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    CRRX   CA14173C1059

CARERX CORPORATION

(CRRX)
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CareRx and AceAge Announce Results of Karie Pilot Study with Seasons Retirement Communities: Demonstrates 97% Medication Compliance

09/30/2021 | 02:16pm EST

TORONTO, Sept. 30, 2021 /CNW/ - CareRx Corporation ("CareRx" or the "Company") (TSX: CRRX), Canada's leading provider of pharmacy services to seniors living and other congregate care communities, and AceAge Inc. ("AceAge"), the makers of Karie, a smart pill companion supporting senior independence and wellness, today announced the results of a three-month pilot study jointly conducted with Seasons Retirement Communities ("Seasons"). The results of the pilot study demonstrated over 97% medication compliance, which represented a 38 percentage point increase in compliance compared to a baseline level for patients with electronic monitoring devices (Claxton, AJ 2001). 

The pilot study, which involved 24 independent residents at three Seasons retirement communities located in Ontario, used anonymized data to track whether a resident's medication was delivered on time, early, late or was missed altogether. Following the success of the pilot study, CareRx, AceAge and Seasons intend to work together to offer Karie in all of Seasons' retirement communities across Ontario and Alberta.

"Karie provides Seasons the ability to deliver a Medication Compliance Support program that is tailored to our residents' specific needs," said LeighAnne Voll, Chief Operating Officer of Seasons Retirement Communities. "Should a resident miss a dose of their medication regimen, Karie automatically notifies our wellness team so that they can follow up with the resident. Karie is a great technological solution that provides everyone in a resident's circle of care with peace of mind while fostering resident independence."

"CareRx constantly strives to offer a range of innovative solutions that support our home partners in ensuring a safe and efficient medication management program," said David Murphy, President and Chief Executive Officer of CareRx. "We are excited by the overwhelming success of this pilot study and look forward to supporting Seasons and AceAge with the rollout of Karie in Seasons' other retirement communities."

"The results from the pilot study are a strong indication of Karie's effectiveness in ensuring medication compliance amongst residents in seniors living communities and reducing the risk of hospitalization," said John Simmons, Chief Executive Officer of AceAge.

CareRx has a distribution and supply agreement with AceAge for Karie, as well as an accompanying investment in AceAge under which it currently owns approximately 11% of AceAge.

About AceAge and Karie

AceAge is a healthcare technology company creating intuitive products to ease the aging process and improve health outcomes. AceAge's product, Karie, is a smart pill companion that organizes, schedules, and delivers pills, ideally suited for those needing to manage 3 or more medications simultaneously. Karie was designed to make medication management as simple as possible to ensure user independence and wellness, while providing caregivers with peace of mind. Designed for individuals taking multiple medications, particularly seniors living independently or without full-time care, Karie is an innovative device that simplifies complex medication regimes by automatically delivering prescription drugs, in the correct dosage and at the right time.

About CareRx

CareRx is Canada's leading provider of pharmacy services to seniors living communities. We serve over 92,000 residents in over 1,500 seniors and other congregate care 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.

About Seasons

Established in 2009, Seasons is a Canadian company that owns and operates retirement communities in Ontario and Alberta. Our management team has extensive experience in the senior housing sector and has developed a culture that is dedicated to providing residents with superior customer service. We want our residents to feel proud to call us home and to know they are surrounded by people who genuinely care

Forward-Looking Statements

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 CareRx'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 CareRx's exposure to and reliance on government regulation and funding, CareRx's liquidity and capital requirements, exposure to epidemic or pandemic outbreak, acquisitions and integrations undertaken by CareRx, the highly competitive nature of CareRx'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 CareRx with Canadian securities regulatory agencies and commissions. These and other factors should be considered carefully and readers should not place undue reliance on CareRx'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 CareRx 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

© Canada Newswire, source Canada Newswire English

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Sales 2021 257 M 200 M 200 M
Net income 2021 -25,1 M -19,5 M -19,5 M
Net Debt 2021 - - -
P/E ratio 2021 -7,92x
Yield 2021 -
Capitalization 223 M 174 M 173 M
Capi. / Sales 2021 0,87x
EV / Sales 2022 0,58x
Nbr of Employees 850
Free-Float 76,9%
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David Murphy President, Chief Executive Officer & Director
Andrew Mok Chief Financial Officer
Jack Shevel Chairman-Emeritus
Kevin William Dalton Chairman
Jeff May Chief Operating Officer
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