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| RXMD Signs Lucrative New Contracts |
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 Hot Stock to Watch |
Company: Progressive Care Inc. (OTCQB: RXMD)
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Last:
Price: 0.057
Change (%): - 0.00 (0.02)
Volume: 215,214 |
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Progressive Care Signs Two New 340B Contracts to Bring Discounted Prescription Programs to Non-Profit Healthcare Institutions
MIAMI, July 19, 2018 (GLOBE NEWSWIRE) - Progressive Care Inc. (OTCQB:RXMD), a personalized healthcare services and technology company, today announced that they have signed two new 340B contracts, furthering their commitment to providing non-profit or charitable healthcare institutions with significantly reduced prices on needed medications. The contracts with Hope and Help Center of Central Florida and Care 4 U Management will begin on Oct. 1, 2018.
Throughout June 2018, Progressive Care’s wholly owned subsidiary PharmCo LLC filled approximately $430,000 worth of covered medications for 340B entities (not recognized in net revenues), generating over $22,500 in fees to the pharmacy, a 250% increase over the same month last year. The total value of 340B covered medications dispensed through the first 2 quarters of 2018 was approximately $2.75 million generating $125,000 in net fees to the pharmacy.
“Through these new 340B contractual relationships, Progressive Care can illustrate the need for advanced pharmacy services for vulnerable high-risk populations,” said S. Parikh Mars, CEO of Progressive Care Inc. “340B programs have had a positive impact on communities, while allowing the company to diversify and benefit from our proactive patient engagement and risk management models. We believe that success of our initiatives will lead to more opportunities like these to enhance our growth and execute our overall mission.”
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