Market Newsdesk

New York City, New York, Nov. 12, 2020 (GLOBE NEWSWIRE) — National Minority Supplier Development Council (NMSDC) President and CEO, Adrienne Trimble, is exuberant about the tremendous success of the organization’s annual national conference this week, through a 100% virtual platform. “While we were not together face-to-face,” she notes, “All attendees had access to the same – and perhaps even more – high-caliber speakers, learning sessions, and networking opportunities they’ve come to expect from NMSDC. Just through a different platform.”  NMSDC’s 2020 National Conference + Business Opportunity Exchange was held 100% online from October 26-29, 2020.

NMSDC’s commitment to advance minority business economic inclusion is reflected in the event’s “In This Together” theme and reinforced by sessions featuring speakers with expert insight about how to pivot during today’s extraordinarily challenging conditions. The NMSDC Annual Conference + Business Opportunity Exchange is the nation’s largest forum for minority supplier development, with a 48-year history of attracting thousands of corporate executives, minority business owners, and government officials each year.

Trimble stated, “Now more than ever, our Corporate Partners and MBEs need us to push forward and find new ways to get around every obstacle. NMSDC, our 23 affiliate Regional Councils throughout the United States, five international partners and the Business Consortium Fund (BCF) represent an oasis of support for MBEs through our mission to certify, develop, connect, and advocate for their economic sustainability.”

NMSDC embraced new technologies that enabled the organization to accomplish their objectives without sacrificing quality, service, or health. The 100% virtual conference platform showcased those changes – from vibrant sessions and informative workshops to an awards celebration and lively entertainment. By introducing a virtual version of their Business Opportunity Exchange component of the conference – corporations and MBEs again made meaningful connections and continued to build their professional networks.

This has been an incredibly difficult year for all MBEs and despite the impact of three pandemics (COVID-19, racial discrimination and social unrest, and a Recession), NMSDC moved forward aggressively and pivoted because it was necessary for the survival of MBEs. We are providing sustainable economic solutions to the racial injustice, institutionalized racism and injuries which Black people have suffered in America.  “Statements are great, but they need to be backed by real actions that are going to address how minority businesses are going to compete for contracts on an ongoing basis,” Trimble said. “Until you understand what the real problem is, you can’t solve it.”

For Trimble, the case is not about just doing social good but of driving transformative economic prosperity through capitalism. When companies hire minority-owned suppliers, which tend to hire more workers of color, they are creating jobs in forgotten communities and helping to provide disposable income to people who can, in turn, afford to buy their goods and services.  A close examination of wealth in the U.S. finds evidence of staggering racial disparities.  The most sustainable solution to accelerate the elimination of this wealth gap is to increase the number and success of minority owned businesses; her goal is to close the ethnic wealth disparities. 

SUPPLIER OF THE YEAR

Each year, at the national annual conference, NMSDC presents its prestigious “Supplier of the Year” Awards to recognize a select number of certified minority business enterprise (MBE) and their exemplary achievements in providing solutions to our corporate partners.  This award is regarded as the most significant honor to an MBE because it recognizes Asian, Black, Hispanic and Native American business enterprises for their business growth and development, operational success, support of other minority businesses and active participation in the community. The honorees are divided into four categories, based on annual revenues.  One company from each class is named National Supplier of the Year.  These suppliers have made it through this disruptive year and have continued their unwavering support to corporate America despite these voluminous challenges. 

Class I: Firm with less than $1 million in annual revenue – National Winner: Twice Media Productions, LLC  

Class II: Firm with $1 million to $10 million in annual revenue – National Winner: The JPI Group, LLC

Class III: Firm with $10 million to $50 million in annual revenue – National Winner: United Mechanical and Metal Fabricators Inc.

Class IV: Firm with more than $50 million in annual revenue – National Winner: ActOne Group (The Act 1 Group, Inc.)

About NMSDC | nmsdc.org

Chartered in 1972, The National Minority Supplier Development Council (NMSDC) was stood up because of the civil rights movement in the late 1960s and continues to be the leading minority business development organization in the United States. NMSDC supports the economic sustainability of more than 12,000 certified minority business enterprises (MBEs) and advances minority business development by facilitating procurement opportunities between its certified MBEs and its network of Corporate Members.  The NMSDC network includes a National Office in New York, 23 affiliate regional councils, five international partner organizations and the Business Consortium Fund (BCF) as its funding arm.

CAMBRIDGE, Mass., Nov. 12, 2020 (GLOBE NEWSWIRE) — College and university student entrepreneurs will soon battle for bragging rights and prizes during the 8^th Annual Beantown Throwdown – focusing on markets ranging from digital healthcare and employment/staffing services to on-call delivery and personal grooming.

Hosted by MIT Enterprise Forum (MITEF) Cambridge and moving online this year, the region’s longest-standing and largest cross-college pitch-off competition will be held Wednesday, November 18, from 5:30-7 p.m. Registration and more information is available here.

Scheduled during Global Entrepreneur Week, the program features a representative from each team making a five-minute pitch, then responding to five minutes of questions from a judging panel with extensive experience in innovative technologies and business models. This year’s experts include:

• Gabi Zijderveld, Chief Marketing Officer, Affectiva
• Yadid Ayzenberg, Global Head of Sleep Devices and Director, Bose Corporation
• Ravindra Rathi, Director of Beverage Transformation, PepsiCo
• Jeremy Segal, Senior Vice President of Corporate Development, Progress    

The night will also include a fireside chat between Boston Globe Innovation Economy Columnist and Innovation Leader Co-founder Scott Kirsner and Rudina Seseri, founder and partner of Glasswing Ventures. With decades of experience advising, reporting on and investing in technology firms, the pair will share insights into some of the most important trends affecting entrepreneurs and their companies.

Given the virtual format and number of teams participating, the Beantown Throwdown this year will feature a two-part program – with half the teams pitching in the fall and the other half in the spring. The winning teams from the two sessions will then compete for top honors in a pitch-off to be held in the spring. Prizes will be awarded to all teams to help drive their entrepreneurial endeavors forward. More information will be made available at a later date.

For the fall session, contestants will include:

• Babson College: Busy Boda – a mobile phone-based motorbike hailing app initially targeting Kenya
• Boston College: Conditer – a patisserie where style meets the culinary arts
• Brown University: Cress Health – digital technologies for wellness and mental health
• MIT: Surge Employment Solutions – meeting human capital needs with formerly incarcerated people
• Tufts University: Cogna Technology – the next revolution in sleep
• Wentworth Institute of Technology: Watch the Krown – stylish and functional haircare products

“Early stage entrepreneurs can struggle to get visibility for their startups and to connect with potential investors, mentors and others who can help them succeed,” said MIT Enterprise Forum Cambridge Executive Director Katja Wald. “The pandemic has made that even more challenging. Additionally, most don’t get as many opportunities as they’d like to meet peers from other colleges and universities. Beantown Throwdown is designed to help overcome those obstacles while celebrating the creativity, vision and drive embodied in these student-run startups.”

The Beantown Throwdown is made possible by sponsors CHEN PR, Withum, Caldwell IP, Hamilton Brook Smith Reynolds and Morse. A limited number of sponsorship opportunities are still available; please contact Amy Goggins ([email protected] or 617-650-2562) at MITEF Cambridge for more information.

About the MIT Enterprise Forum Cambridge

The MIT Enterprise Forum Cambridge is the founding chapter and one of the worldwide chapters comprising the MIT Enterprise Forum, Inc.  We offer a range of programs and events for any entrepreneur, anywhere, to facilitate critical one-on-one mentoring while providing services that increase the skills and expertise necessary for startups to succeed. Check us out on Twitter, Facebook,  LinkedIn, YouTube or Spotify.

PRESS CONTACT:
Katja Wald
MIT Enterprise Forum Cambridge
[email protected]
(617) 253-8238 

Validive



^®



Phase 2b/3 Clinical Trial on Track to Start Before Year-end



Issuance of New Patents For Validive



Camsirubicin Phase 2 Clinical Trial to Start Late 2020/Early 2021

WILMETTE, Ill., Nov. 12, 2020 (GLOBE NEWSWIRE) — Monopar Therapeutics Inc. (Monopar or the Company) (Nasdaq: MNPR), a clinical-stage biopharmaceutical company primarily focused on developing proprietary therapeutics designed to extend life or improve the quality of life for cancer patients, today announced third quarter 2020 financial results and business update.

Third Quarter Business Update

Lead Product Candidate Validive

• Monopar’s Phase 2b/3 clinical trial of Validive (clonidine HCl mucobuccal tablet) for the prevention of severe oral mucositis (SOM) in patients undergoing chemoradiotherapy for oropharyngeal cancer (OPC) is on track to commence before year-end. There currently is no FDA-approved prevention or treatment for radiation-induced SOM.
• The U.S. Patent and Trademark Office allowed patent claims for Monopar’s lead product candidate, Validive, covering “Clonidine and/or clonidine derivatives for use in the prevention and/or treatment of adverse side effects of chemotherapy.” The recently issued patents would provide protection should Monopar determine in the future to conduct additional Validive development and commercialization activities related to adverse side effects of chemotherapy beyond OPC.

Camsirubicin

• The Phase 2 clinical trial of camsirubicin is anticipated to begin at the end of 2020 or in early 2021. Monopar has partnered with Grupo Español de Investigación en Sarcomas (GEIS), which will lead the multi-country, randomized, open-label Phase 2 clinical trial evaluating camsirubicin head-to-head against standard-of-care doxorubicin in patients with advanced soft tissue sarcoma (ASTS).
• The trial will begin with a dose escalation “run-in” prior to the randomization portion of the trial. The primary endpoint of the trial will be progression-free survival, with secondary endpoints including overall survival, response rate, and incidence of treatment-emergent adverse events.

MNPR-101

• Forward progress was made on the Monopar/NorthStar collaboration focused on developing a novel treatment for severe COVID-19 by partnering with 1) IsoTherapeutics Group, LLC to develop and manufacture radioimmunotherapeutics targeting uPAR (uPRITs), 2) Aragen Bioscience, Inc. to perform studies aimed at selecting a lead candidate uPRIT to advance into IND-enabling development, and 3) The University of Texas Health Science Center at Tyler and its Texas Lung Injury Institute (TLII) to perform in vitro and in vivo studies through the TLII and to participate in the clinical development of uPRITs.

Third Quarter Summary Financial Results

Results for the Third Quarter Ended September 30, 2020 Compared to the Third Quarter Ended September 30, 2019

Cash and Net Loss

Cash and cash equivalents as of September 30, 2020 were $18.0 million, which includes $6.7 million of net proceeds raised in the third quarter of 2020 under the Company’s Capital on Demand^® Sales Agreement with JonesTrading Institutional Services, at an average gross price per share of $9.66. Monopar anticipates that its current cash and cash equivalents will fund the Company’s planned operations through 2021, including the initiation and completion of the Phase 2b portion of its Validive clinical trial and the initiation of the Phase 3 portion, the funding of the initiation of the GEIS Phase 2 camsirubicin clinical trial, and continuation of the development of the COVID-19 uPRIT program. The Company will need to raise funds or engage a partner to complete the Validive Phase 3 clinical trial. Net loss for the third quarter of 2020 was $1.6 million or $0.15 per share compared to net loss of $0.7 million or $0.08 per share for the third quarter of 2019.

Research and Development (R&D) Expenses

R&D expenses for the third quarter of 2020 were $1.2 million, compared to $0.2 million, for the third quarter of 2019. This increase of $1.0 million is primarily attributed to increases in expenses for the planning of the camsirubicin Phase 2 clinical trial and manufacturing expenses of $0.4 million, increases in the Validive clinical trial planning and manufacturing expenses of $0.3 million, and increases in R&D personnel salaries and benefits, including equity grants and salaries and benefits for three new R&D personnel of $0.3 million.

General and Administrative (G&A) Expenses

G&A expenses for the third quarter of 2020 were $0.4 million, compared to $0.5 million, for the third quarter of 2019.

About Monopar Therapeutics

Monopar Therapeutics is a clinical-stage biopharmaceutical company primarily focused on developing proprietary therapeutics designed to extend life or improve the quality of life for cancer patients. The Company’s pipeline consists of Validive^® for the prevention of chemoradiotherapy-induced severe oral mucositis in oropharyngeal cancer patients; camsirubicin for the treatment of advanced soft tissue sarcoma; and a preclinical stage uPAR targeted antibody, MNPR-101, for advanced cancers and severe COVID-19. For more information, and links to SEC filings that contain detailed financial information, visit: https://ir.monopartx.com/quarterly-reports.

Forward-Looking Statements

Statements contained in this press release regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. The words “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “target” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Examples of these forward-looking statements include statements concerning Monopar’s ability to commence its Phase 2b/3 clinical trial of Validive before the end of 2020, whether the recently issued patents would provide protection for development and commercialization in potential future indications, GEIS’s ability to begin the camsirubicin Phase 2 clinical trial at the end of 2020 or early 2021, whether the Monopar/NorthStar collaboration will be successful in developing a uPRIT to treat severe COVID-19 with its development partners and whether the Company’s current cash and cash equivalents will fund the Company’s planned operations through 2021. The forward-looking statements involve risks and uncertainties including, but not limited to, not commencing the Validive Phase 2b/3 clinical trial or the Phase 2 GEIS-sponsored camsirubicin clinical trial within expected timeframes, if at all, our ability to commence the Validive Phase 3 portion without additional fundraising or a development partnership, to raise sufficient funds or engage a partner to complete the Phase 3 clinical trial, and not successfully developing a COVID-19 uPRIT with the Company’s development collaborators. Actual results may differ materially from those expressed or implied by such forward-looking statements. Risks are described more fully in Monopar’s filings with the Securities and Exchange Commission. All forward-looking statements contained in this press release speak only as of the date on which they were made. Monopar undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made. Any forward-looking statements contained in this press release represent Monopar’s views only as of the date hereof and should not be relied upon as representing its views as of any subsequent date.

Contact

Kim R. Tsuchimoto
Chief Financial Officer
[email protected]

Follow Monopar on social media for updates: 
Twitter: @MonoparTx LinkedIn: Monopar Therapeutics

SOMERSET, N.J, Nov. 12, 2020 (GLOBE NEWSWIRE) —

MTBC, Inc.
(Nasdaq: MTBC) (Nasdaq: MTBCP), a leading provider of cloud-based healthcare IT solutions and services, including telehealth, today announced that its MSO (management services organization) relationship between its CareCloud operating division and MDS Medical is helping accelerate market growth of CareCloud’s comprehensive electronic health records (EHR) solution and practice management (PM) software. MDS Medical is positioning CareCloud’s solutions in front of ambulatory physician groups and providing comprehensive technology, training, support, and revenue cycle management services for the CareCloud platform.

“MDS Medical only partners with the best EHR software vendors on the market and we are honored to be one of their preferred partners,” said Wes Stolp, Executive Vice President of Sales, MTBC. “Through MDS Medical’s campaign efforts, we have the opportunity to provide comprehensive EHR software to thousands of healthcare providers. We are excited to help even more practices successfully compete in today’s highly competitive landscape.”

As a CareCloud MSO, MDS Medical is positioning CareCloud’s robust EHR platform in front of small practices and large multi-specialty group physicians. This initiative will align CareCloud’s platform as an all-in-one solution for physician practices seeking to expedite encounters, drive profits, and improve clinical outcomes.

“Our partnership with CareCloud enables MDS clients to leverage the power of a modern and completely cloud-based EHR, while also retaining complete control and flexibility over revenue cycle management operations and staffing,” said Bill Schroeder, Chief Executive Officer, MDS Medical. “The CareCloud platform provides a powerful arsenal of enterprise-level tools that enable our medical practice clients to deliver an extraordinary patient experience while remaining independent and profitable in a value-based care environment.”

MDS Medical is actively marketing and campaigning CareCloud’s comprehensive platform to hundreds of MDS Medical clients and already successfully supporting 16 physician groups on the CareCloud platform. Additionally, MDS Medical is leveraging MTBC’s dedicated, on-demand workforce through MTBC Force.

Click here
to learn more about CareCloud’s cloud-based EHR software as part of MDS Medical’s managed services.

About MDS Medical

MDS Medical is a leading provider of healthcare technology and revenue cycle management solutions for physician practices and enterprise health systems across the United States. As a managed service organization (MSO) partner for the award-winning CareCloud and athenahealth, Inc. EHR platforms, MDS combines best-of-breed healthcare technology with a consultative service model that facilitates improved workflow efficiencies, enhanced patient safety and satisfaction, and stronger practice financial performance. MDS Medical’s expert team of EHR, revenue cycle management, and IT consultants work closely with our customers to build organizations that thrive in a value-based care environment.

Learn more by visiting www.mdsmed.com.

About MTBC

MTBC is a healthcare information technology company that provides a full suite of proprietary cloud-based solutions, together with related business services, to healthcare providers and hospitals throughout the United States. Our Software-as-a-Service (or SaaS) platform includes revenue cycle management (RCM), practice management (PM), electronic health record (EHR), business intelligence, telehealth and patient experience management (PXM) solutions for high-performance medical groups. MTBC helps clients increase financial and operational performance, streamline clinical workflows and make better business and clinical decisions, allowing them to improve patient care while reducing administrative burdens and operating costs. MTBC’s common stock trades on the Nasdaq Global Market under the ticker symbol “MTBC,” and its Series A Preferred Stock trades on the Nasdaq Global Market under the ticker symbol “MTBCP.”

For additional information, please visit our website at www.mtbc.com. To view MTBC’s latest investor presentation, read press releases, and listen to interviews with management, please visit ir.mtbc.com.

Follow MTBC on LinkedIn, Twitter and Facebook.

Forward Looking Statements

This press release contains various forward-looking statements within the meaning of the federal securities laws. These statements relate to anticipated future events, future results of operations or future financial performance. In some cases, you can identify forward-looking statements by terminology such as “may,” “might,” “will,” “should,” “intends,” “expects,” “plans,” “goals,” “projects,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” or “continue” or the negative of these terms or other comparable terminology.

Our operations involve risks and uncertainties, many of which are outside our control, and any one of which, or a combination of which, could materially affect our results of operations and whether the forward-looking statements ultimately prove to be correct. Forward-looking statements in this press release include, without limitation, statements reflecting management’s expectations for future financial performance and operating expenditures, expected growth, profitability and business outlook, the impact of the Covid-19 pandemic on our financial performance and business activities, and the expected results from the integration of our acquisitions.

These forward-looking statements are only predictions, are uncertain and involve substantial known and unknown risks, uncertainties and other factors which may cause our (or our industry’s) actual results, levels of activity or performance to be materially different from any future results, levels of activity or performance expressed or implied by these forward-looking statements. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all of the risks and uncertainties that could have an impact on the forward-looking statements, including without limitation, risks and uncertainties relating to the Company’s ability to manage growth, migrate newly acquired customers and retain new and existing customers, maintain cost-effective global operations, increase operational efficiency and reduce operating costs, predict and properly adjust to changes in reimbursement and other industry regulations and trends, retain the services of key personnel, and other important risks and uncertainties referenced and discussed under the heading titled “Risk Factors” in the Company’s filings with the Securities and Exchange Commission. In addition, there is uncertainty about the spread of the Covid-19 virus and the impact it may have on the Company’s operations, the demand for the Company’s services, and economic activity in general.

The statements in this press release are made as of the date of this press release, even if subsequently made available by the Company on its website or otherwise. The Company does not assume any obligations to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.

SOURCE MTBC

Company Contact:

Bill Korn
Chief Financial Officer
MTBC, Inc.
[email protected]

Investor Contact:

Matt Kreps
Managing Director
Darrow Associates Investor Relations
[email protected]

Media Inquiries:

Mike Cuesta
Chief Marketing Officer
MTBC, Inc.
[email protected]

Anderson to help champion Draganfly’s Vital Intelligence technology into colleges and professional sports

Los Angeles, CA, Nov. 12, 2020 (GLOBE NEWSWIRE) — Draganfly Inc. (OTCQB: DFLYF) (CSE: DFLY) (FSE: 3U8) (“Draganfly” or the “Company”), an award-winning, industry-leading manufacturer and systems developer, today announced that Derek Anderson has joined as a member of the Board of Advisors.

Since retiring from the NBA, Derek Anderson founded the Stamina Foundation which provides educational programming and events which empower youth and young adults with resources and life skills. The Stamina Foundation has paved the way for over 100 under-privileged youth to attend college in a 20 year span.

Derek was drafted as the 13th pick in the 1997 NBA draft and became the first player signed to the Michael Jordan Brand and given his own signature shoe. With his first pay check from the NBA, he started his Foundation. In 2006, Derek won a World Title with the Miami Heat, becoming 1 of 13 players to win both an NCAA and NBA championship. He retired after an eleven-year NBA career in 2008. After retirement, he expanded his business life and opened two hotels in Turks & Caicos, his own film studio (Loyalty Media Group), and began writing novels and screenplays. In 2010, Derek produced and directed the documentary “The Untouchables of Kentucky.”

Cameron Chell, CEO of Draganfly, said: “We are excited and truly honoured to have Derek Anderson agree to join Draganfly’s outstanding Board of Advisors. Derek brings an incredible level of enthusiasm to our board coupled with a genuine understanding of the importance of our Vital Intelligence technology as an enabler in keeping schools open and ensuring that the lives of our youth continue as normal as possible through sports and other important activities.”

“I am honoured to have been appointed to Draganfly’s Board of Advisors,” said Derek Anderson. “I am looking forward to actively working with the Draganfly team to advocate for stronger health assessment measures across arenas and schools so that our athletes and youth can continue to move forward with their future.”

Draganfly has recently augmented its team with other key leaders, including the following:

• Andrew H. Card, former White House Chief of Staff and U.S. Secretary of Transportation, joined the Company’s Board of Directors on November 7, 2019.
• Julie Myers Wood, CEO of Guidepost Solutions and former Assistant Secretary of Homeland Security, joined the Company’s Board of Advisors on March 3, 2020.
• Molly Wilkinson, Vice President of Regulatory Affairs at American Airlines and former Republican General Counsel for the U.S. Senate Committee on Homeland Security and Governmental Affairs, joined the Company’s Board of Advisors on March 12, 2020.
• Dr. Jack Chow, former U.S. Ambassador and Assistant Director-General of the World Health Organization on HIV/AIDS, Tuberculosis and Malaria joined the Company’s Board of Advisors on April 8, 2020.
• Captain Lawrence Vincent (USN, Ret.), current Executive Officer, Defence Counter- Intelligence Agency, and former Operations Center Director for Naval and Marine Corps Forces in Europe and Africa, joined the Company’s Board of Advisors on April 16, 2020.
• John Mitnick, former General Counsel of the US Department of Homeland Security and Raytheon Senior Executive, the Company’s Board of Directors on June 11, 2020.

Exercise and Amendment of Existing Warrants

Draganfly is pleased to announce that it has received approximately $1.6 million in proceeds from the exercise of existing warrants that were issued on November 5, 2019 with an exercise price of
$0.50 per warrant (the “Existing Warrants“). Draganfly also announces that it has amended the terms of 9,602,624 Existing Warrants to extend the expiry date by an additional year to November 5, 2021, provided that the holders of the Existing Warrants exercise 25% of the Existing Warrants by May 5, 2021 and the remaining 50% of the Existing Warrants by November 5, 2021 (otherwise the Existing Warrants will expire at the applicable time).

About Draganfly

Draganfly Inc. (CSE: DFLY; OTCQB: DFLYF; FSE: 3U8) is the creator of quality, cutting-edge software and systems that revolutionize the way organizations can do business and service their stakeholders. Recognized as being at the forefront of technology for over 22 years, Draganfly is an award-winning, industry-leading manufacturer and technology developer serving the public safety, agriculture, industrial inspections, security, and mapping and surveying markets. Draganfly is a company driven by passion, ingenuity, and the need to provide efficient solutions and first- class services to its customers around the world with the goal of saving time, money, and lives.

For more information on Draganfly, please visit us at www.draganfly.com.
For additional investor information, visit https://www.thecse.com/en/listings/technology/draganfly-inc, https://www.otcmarkets.com/stock/DFLYF/overviewor https://www.boerse-frankfurt.de/aktie/draganfly-inc.

Media Contact Arian Hopkins
email: [email protected]

Company Contact
Email: [email protected]

Forward-Looking Statements

This release contains certain “forward looking statements” and certain “forward-looking information” as defined under applicable Canadian securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans” or similar terminology. Forward-looking statements and information are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that, while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of the Company to control or predict, that may cause the Company’s actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out here in, including but not limited to: the potential impact of epidemics, pandemics or other public health crises, including the current outbreak of the novel coronavirus known as COVID-19 on the Company’s business, operations and financial condition, the successful integration of technology, the inherent risks involved in the general securities markets; uncertainties relating to the availability and costs of financing needed in the future; the inherent uncertainty of cost estimates and the potential for unexpected costs and expenses, currency fluctuations; regulatory restrictions, liability, competition, loss of key employees and other related risks and uncertainties disclosed under the heading “Risk Factors“ in the Company’s most recent filings filed with securities regulators in Canada on the SEDAR website at www.sedar.com. The Company undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents managements’ best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.

Attachment

• Derek Anderson

Financial performance improves sequentially with record billable patient visits and highlights strong operational and fiscal management despite continued COVID-19 impact

BRENTWOOD, Tenn., Nov. 12, 2020 (GLOBE NEWSWIRE) — IMAC Holdings, Inc. (Nasdaq: IMAC) (“IMAC” or the “Company”), a provider of innovative medical advancements and care specializing in regenerative rehabilitation orthopedic treatments without the use of surgery or opioids, today announces its financial results for its third quarter ended September 30, 2020.

Third Quarter Highlights and Recent Developments:

• Announced the opening of enrollment in early November in its Phase 1 clinical study of umbilical cord-derived mesenchymal stem cells for the treatment of bradykinesia due to Parkinson’s Disease
   
• Announced the addition of three new highly qualified independent directors – Maurice “Mo” Evans, Michael Pruitt, and Cary Sucoff – to its board of directors
   
• Sold its Lexington, Ky. property for $1.3 million in a sale-leaseback transaction
   
• Reduced general and administrative expenses by 27% year-over-year and 20% quarter-over-quarter to $961,521 in the third quarter of 2020 with positive impacts from the realization of expense synergies from centralized purchasing, improved ordering, inventory control, and expense management, most notably from lower travel expenses given the coronavirus pandemic
   
• Recognized record billable patient volume of 37,992 visits in the third quarter of 2020, up 8% year-over-year
   
• Patient expenses declined 55% to $428,615 in the third quarter of 2020 from $950,517 in same period in 2019 due to improvements in supply management and a shift in service mix from knee care to spinal patients, who have a lower associated cost of therapy, reflecting behavioral adjustments associated with COVID-19-based activity restrictions
   
• Wellness Membership subscribers increased 20% sequentially during the quarter to 762 members

“We are at an exciting time in the Company’s development, with the recent launch of its Phase 1 clinical trial for IMAC’s umbilical cord-derived mesenchymal stem cell treatment for bradykinesia due to Parkinson’s disease. This is a complement to IMAC’s evolution as a regenerative rehabilitation company. These proprietary advancements give IMAC the potential to dramatically improve the non-opioid treatment landscape for a variety of physical ailments and derive asset value beyond its brick and mortar locations. This focus, along with the addition of three deeply experienced, growth-oriented professionals to IMAC’s board of directors, should help IMAC capitalize on timely opportunities,” commented Jeffrey Ervin, IMAC’s Chief Executive Officer.

“While the COVID-19 pandemic has continued to negatively impact IMAC’s revenue on a year-over-year basis, the Company has been extremely diligent and focused on continuing what it began prior to the pandemic to ensure that it is wisely allocating capital, strategically reducing expenses, and prudently managing operations. All of this is being done with an eye toward continuing to expand both in the markets where IMAC has a foothold and in creating new and adjacent market opportunities through acquisition and partnerships. Even in this challenging environment, IMAC’s third quarter results exhibited a marked improvement from the second quarter of 2020 with net patient revenue of $3.5 million in the third quarter, up 35% sequentially from $2.6 million in the second quarter. Additionally, G&A costs decreased by 20 percent sequentially from the second quarter, which, when coupled with the sequential revenue increase, led to a 23% improvement in operating loss over the same period.

“Looking at how that translates to patient care, patient visits increased 44% quarter-over-quarter while patient expenses decreased 55%. IMAC’s patient service mix shifted in the quarter to a higher concentration of spine patients, rather than knee patients, which lowered both IMAC’s average charge per visit as well as its patient treatment expense, driving quarter-over-quarter improvement. Lastly, IMAC remains committed to improving its balance sheet and operations, reducing its notes payable in the quarter by approximately $1.2 million to a balance of $4.5 million, with nearly $1.7 million of this amount in the form of a Small Business Administration Paycheck Protection Program loan that we anticipate will achieve at least partial forgiveness” concluded Mr. Ervin.

Results of Operations for the Three and Nine Months Ended September 30, 2020

Net patient service revenues decreased 20% to $3.5 million for the three months ended September 30, 2020, compared to $4.4 million for the three months ended September 30, 2019. This decrease was due to the continued impact of COVID-19 and a change in the procedure mix. Patient service revenue decreased 14% to $9.4 million for the nine months ended September 30, 2020, compared to $10.9 million for the nine months ended September 30, 2019. This decrease is attributable to the IMAC’s acquisitions of clinics in Chicago and Florida in April 2019 and January 2020, respectively, along with the impacts of COVID-19.

The Company reported a net loss per share for the quarter ending September 30, 2020 of $0.12 vs. a loss per share of $0.19 for the comparable year-ago period. For the nine-month period ending September 30, 2020, the Company reported a net loss per share of $0.49 vs a loss per share of $0.68 for the nine months ended September 30, 2019.

About IMAC Holdings, Inc.

IMAC Holdings was created in March 2015 to expand on the footprint of the original IMAC Regeneration Center, which opened in Kentucky in August 2000. IMAC Regeneration Centers combine life science advancements with traditional medical care for movement-restricting diseases and conditions. IMAC owns or manages 15 outpatient clinics that provide regenerative, orthopedic, and minimally invasive procedures and therapies. It has partnered with several active and former professional athletes, opening two Ozzie Smith IMAC Regeneration Centers, two David Price IMAC Regeneration Centers, as well as Mike Ditka IMAC Regeneration Centers and a Tony Delk IMAC Regeneration Center. IMAC’s outpatient medical clinics emphasize its focus around treating sports and orthopedic injuries without surgery or opioids. More information about IMAC Holdings, Inc. is available at www.imacregeneration.com

Safe Harbor Statement

This press release contains forward-looking statements. These forward-looking statements, and terms such as “anticipate,” “expect,” “believe,” “may,” “will,” “should” or other comparable terms, are based largely on IMAC’s expectations and are subject to a number of risks and uncertainties, certain of which are beyond IMAC’s control. Actual results could differ materially from these forward-looking statements as a result of, among other factors, risks and uncertainties associated with its ability to raise additional funding, its ability to maintain and grow its business, variability of operating results, its ability to maintain and enhance its brand, its development and introduction of new products and services, the successful integration of acquired companies, technologies and assets, marketing and other business development initiatives, competition in the industry, general government regulation, economic conditions, dependence on key personnel, the ability to attract, hire and retain personnel who possess the skills and experience necessary to meet customers’ requirements, and its ability to protect its intellectual property. IMAC encourages you to review other factors that may affect its future results in its registration statement and in its other filings with the Securities and Exchange Commission. In light of these risks and uncertainties, there can be no assurance that the forward-looking information contained in this press release will in fact occur.

IMAC Press Contact:

Laura Fristoe
[email protected]

Investors:
Bret Shapiro
(516) 222-2560
[email protected]

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