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IMAC Holdings, Inc. (IMACW) is a leading integrative medicine clinic specializing in non-invasive treatments for knee pain, back pain, joint damage, and arthritis. With a focus on successful patient outcomes, IMAC offers alternatives to traditional surgeries such as knee replacements and spinal fusions. Their innovative procedures have helped everyone from professional athletes to seniors enjoy a pain-free life.
IMAC Holdings has partnered with Evoke Chiropractic Coaching to promote its new organic, whole food supplements to physician offices. The collaboration kicks off with a panel discussion featuring notable athletes at the Evoke 3rd Annual Conference in St. Louis. The event aims to educate attendees on health, diet, and supplementation while supporting Evoke's mission to assist minority chiropractors. IMAC's COO, Dr. Ben Lerner, stated this initiative will help improve community health through their supplement line.
IMAC Holdings, Inc. (NASDAQ: BACK) announced the completion of the third cohort in its Phase 1 clinical trial of an investigational compound using umbilical cord-derived allogenic mesenchymal stem cells targeting bradykinesia due to Parkinson’s disease. This cohort included five patients receiving a high concentration stem cell treatment. The trial, conducted in three clinical centers, involved 15 patients across different dosage groups. The safety and tolerability study is set to track participants for 12 months, with potential implications for the growing Parkinson’s therapeutics market, projected to reach $5.28 billion by 2025.
IMAC Holdings has partnered with Biote to incorporate Biote's hormone optimization services into IMAC outpatient clinics. This collaboration aims to enhance patient care in weight loss and hormone therapy, addressing obesity and related chronic illnesses. IMAC will begin training its medical staff in the Biote Method in September. Both companies express optimism regarding their joint ability to improve health outcomes for patients across various age groups. This strategic partnership aligns with their missions to provide advanced health solutions.
IMAC Holdings (Nasdaq: BACK) has launched medical weight loss services at its IMAC Regeneration Centers in three locations. This initiative aims to enhance patient rehabilitation and attract new clients to its orthopedic services. CEO Jeffrey Ervin emphasized the link between obesity and chronic back pain, stating that the weight loss program will be customized for individuals and cost between $1,500 to $4,000 annually. The American Journal of Preventative Medicine predicts that 42% of US adults may be obese by 2030, highlighting the growing relevance of this service.
IMAC Holdings, Inc. (Nasdaq: BACK) has successfully closed a registered direct offering and private placement, raising approximately $3.9 million by issuing 5,164,474 shares at $0.76 per share. Each investor received Series 1 and Series 2 warrants for the same number of shares, with an exercise price of $0.95 per share. The net proceeds will be used for working capital and strategic initiatives. Joseph Gunnar & Co., LLC served as the sole placement agent for the transaction.
IMAC Holdings reported strong preliminary financial results for Q2 2022 with total revenue reaching $5.0 million, a 45% increase from Q2 2021's $3.5 million. Despite a 5.1% decline in patient visits to 42,495, the company saw significant growth in The BackSpace clinics with a 207% sequential increase, aided by plans to expand to at least 20 additional Walmart locations. The company has also launched a certified organic vitamin line and successfully amended its NASDAQ trading symbol from IMAC to BACK. Financial stability was bolstered by a $3.9 million direct offering.
IMAC Holdings announced a registered direct offering to institutional investors for 5,164,474 shares at $0.76 per share, expected to close by August 16, 2022. This offering, along with a concurrent private placement, is projected to generate approximately $3.9 million before expenses. The firm will use these proceeds for working capital and strategic activities. Additionally, the investors will receive Series 1 and Series 2 warrants to purchase the same number of shares at an exercise price of $0.95, exercisable six months post-issuance.
IMAC Holdings, Inc. (BACK) has announced a price increase for its chiropractic and Performance Zone memberships at The BackSpace, effective August 2022. The monthly membership fee for chiropractic care has risen by $7 to $72, while individual chiropractic adjustments remain at $25. The newly introduced Performance Zone offers stretching services, aimed at enhancing musculoskeletal health through various techniques. Individual stretching sessions are priced at $35, with the initiative expected to expand the customer base without incurring significant additional costs.
IMAC Holdings will change its ticker symbol from IMAC to BACK on NASDAQ starting August 8, 2022. This change aims to better reflect the company's focus on spinal health and wellness services. CEO Jeffrey Ervin emphasized the spine's role in overall health, referencing a statistic that 80% of Americans experience low back pain. The company manages outpatient centers and a clinical research division, with ongoing clinical trials for innovative therapies. No action is required from shareholders regarding this ticker symbol change.
IMAC Holdings has initiated the exploration of strategic alternatives, including potential mergers, spin-offs, or sales of key business units, aimed at maximizing shareholder value. CEO Jeffrey Ervin stated the company anticipates record revenue for Q2 2022, highlighting a disconnect between their asset values and potential partner interest. IMAC operates outpatient clinics and a pilot program within Walmart for chiropractic services, while also conducting a Phase 1 clinical trial for Parkinson’s treatment. Joseph Gunnar & Co. LLC has been retained as financial advisor.
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