PALM BEACH, Florida, November 2, 2017 /PRNewswire/ --
Telemedicine is increasingly gaining popularity over traditional healthcare owing to the rising use of telecommunication to deliver various healthcare services to patients. The telemedicine market in the United States is forecast to exceed $13 billion by 2021, according to research and consulting firm Pharmaion. An aging population, the rising incidence of chronic diseases and spiraling health care costs are making telemedicine one of the fastest growing sectors in health care. Various reforms in the healthcare industry such as Patient Protection and Affordable Care Act (PPACA) and growing technological advancements are driving the demand for telemedicine services and technologies in the United States. Active companies in the healthcare industry include: Reliq Health Technologies Inc. (OTC: RQHTF) (TSX-V: RHT), Sangamo Therapeutics, Inc. (NASDAQ: SGMO), Editas Medicine, Inc. (NASDAQ: EDIT), Kindred Healthcare, Inc. (NYSE: KND), Achillion Pharmaceuticals, Inc. (NASDAQ: ACHN).
Reliq Health Technologies Inc. (OTCQB: RQHTF) (TSX-V: RHT.V), a technology company focused on developing innovative mobile health (mHealth) and telemedicine solutions for Community-Based Healthcare, is pleased to announce further to its news releases dated October 11 and 30, 2017, it successfully closed an oversubscribed private placement (the "Offering") led by Canaccord Genuity Corp and Gravitas Securities Inc. (together, the "Co-Lead Agents") and Beacon Securities Limited ("Beacon" and together with the Co-Lead Agents, the "Agents") of 12,500,000 Units (the "Units") of the Company at a price of $0.40 per Unit (the "Unit Price") for gross proceeds of $5,000,000.
Each Unit consists of one (1) common share of the Company (a "Common Share") and half of one (1/2) Common Share purchase warrant (each whole Common Share purchase warrant, a "Warrant"). Each of the 6,250,000 Warrants is exercisable to acquire one Common Share (a "Warrant Share") for a period of two years following the closing date of the Offering at an exercise price of $0.60 per Warrant Share, subject to adjustment in certain events. Read this full release and recent news releases for Reliq Health Technologies at http://marketnewsupdates.com/news/rqhtf.html
"We are very pleased to have completed a successful oversubscribed financing and to have three of Canada's leading independent rokerage firms support the Company," said Dr. Lisa Crossley, CEO of Reliq.
The Company intends to use the net proceeds of the Offering for general working capital, product development and customer acquisition.
In connection with the Offering, the Company paid the Agents a cash fee of $340,000 and issued 625,000 Units to the Agents. Additionally, the Company issued 850,000 compensation warrants to the Agents and other selling dealer group members (the "Compensation Warrants"), with each Compensation Warrant entitling the holder to purchase one Unit of the Company at an exercise price of $0.40 for a period of two years following the closing date of the Offering. Each warrant issued under the Units is exercisable into one Common Share of the Company for a period of two years following the exercise of the Compensation Warrant at an exercise price of $0.60 per Common Share, subject to adjustment in certain events.
In other Healthcare Industry developments:
Sangamo Therapeutics, Inc. (NASDAQ: SGMO) announced this week that the company will release its third quarter 2017 financial results after the market closes on Thursday, November 9, 2017. The press release will be followed by a conference call at 5:00 p.m. ET, which will be open to the public via telephone and webcast. During the conference call, the company will review its financial results and provide a business update. The conference call dial-in numbers are (877) 377-7553 for domestic callers and (678) 894-3968 for international callers. The conference ID number for the call is 7886879.
Editas Medicine, Inc. (NASDAQ: EDIT), a leading genome editing company, this month announced results from a pre-clinical study in transgenic mice demonstrating dose-dependent, in vivo editing using EDIT-101, Editas Medicine's pre-clinical product candidate for the treatment of Leber Congenital Amaurosis type 10 (LCA10). The study was conducted in mice that have a human CEP290 common intron 26 knock-in (HuCEP290 IVS26 KI mice), an animal model for most common genetic change that causes LCA10. The results of this study further reinforce Editas Medicine's belief in the transformative potential of EDIT-101 as a genome editing medicine to help patients with LCA10. LCA10 is an inherited retinal degenerative disease caused by mutations in the CEP290 gene that appears in childhood and leads to blindness. The Company reported these data today in a poster presentation at the 25th Anniversary Congress of the European Society of Gene and Cell Therapy (ESGCT) in Berlin.
Kindred Healthcare, Inc. (NYSE: KND) closed down over 3% at $5.85 on Wednesday trading just under 1 Million shares by the market close but was up over 9% in afterhours trading. Kindred Healthcare, Inc., a top-100 private employer in the United States, is a FORTUNE 500 healthcare services company based in Louisville, Kentucky with annual revenues of approximately $6.1 billion. Ranked as one of Fortune magazine's Most Admired Healthcare Companies for eight years, Kindred's mission is to promote healing, provide hope, preserve dignity and produce value for each patient, resident, family member, customer, employee and shareholder we serve.
Achillion Pharmaceuticals, Inc. (NASDAQ: ACHN) yesterday reported financial results for the three months ended September 30, 2017. For the third quarter of 2017, Achillion reported a net loss of $19.3 million or $0.14 per share, compared with a net loss of $20.7 million or $0.15 per share for the third quarter of 2016. Cash, cash equivalents, marketable securities, and interest receivable as of September 30, 2017 were $353.5 million. "Throughout 2017, our focus has been on executing on an aggressive global development program aimed at establishing biologic activity and evidence of potential efficacy of factor D inhibition as a novel approach to treating complement-mediated diseases. With the positive interim data reported in August from our phase II clinical trial of ACH-4471 for patients with untreated PNH, we now look forward to reporting initial data from our phase II trial for C3G before the end of the year," commented Milind Deshpande, Ph.D., President and Chief Executive Officer of Achillion. "Over the coming months, the Achillion team plans to launch additional phase II trials of ACH-4471 for PNH, C3G, and IC-MPGN, as well as to evaluate potential extended release formulations of ACH-4471 in phase I by year-end. In parallel, we look forward to advancing ACH-5228, our next-generation factor D inhibitor, into a phase I clinical trial by the end of 2017."
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