National Chain of Medical Labs Merges With Oncology Tech Firm to Form Diagnostics Powerhouse
Newly Combined Company to Become Rennova Health, Inc. and trade under the symbol “RNVA” on the NASDAQ Stock Exchange
WEST PALM BEACH, Fla., Nov. 02, 2015 (GLOBE NEWSWIRE) -- Medytox Solutions, Inc., which owns and operates a diverse family of healthcare companies, including five clinical laboratories throughout the U.S., and CollabRx, Inc., a clinical decision-support company delivering expert solutions in precision oncology, announced today the completion of their merger. The new combined entity will be known as Rennova Health, Inc. and will be listed on the NASDAQ stock exchange under the ticker symbol “RNVA” commencing Tuesday, November 3, 2015. The merger solidifies Medytox’s intent to become a global and diverse diagnostics-focused company, and the deal represents another step in its goal of strategically assembling a suite of products and services to meet the changing needs of medical providers and patients.
“We’re building a new kind of diagnostics company – one that moves away from the concept of impersonal mega-labs,” said Seamus Lagan, CEO of Rennova Health, Inc. “From CollabRx’ complex genetic sequencing reports that give cancer patients and their physicians personalized, therapeutic information, to simple-to-use tests that can be administered in the privacy of your home, we are changing the way health information is obtained and processed.”
In addition to diagnostics, Rennova will also include related healthcare enterprises focused on the growing field of electronic health records, revenue cycle management, and medical receivables financing. “By addressing the real-world needs of providers with a range of information technology-based solutions and diagnostic capabilities into a single company, we can return more value to our shareholders and better serve our customers,” said Thomas Mika, Chairman of the Rennova Health board, and CEO of CollabRx. “Our innovation-driven solutions are now better positioned than ever to achieve standardized, evidence-based care and superior clinical outcomes.”
Medytox’s merger with CollabRx follows a series of company expansion efforts nationwide. In 2015, Medytox opened EPIC, one of the largest reference laboratories in South Florida and one of the few labs in the U.S. to perform urinary neurotransmitter testing. The company received recognition from Florida Gov. Rick Scott for senior-level job creation, growing from a handful of employees in 2011 to more than 300 in 2015.
As a result of the merger, the stock ticker for Medytox Solutions, Inc., MMMS, will expire at 5 p.m. EST on November 2, 2015.
About Rennova Health, Inc.
Rennova Health, Inc. is a vertically integrated Public Company that provides industry leading diagnostics and supportive software solutions to healthcare providers. Rennova recognizes that modern healthcare requires a combination of technology and diagnostics to deliver an efficient and effective patient experience and superior clinical outcome. Rennova will continue bringing innovation to healthcare providers, delivering a single source solution through an ever-expanding group of strategic brands that work in unison to empower customers and drive growth.
Safe Harbor Statement
This press release contains certain forward-looking information about Medytox Solutions, Inc. that is intended to be covered by the safe harbor for “forward-looking statements” provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts. Words such as “guidance”, “expect”, “will”, “may”, “anticipate”, “plan”, “estimate”, “project”, “intend”, “should”, “can”, “likely”, “could”, and similar expressions are intended to identify forward looking statements. These statements include statements about our plans, strategies and prospects. Forward-looking statements are not guarantees of performance. These statements are based upon the current beliefs and expectations of our management and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot assure you that the expectations will prove to be correct. Important factors that could cause our actual results or performance to differ materially from the forward-looking statements include those set forth in the “Risk Factors” section of Meydtox’s and CollabRx’s most recent annual reports on Form 10-K and in its other filings with the Securities and Exchange Commission, which filings are available on www.sec.gov. You should not place undue reliance on these forward-looking statements, which speak only as of the date such statements are made. Except to the extent required by applicable law or regulation, we undertake no obligation to update or publish revised forward-looking statements to reflect events or circumstances after such date or to reflect the occurrence of unanticipated events.
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Released November 2, 2015