Pursuant Health Completes Funding Round to Drive New Product Initiatives
ATLANTA, June 23, 2022
ATLANTA, June 23, 2022 /PRNewswire/ -- Pursuant Health, a health data management platform with a network of 4,600 retail-based health kiosks that provide accessible and affordable health screenings, has successfully completed a recapitalization that provides $4.3 million of cash and reduces the Company's debt from $16.7 million to $2.3 million – significantly improving the Company's financial position.
"This is excellent news for the future of the company and the progression of our product initiatives, most notably the introduction of imaging technology to expand the frontier of non-invasive health screening," said Donnie Helms, Chief Financial Officer of Pursuant Health.
Larry Gerdes, Chief Executive Officer, added, "While investors responded favorably to our mission of making health care as convenient as possible for the individual, I also believe they appreciate how we run the company and the financial discipline we have from top to bottom."
Highlights of the transaction include:
- $4.3 million of cash to fund the ongoing development and early commercialization of self-service novel imaging technology
- Conversion of outstanding debt to equity; significantly reducing the Company's debt load
- New shares priced at $65 million pre-money value of equity
With a network of over 4,600 health kiosks located in high-traffic retail pharmacies throughout the country, we enable people to regularly check in with their health when it is convenient for them. Our kiosks are HIPAA-Compliant, FDA-Cleared Class II Medical Devices that provide free health screenings to individuals, while our data platform helps them track their metrics over time and understand their personal health risks.
SOURCE Pursuant Health