LifeMD, Inc. announced that it expects to receive $10.000001 million in funding from Jason Pharmaceuticals, Inc.
December 10, 2023
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LifeMD, Inc. entered into a stock purchase agreement with new investor Jason Pharmaceuticals, Inc, wholly-owned subsidiary of Medifast, Inc. for issuance of 1,224,425 common shares at a price of $8.1671 per share for gross proceeds of approximately $10,000,000 on December 11, 2023. The issuance of shares of common stock in the private placement described above were made in reliance on the exemption from registration afforded under Section 4(a)(2) of the Securities Act of 1933, as amended and/or Rule 506 of Regulation D under the Securities Act. Medifast has invested $20 million into the company, including $10 million in contributions to support the collaboration, funding enhancements to the LifeMD platform, operations and supporting infrastructure, and a $10 million purchase of LifeMD?s common stock in the placement.
LifeMD, Inc. is a direct-to-patient telehealth company, which provides comprehensive virtual and in-home healthcare. The Company operates through two segments: Telehealth and WorkSimpli. Telehealth segment is engaged in telehealth platform, which integrates a clinician-centric electronic medical record (EMR) system, algorithms for case-load balancing and scheduling, customer relationship management functionality, asynchronous communication, secure synchronous, cloud pharmacy and more. Its technology platform, combined with its 50-state affiliated provider network, enables the management of virtual treatment offerings across various health conditions, including, dermatology, urgent and primary care, chronic care management, dermatology, chronic care management and other. Its WorkSimpli segment offers workplace and document services. This segment offers PDFSimpli an online software as a service platform that allows users to create, edit, convert, sign and share PDF documents.