Peak Pharmaceuticals Merges with Retrieve Medical, Inc.

Rhea-AI Summary

Peak Pharmaceuticals (OTC Pink:PKPH) has merged with Retrieve Medical, Inc., transforming into an innovative software company focused on clinical documentation improvement. The merger, finalized on March 27, 2023, allows Peak to obtain 100% of Retrieve's capital stock, issuing approximately 16.3 million shares representing 86% of Peak's outstanding shares. This acquisition enhances physicians' diagnostic capabilities through Retrieve's patented Clinical Documentation Improvement (CDI) platform, utilized by major electronic medical record providers Epic and Cerner. The company will rebrand as Retrieve Medical Holdings, Inc. and aims for expansion across U.S. healthcare providers.

Positive

• Merger with Retrieve Medical enhances Peak's business model, transitioning from a shell company to a software-focused entity.
• Retrieve's CDI platform is validated by leading EMR providers, creating significant market demand.
• Potential for revenue growth through improved physician efficiency and patient outcomes.

Negative

• Majority of the company's shares now held by Retrieve's shareholders, which could dilute previous shareholder control.
• Integration challenges may arise post-merger, affecting operational efficiency.

Transaction transforms entity into innovative software company setting a new standard for diagnosis and documentation

SCOTTSDALE, AZ / ACCESSWIRE / March 28, 2023 / Peak Pharmaceuticals, Inc. (OTC Pink:PKPH) ("Peak" or the "Company"), announced that it has merged with Retrieve Medical, Inc., a software company that is commercializing a patented Clinical Documentation Improvement (CDI) platform, Retrieve Dx^TM, that enhances physicians' ability to quickly understand the complex clinical history of patients and diagnose chronic conditions by analyzing physician notes, lab results, radiology reports, EKG interpretations and more. Retrieve Medical is validated by, and available through Epic and Cerner, the 2 largest electronic medical record providers in the world.

The Company, Retrieve Medical Acquisition Corp., a Delaware corporation (the "Acquisition Subsidiary") and Retrieve Medical, Inc., a Delaware corporation ( "Retrieve"), entered into an Agreement and Plan of Merger and Reorganization (the "Agreement") pursuant to which the Acquisition Subsidiary was merged with and into Retrieve, with Retrieve surviving as a wholly-owned subsidiary of the Company (the "Merger"). The transaction (the "Closing") took place on March 27, 2023 (the "Closing Date"). The Company acquired, through a reverse triangular merger, all outstanding capital stock of Retrieve in exchange for issuing Retrieve's shareholders (the "Retrieve Shareholders"), pro-rata, an aggregate of 16,338,951 shares of the Company's common stock, par value $0.001 per share (the "Common Stock"), representing approximately 86% of the issued and outstanding shares of the Company's Common Stock on a fully diluted basis. As a result of the Merger, the Retrieve Shareholders became the majority shareholders of the Company, and the Company acquired 100% of the issued and outstanding capital stock of Retrieve from the Retrieve Shareholders.

Neil Reithinger, the sole director of the Company, approved the Agreement and the transactions contemplated under the Agreement, and, on the Closing Date, resigned from his positions of Chief Executive Officer, Chief Financial Officer and sole director of the Company. The directors and shareholders of Retrieve have approved the Agreement and the transactions contemplated thereunder and, as of the Closing Date, own 16,338,951 shares of Common Stock in the aggregate.

Immediately following the Closing of the Merger, the Company changed its business plan to that of Retrieve. As a result of the Merger, the Company no longer meets the definition of a shell company as defined in Rule 12b-2 and, thus, ceased being a shell company.

Effective as of the Closing Date, Mr. Jerry Swon, was appointed as the Chief Executive Officer of the Company.

As part of the Merger, the Company plans to take the steps to immediately change its name to "Retrieve Medical Holdings, Inc.," as well as its trading symbol, to better reflect its current business to its shareholders. The Company also plans on changing its fiscal year end from September 30 to December 31.

"Today's merger and public listing positions Retrieve Medical for success in the months and years to come," commented Jerry Swon, Retrieve's Chief Executive Officer. "After years of product development, a successful proof of concept program with a prominent hospital in New York, and validation by the 2 largest EMRs in the world, Retrieve is now ready to expand its patented software offering to hospitals and other healthcare providers across the United States."

Neil Reithinger, former President of the Company stated, "We have endeavored to find a compelling fit for the Company and our shareholders, and we believe that Retrieve will exceed our expectations. They have a stellar management team, a proven business model with strong margins and a patented software product where there is a large market need."

About Retrieve Medical, Inc.

Retrieve is improving the delivery of healthcare with its proprietary software platform that empowers physicians to accurately diagnose patients. Retrieve's patented and proprietary natural language processor enhances physicians' ability to quickly understand the complex clinical history of patients and diagnose chronic conditions by analyzing physician notes, lab results, radiology reports and EKG interpretations. Once identified by Retrieve's software and reviewed by the physician, the diagnoses are inserted into the medical record, along with supportive documentation and billing information. Retrieve's novel software increases the efficiency of physicians, improves patient outcomes and creates additional revenue for healthcare providers. Retrieve's software is integrated with the Epic and Cerner, 2 of the largest electronic medical record providers in the world. For additional information on Retrieve Medical, Inc., email info@retrievemedical.com.

Company Contacts:

Neil Reithinger
Eventus Advisory Group, LLC
nreithinger@eventusag.com

Jerry Swon
President
Retrieve Medical, Inc.
jswon@retrievemedical.com

SOURCE: Peak Pharmaceuticals, Inc.

View source version on accesswire.com:
https://www.accesswire.com/746208/Peak-Pharmaceuticals-Merges-with-Retrieve-Medical-Inc

FAQ

What was the date of the merger between Peak Pharmaceuticals and Retrieve Medical?

The merger was finalized on March 27, 2023.

What is the main focus of Retrieve Medical's software?

Retrieve Medical's software enhances physicians' diagnostic abilities through its Clinical Documentation Improvement platform.

How many shares were issued to Retrieve's shareholders in the merger?

Approximately 16,338,951 shares of Peak's common stock were issued to Retrieve's shareholders.

What changes are being made to Peak Pharmaceuticals' name and trading symbol?

Peak Pharmaceuticals plans to change its name to Retrieve Medical Holdings, Inc. and its trading symbol to align with its new business focus.

How does Retrieve Medical's platform improve healthcare delivery?

Retrieve's platform improves healthcare delivery by analyzing complex clinical histories and aiding in accurate diagnoses.