Mednow Inc (TSX-V:MNOW, OTCQB:MDNWF) has announced an agreement to acquire all of the issued and outstanding shares of Infusicare, a specialty pharmacy based in London, Ontario, for about C$1.9 million in cash.
The company said Infusicare generated C$9.3 million in revenue and C$400,000 in gross profit in its last fiscal year.
“Upon the expected closing and integration of Infusicare’s operations, the Arva Clinic’s patient base is expected to benefit from Mednow’s digital customer service infrastructure,” Mednow CEO Karim Nassar said in a statement.
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“Mednow is also expecting to acquire a company with a proven source of revenue, anticipated to give Mednow a strong foundation for profitability, additional specialty pharmacy services, and expand its logistical infrastructure in Southwestern Ontario for its wide range of digital healthcare services,” Nassar added.
Infusicare currently operates out of the Arva Clinic, which provides comprehensive support for patients receiving biologic drugs for rheumatoid arthritis and other specialty medications, in addition to regular pharmacy services.
As well, Mednow noted the proposed acquisition is expected to bolster its expertise in biologic drugs and provide the ability for the company to offer same-day delivery in London, Ontario, and the surrounding areas.
Mednow currently offers same-day delivery to Toronto, Vancouver and Halifax, and anticipates further expansion.
The company added that the combination of Infusicare and Medvisit’s total revenue in their last fiscal years was about C$13 million along with C$1.2 million in total gross profit.
Mednow is a healthcare technology company offering virtual access with exceptional care. Designed with access and quality care in mind, Mednow.ca provides virtual pharmacy and telemedicine services, as well as doctor home visits, with convenience and through an interdisciplinary approach to healthcare that is focused on the patient experience.
The company’s services include free at-home delivery of medications, a user-friendly interface for easy upload, transfer and refill of prescriptions, access to healthcare professionals through an intuitive chat experience, a specialized PillSmart system that packages prescriptions and vitamins by date and time, and doctor consultations.
Contact Sean at sean@proactiveinvestors.com