MedAvail Announces Agreement with ASP Cares for Deployment of Ten M4 MedCenters

Rhea-AI Summary

MedAvail Holdings, Inc. (Nasdaq: MDVL) has entered an agreement with Pharmacy Fund 1 to deploy ten M4 MedCenter kiosks at ASP Cares Pharmacy in Las Vegas. The first three deployments are planned for early 2024. This represents an expansion of MedAvail's successful relationship with Oak Lawn Pharmacy in Dallas. The agreement aims to improve patient access to medications and is expected to result in efficient and timely deployments.

Initial three deployments to be completed in early 2024 at ASP Cares Pharmacy in Las Vegas

Agreement repsents expansion of successful relationship with Dallas-based Oak Lawn Pharmacy

PHOENIX, Nov. 17, 2023 (GLOBE NEWSWIRE) -- MedAvail Holdings, Inc. (Nasdaq: MDVL) (“MedAvail”), an innovative pharmacy technology company, announced today that it has entered into an agreement with Pharmacy Fund 1 for the deployment of ten M4 MedCenter kiosks, which will be serviced by ASP Cares Pharmacy. Pharmacy Fund 1 also operates Oaklawn Pharmacy, which is a current MedAvail partner in Dallas, Texas. Per the terms of the agreement, the first three MedCenters are planned to be deployed at First Person Care Clinics in Las Vegas. All ten MedCenters are expected to be deployed in 2024.

“We are excited to enter into this agreement with ASP Cares and deploy our first MedCenter kiosks in Las Vegas, a new market for us,” stated Mark Doerr, Chief Executive Officer of MedAvail. “This agreement represents an expansion of our relationship with Daniel and the team at Oak Lawn Pharmacy. We have already initiated integration activities and anticipate efficient and timely deployments.”

“Having seen first hand the many benefits of the MedCenter at our initial Oak Lawn location, we were eager to introduce this technology to our ASP Cares clinics and improve patient access to the medications that they require,” stated Daniel Hayek, Owner, Pharmacy Fund 1. “Of note, we were very pleased with the speed and efficiency of the initial MedCeter integration and deployment, and we look forward to a similarly positive experience at our ASP Cares locations.”

About MedAvail

MedAvail Holdings, Inc. (NASDAQ: MDVL) is a pharmacy technology company, providing turnkey, in-clinic pharmacy services through its proprietary robotic dispensing technology, the MedAvail MedCenter®. The MedCenter is currently in use in both the primary care and urgent care settings, as well as Federally Qualified Health Centers (FQHCs).

MedAvail promotes patient drug adherence, resulting in better health outcomes. Learn more at www.medavail.com.

Forward Looking Statements

Certain statements included in this press release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "should," "would," "plan," "predict," "potential," "seem," "seek," "future," "outlook," "project," and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the number and timing of MedCenter deployments. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of MedAvail's management and are not predictions of actual performance. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements, including but not limited to the success of initial MedCenter deployments and other risks discussed under the heading "Risk Factors" in MedAvail’s recent Annual Report on Form 10-K and MedAvail’s Quarterly Reports on Form 10-Q , and other filings MedAvail makes with the Securities and Exchange Commission in the future. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. These forward-looking statements speak only as of the date hereof and MedAvail specifically disclaims any obligation to update these forward-looking statements.

Contacts:
Investor Relations
Steven Halper/Caroline Paul
Managing Directors, LifeSci Advisors
ir@medavail.com

SOURCE MedAvail Holdings, Inc.

FAQ

What is the agreement between MedAvail and Pharmacy Fund 1 about?

The agreement involves the deployment of ten M4 MedCenter kiosks at ASP Cares Pharmacy in Las Vegas, with the first three deployments planned for early 2024.

Who is involved in the deployment of the MedCenter kiosks?

Pharmacy Fund 1, which also operates Oak Lawn Pharmacy in Dallas, is partnering with MedAvail for the deployment. ASP Cares Pharmacy will service the MedCenters.

What are the expected benefits of the MedCenter kiosks?

The technology aims to improve patient access to medications, as evidenced by the positive experience at Oak Lawn Pharmacy, and is expected to result in efficient and timely deployments at ASP Cares locations.