Company focusing on innovative technology and exit of pharmacy services
Restructuring to further extend capital resources
Annual cash burn expected to be reduced by greater than 65% in 2023
Company exploring financing options in connection with business transition
MedAvail Holdings, Inc. (Nasdaq: MDVL) (“MedAvail”), an innovative technology-enabled pharmacy company, today announced the execution of a strategic restructuring and reprioritization of its business targeted to deliver profitability.
Following an extensive review of the market landscape, growth strategy and structure of the business, the company is taking actions and restructuring its organization to focus on its pharmacy technology business and exit its pharmacy services and SpotRx business. With respect to the pharmacy services and SpotRx business, the company has hired a broker and is in active negotiations regarding the sale of its pharmacy assets.
https://finance.yahoo.com/news/medavail-announces-strategic-restructuring-business-130600127.html
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