Progressive Care, Inc. (OTCQB: RXMD) is engaged as a diversified health services provider, primarily operating out of Florida. Shares of the healthcare services and technology company jumped 34% through early trading on Monday, July 2, 2018. Over the past month, Progressive Care, Inc. (OTCQB: RXMD) has seen average daily volume of 2.1 million shares. Through early trading, Progressive Care, Inc. has already seen 3.5 million shares trade hands, equating to around $260,000 in dollar volume.
Progressive Care, Inc. is experiencing this surge after announcing the completed acquisition of a Touchpoint pharmacy located in Palm Beach County. This will significantly increase their operational capabilities and spur growth by being able to reach new markets. It has been a successful start to summer for the company as they recently unveiled their latest addition to their growing fleet of robotic pharmacy equipment, the TCGRx Automated Pouch Packaging System. In addition, the company announced the development of proprietary software that would allow digital communication between patients, doctors, pharmacists, and caretakers. Here is the full press release, detailing Progressive Care, Inc.’s new location:
Progressive Care, Inc. Press Release:
MIAMI, July 02, 2018 (GLOBE NEWSWIRE) — Progressive Care Inc. (OTCQB:RXMD), a personalized healthcare services and technology company, today announced that it has completed the acquisition of a Touchpoint pharmacy in Palm Beach County. This second location will facilitate the company’s growth by expanding the delivery radius of Progressive Care’s pharmacy operations to now include Miami-Dade, Broward, Palm Beach and Martin County. It will also decrease costs of expansion of products and services and increase prescription dispensing efficiency.
The new 3,000-square-foot pharmacy facility is located close to major highways and has adequate space to provide the opportunity to develop new processes for long-term care services, compounded medications, medication therapy management, and tele-pharmacy services. The location also allows for the accelerated ramp-up of sales in the county through the addition of 340B services to non-profit healthcare facilities, additional capacity to service long-term care institutions, and referrals from area physicians and clinics in need of patient support and medication management.
“This second location is a major milestone in the growth of Progressive Care and will allow us to effectively bring the PharmCo pharmacy model to a new market,” said S. Parikh Mars, CEO of Progressive Care. “Through this acquisition, we will be the first to bring the full suite of adherence programs, packaging options, and range of inventory to Palm Beach County to be delivered on a local basis.”
Progressive Care has continued to make advances in becoming a leader in personalized healthcare and tele-pharmacy services. Earlier this month, the company added to its growing fleet of robotic pharmacy equipment with the completion of installation of a TCGRx Automated Pouch Packaging System at its Miami-Dade County PharmCo location. Prior to that announcement, the company also began developing its own proprietary tele-pharmacy software to digitally communicate with patients, physicians, pharmacists, and caretakers across the world and expand the company’s kiosk program.
About Progressive Care Inc.
Progressive Care Inc. (OTCQB:RXMD), through its PharmCo, LLC, is a South Florida health services organization and provider of prescription pharmaceuticals, compounded medications, provider of tele-pharmacy services, the sale of anti-retroviral medications, medication therapy management (MTM), the supply of prescription medications to long term care facilities, and health practice risk management.
Cautionary Statement Regarding Forward Looking Statements
Statements contained herein that are not based upon current or historical fact are forward-looking in nature and constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements reflect the Company’s expectations about its future operating results, performance and opportunities that involve substantial risks and uncertainties. These statements include but are not limited to statements regarding the intended terms of the offering, closing of the offering and use of any proceeds from the offering. When used herein, the words “anticipate,” “believe,” “estimate,” “upcoming,” “plan,” “target,” “intend” and “expect” and similar expressions, as they relate to Progressive Care Inc., its subsidiaries, or its management, are intended to identify such forward-looking statements. These forward-looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties, and other factors that could cause the Company’s actual results, performance, prospects, and opportunities to differ materially from those expressed in, or implied by, these forward-looking statements.
