Mednow Reports Q2 2021 Financial Results and Operational Milestones
March 26, 2021 06:02 PM Eastern Daylight Time
VANCOUVER–(BUSINESS WIRE)–Mednow Inc. (“Mednow” or the “Company”) (TSXV:MNOW), Canada’s on-demand virtual pharmacy, is pleased to announce it has released its financial results for the period ending January 31, 2021 (“Q2 2021”). Mednow’s Financial Statements and Management’s Discussion & Analysis are available under the Company’s profile on www.sedar.com and on the Company’s website, investors.mednow.ca.
“With over $33 million of cash on hand, we are focused on the rapid growth of our platform. We continue to strive to expand our platform to reach expanded national coverage, develop a proprietary telemedicine platform, add users and provide an unparalleled user experience for Canadian patients. We are acting with expedience in delivering these milestones given the current opportunity for the growth and acceptance of virtual pharmacy care in the Canadian pharmacy and healthcare markets,” said Karim Nassar, CEO of Mednow.
Operational Milestones During and Subsequent to Q2 2021:
- Partnered with AceAge Inc. to bring Karie, the at-home automated medication management tool, to consumers reducing public interactions, providing at-home healthcare alternatives and contactless delivery right to your doorstep;
- Launched same-day delivery in the Greater Vancouver Area;
- Completed an equity financing for gross proceeds of $37,073,194 on March 4, 2021;
- Began trading on the TSX Venture Exchange March 9, 2021; and
- Announced advancement of its national expansion with pharmacy application submitted for a fulfillment centre in Winnipeg, Manitoba.
Summary of Financial Results
|Three Months Ended January 31,||Three Months Ended January 31,||Six Months Ended January 31,||Six Months Ended January 31,||Year Ended July 31,|
|Revenue||$ 124,200||$ —||$ 165,600||$ —||$ —|
|Net loss and comprehensive loss||$ (715,270)||$ (18,724)||$ (1,379,884)||$ (21,358)||(469,502)|
|Total assets||$ 4,487,634||$ 136,944||$ 4,487,634||$ 136,944||5,540,787|
|Total liabilities||$ 449,074||$ 176,591||$ 449,074||$ 176,591||154,683|
|Basic and diluted net loss and comprehensive loss per common share||$ (0.04)||$ (0.00)||$ (0.09)||$ (0.00)||$ (0.06)|
About Mednow Inc.
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 services with convenience and through an interdisciplinary approach to healthcare that is focused on the patient experience. Pharmacy 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, as well as access to telemedicine.
On Behalf of the Board of Directors,
Chief Executive Officer
Neither 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.
Investor Relations Contact: