Health & Fitness
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Patient Home Monitoring Announces Expansion into the Retail Pharmacy Channel with a Letter of Intent to Acquire LM Pharmacy Sol
March 11, 2013 20:29 ET
Patient Home Monitoring Announces Expansion into the Retail Pharmacy Channel with a Letter of Intent to Acquire LM Pharmacy Solutions, and the Appointment of LM's CEO, Robert Kusher as CEO
SAN FRANCISCO, CALIFORNIA--(Marketwire - March 11, 2013) - Patient Home Monitoring (PHM) (TSX VENTURE:PHM), a company focused on in-home management solutions for patients with chronic disease, today announced it has signed a Letter of Intent (LOI) to acquire LM Pharmacy Solutions, a sales and marketing company with long established relationships with retail pharmacies throughout the United States. In conjunction with this acquisition, the Board has appointed Robert Kusher, current CEO of LM Pharmacy Solutions (LM), as Chief Executive Officer of PHM.
Mr. Kusher has been a leader in the in-home medical supply and service market for over 20 years and has developed a strong retail pharmacy sales channel over the past six years with LM.
There are over 52,000 pharmacy locations in the United States that dispense diabetes supplies and other in-home disease management products. Millions of US patients rely upon their pharmacies as the primary supply point for in-home medical products and services.
By merging LM Pharmacy Solutions into PHM, Mr. Kusher believes he can significantly increase INR meter placements to the many thousands of existing patients obtaining products and services through their retail pharmacy channels. PHM expects to increase revenue as a result of this acquisition. The leadership of LM has projected that the pharmacy channel will enroll over 2,000 additional patients into PHM's service.
As CEO, Mr. Kusher will focus on the four major initiatives that will increase revenue, profits, and shareholder value.
- Enrolling INR patients through the pharmacy channel, as well as existing channels, in the United States.
- Penetrating the Canadian market for INR services through the Canadian pharmacy channel in conjunction with Mario Cortis of MediSure.
- Acquiring the rights to an INR meter, reducing costs and increasing margins.
- Making earnings accretive acquisitions of other products or services in the chronic disease management sector.
Dr. Jaime Gerber will move to an advisory position with Stanmore Capital Partners Inc. and will no longer be an Officer of PHM.
Mr. Robert Kusher's Background
Mr. Kusher founded Home Medical Supply, Inc., the first company to nationally advertise the availability of diabetes testing supplies to Medicare beneficiaries on an assignment basis which he grew to revenues of $25,000,000 per year. The company was acquired by MiniMed, Inc, a publicly traded manufacturer of insulin infusion pumps. During this time, Mr. Kusher acquired businesses in the fields of home health nursing, physician services, and laboratory supply distribution. Mr. Kusher attended the University of Miami and Florida International University with degrees in business management and marketing.
"With this acquisition we gain important leadership for the future." Mr. Michael Dalsin, Chairman of Patient Home Monitoring said, "Bob has some fantastic experience and contacts that seem tailor made for PHM. I expect that he can deliver the kind of growth and diversification we envision for PHM. We now have a number of channels that are actively selling INR services and with the acquisition of LM Pharmacy Solutions, we can add other revenue lines. While Dr. Gerber will still have advisory involvement, I do want to thank him for his leadership over the past 2 years."
"In the past month we have made some significant progress," Continued Mr. Dalsin, "We have announced a plan to penetrate the Canadian market, we have initiated the process to in-license our own INR meter, and now we have an energized and experienced CEO to lead the company - and we are not finished. In the coming weeks, we plan to continue to reposition PHM to take advantage of this growing market for home healthcare in both the US and Canada."
About PHM
PHM is a healthcare services company focused on providing in-home services for patients suffering from chronic disease. PHM's main revenue line is offered to patients on blood thinner medications such as Coumadin® or warfarin. PHM has recently announced it will embark on a process to expand services to its patient base in both the US and Canada.
Information in this news release that is not current or historical factual information may constitute forward-looking information within the meaning of securities laws. Implicit in this information, particularly in respect of the future outlook of PHM and anticipated events or results, are assumptions based on beliefs of PHM's senior management as well as information currently available to it. While these assumptions were considered reasonable by PHM at the time of preparation, they may prove to be incorrect. Readers are cautioned that actual results are subject to a number of risks and uncertainties, including the availability of funds and resources to pursue operations, decline of reimbursement rates, dependence on few payors, possible new drug discoveries, a novel business model, dependence on key suppliers, granting of permits and licenses in a highly regulated business, competition, low profit market segments as well as general economic, market and business conditions, and could differ materially from what is currently expected.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
