delivery in London, Ontario, and the surrounding areas. Mednow also closed the acquisition of Medvisit, Canada’s Largest and Longest Standing Doctor Home Visit Provider, in August 2021.The combination of Liver Specialty Group, Infusicare and Medvisit’s aggregate revenue in their last fiscal years was approximately C$34 million and C$3.2 million in total gross profit.
Mednow also recently partnered with PACE Consulting Benefits and Pensions Ltd. and PACE Consulting MGA Services Inc. (collectively, “PACE”) to allow PACE to market Mednow’s digital pharmacy and healthcare platform to its network of plan members. PACE is one of Canada’s largest independent group advisory firms, specializing in Group Benefits, Group Retirement, and Group MGA/advisor support services.
Mednow currently offers same-day delivery to four major Canadian cities (Toronto, Vancouver and Halifax, and London), and anticipates further expansion.
For more information on Mednow, Inc. (TSXV:MNOW) (OTCQB:MDNWF), please visit this link.
Healthcare Delivers Results in a Growing Market of Chronic Disease Patients
1Life Healthcare (One Medical), Inc. (NASDAQ:ONEM) just announced its third-quarter 2021 results, reporting a net revenue of $151.3 Million, a 49% increase year-over-year (YoY) and a total membership count of 715,000, a 40% increase YoY. In the release, 1Life also provided Q4 2021 guidance and updates on its full year 2021 guidance including membership count, net revenue, Care Margin, and Adjusted EBITDA.
Hologic, Inc. (NASDAQ:HOLX) is an innovative medical technology company focused on improving women’s health, and also has acquisition news. It recently completed its previously announced acquisition of Bolder Surgical, a privately held, US-based company providing advanced energy vessel sealing surgical devices. This acquisition bolsters the company’s growing laparoscopic portfolio. To date, Hologic has committed US$5 million in donations to nonprofit organizations located near its major facilities in the pursuit of improving women’s health, STEM education, and social justice.
Canada-based medical technology company Medtronic plc (NYSE:MDT) just announced that it has received a Health Canada license for Huge, its cutting-edge robotic-assisted surgery (RAS) system used for urologic and gynecologic laparoscopic surgical procedures (currently accounting for half of all robotic procedures). The Hugo RAS system is a modular, multi-quadrant platform that combines wristed instruments, 3D visualization, and a cloud-based surgical video capture option in Touch Surgery Enterprise.
On December 2, technology-enabled healthcare company Well Health Technologies Corp. (TSX:WELL) (OTC:WLYYF) provided key updates on its Virtual Services business and announced the 100% acquisition of CognisantMD and its Ocean Platform, which includes a full suite of virtual patient engagement tools, as well as in-clinic check-in kiosks and tablets.. CognisantMD will operate as a stand-alone business within the WELL Digital App Business Unit and will be operated by its current President, Jeff Kavanagh and Medical Director, Dr. Doug Kavanagh.
The healthcare problems plaguing the US and Canada are manageable with the right specialty drugs and services, and Mednow’s (TSXV:MNOW) (OTC:MDNWF) advancement through acquisitions in this space shows the company’s commitment to chronic disease treatment.
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FORWARD-LOOKING STATEMENTS. This communication includes certain statements and information that constitute forward-looking information within the meaning of applicable Canadian securities laws, including statements regarding the timing of operations beginning in Manitoba, Saskatchewan and Nova Scotia, receipt of all required regulatory approvals from the Manitoba College of Pharmacists, the Nova Scotia College of Pharmacists and other regulatory bodies with oversight of pharmacy practices, the ability to service clients in Saskatchewan and Manitoba from the Manitoba fulfillment centre, the ability to service clients in Nova Scotia from the Nova Scotia fulfillment centre and the benefits of a national presence. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as “intends,” “anticipates,” “it is expected,” or variations of such words and phrases, or statements that certain actions, events or results “may,” “could,” “should,” or “would” occur. Forward-looking statements are based on certain material assumptions and analyses made by management of the Company and the opinions and estimates of management of the Company as of the date of this communication, including that the transactions contemplated herein will close on the terms and timeline as anticipated by the management of the Company and that the Company will receive all required regulatory approvals. Although the Company considers these assumptions to be reasonable based on information currently available to them, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such risk factors may include, among others, the risk that the transactions contemplated herein will not close on the terms and timeline as anticipated by the management of the Company, or at all, the risk that the Company will not receive required regulatory approvals and the other risks and uncertainties applicable to the Company and the business of the Company as set forth in the Company’s final long form prospectus dated February 26, 2021 and its other disclosure available under the Company’s profile at www.sedar.com. There can be no assurance that the transactions contemplated in this communication will complete. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affections such statements and information other than as required by applicable laws, rules and regulations. We seek safe harbor.
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