MedAvail is a telemedicine-enabled pharmacy organization, providing turnkey in-clinic pharmacy services through its proprietary robotic dispensing platform and home delivery operations based in Ontario, Canada. Focused on Medicare Advantage clinics, MedAvail helps patients to optimize drug adherence, resulting in better health outcomes at lower cost. Since inception in 2012, MedAvail has been backed by leading healthcare organizations including Express Scripts, Walgreens and Blue Cross Blue Shield of Arizona.
MYOS RENS Technology Inc., “The Muscle Company®”, is a Cedar Knolls, NJ-based advanced nutrition company that develops and markets products that improve muscle health and performance. MYOS is the owner of Fortetropin®, a fertilized egg yolk-based product manufactured via a proprietary process to retain and optimize its biological activity. Fortetropin has been clinically shown to increase muscle size, lean body mass and reduce muscle atrophy. MYOS believes Fortetropin has the potential to redefine existing standards of physical health and wellness and produces muscle health support products featuring Fortetropin under the names of Yolked®, Physician Muscle Health Formula®, MYOS Canine Muscle Formula®, (Regular & Vet Strength) and Qurr®.
In connection with the Merger, substantially all of the assets and liabilities of MYOS (except as specifically excluded) will be contributed to a subsidiary of MYOS prior to the closing of the Merger and the shares of the subsidiary will be distributed as a dividend immediately subsequent to the closing of the Merger to those MYOS shareholders of record as of prior to the closing of the Merger. The combined company will focus on advancing MedAvail’s network of in-clinic pharmacies within Medicare sites across the U.S., while the current MYOS muscle health business will be spun off as a private unaffiliated company. MedAvail will pay the spun-out business$2 million in cash upon the closing of the Merger and issue a promissory note for an additional $3 million, payable in installments within one year of the closing of the Merger.