CareRx Partner, AceAge, Closes Financing to Support International Growth of Karie Device
TORONTO, Dec. 7, 2020 /CNW/ - CareRx Corporation ("CareRx" or the "Company") (TSX: CRRX), Canada's leading provider of specialty pharmacy services to seniors, is pleased to announce that its strategic partner and investee company, AceAge Inc. ("AceAge"), a Canadian healthcare technology company with its innovative medication dispenser, Karie, has completed a CAD$5 million Series A financing (the "Financing"), which is intended to support the rapid international growth of Karie.
The Financing was led by Longliv Ventures, which focuses on consumer-oriented digital health solutions and is a member of CK Hutchison Holdings Group ("CKHH"). CKHH, via its retail division AS Watson, operates the world's largest international health and beauty retailer, with over 15,800 stores in 27 markets worldwide. A fund managed by the Bloom Burton Investment Group ("Bloom Burton") also participated in the Financing. Following the completion of the financing, CareRx owns 10.7% (fully diluted) of AceAge.
"As significant investors in AceAge and strong believers in the potential of the Karie device, we are pleased to have organizations of the caliber of Longliv/CK Hutchinson and Bloom Burton join us as strategic partners and shareholders, and provide additional capital to support AceAge in this significant global opportunity," said David Murphy, President and Chief Executive Officer of CareRx. "We look forward to our continued partnership with AceAge, both as an investor and as strategic partner, as they pursue their international plans, and we continue to work together on the rollout of Karie in seniors housing communities and homes across Canada."
"This year we have had a tremendous amount of success helping people in Canada and Europe take their medications independently in their own homes," said Spencer Waugh, Chief Executive Officer of AceAge. "The funds that we have raised will further facilitate the rapid international expansion of Karie. With these partnerships, AceAge gains important strategic insight from two highly respected institutions with deep knowledge of the international healthcare space."
Dr. Dan Eldar, Managing Director at Longliv Ventures, will join the AceAge board of directors. David Murphy, CareRx's President and Chief Executive Officer, also sits on AceAge's board of directors.
About Karie and AceAge
Based in Burlington, Ontario, Canada, AceAge Inc. is a healthcare technology company, creating beautiful and intuitive products to ease the aging process. Karie is AceAge's first commercially available product, making medication management as simple as possible. Outfitted with a front facing camera and Bluetooth connectivity, AceAge plans for Karie to become the central fixture of the connected health home.
Karie allows users with complex medication regimes to take their medication independently. Karie uses multi-dose pouch packaging, which are strips of medication that are pre-organized, scheduled, and barcoded by dose by a pharmacist. When it is time for each medication, Karie automatically lights up and chimes to notify the user that it's time to take their medication, and dispenses the correct dose at the correct time when the user interacts with the device. Karie's remote monitoring system also provides peace of mind for those who want to check up on their loved ones from afar. If a dose of medication is ever missed, Karie will send a notification to a friend, family member or caregiver, who can call or provide assistance if needed.
For more information, visit please visit www.aceage.com and www.kariehealth.com.
About CareRx Corporation
CareRx is Canada's leading provider of specialty pharmacy services to seniors. We serve approximately 50,000 residents in over 900 seniors and other communities (long-term care homes, retirement homes, assisted living facilities, and group homes). We are a national organization with a large network of pharmacy fulfillment centres strategically located across the country. This allows us to deliver medications in a timely and cost-effective manner and quickly respond to routine changes in medication management. We use best-in-class technology that automates the preparation and verification of multi-dose compliance packaging of medication, providing the highest levels of safety and adherence for individuals with complex medication regimes. We take an active role in working with our home operator partners to promote resident health, staff education, and medication system quality and efficiency.
This press release contains statements that may constitute "forward-looking statements" within the meaning of applicable Canadian securities legislation. These forward-looking statements include, among others, statements regarding the Company's business strategy, plans and other expectations, beliefs, goals, objectives, information and statements about possible future events. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "anticipate" or similar expressions suggesting future outcomes or events. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management.
Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those contemplated by such statements. Factors that could cause such differences include the Company's exposure to and reliance on government regulation and funding, the Company's liquidity and capital requirements, exposure to epidemic or pandemic outbreak, the highly competitive nature of the Company's industry, reliance on contracts with key customers and other risk factors described from time to time in the reports and disclosure documents filed by the Company with Canadian securities regulatory agencies and commissions. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. As a result of the foregoing and other factors, no assurance can be given as to any such future results, levels of activity or achievements and neither the Company nor any other person assumes responsibility for the accuracy and completeness of these forward-looking statements. The factors underlying current expectations are dynamic and subject to change.
SOURCE CareRx Corporation
For further information: visit www.carerx.ca or contact: David Murphy, President & Chief Executive Officer, CareRx Corporation, 416-927-8400; Lawrence Chamberlain, Investor Relations, LodeRock Advisors, 416-519-4196, firstname.lastname@example.org