MYOS RENS Technology Inc. Announces Executive Changes
November 18, 2020 at 08:04 am EST
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On November 17, 2020, MedAvail Holdings Inc. (f k a MYOS RENS Technology Inc.), consummated the previously announced business combination pursuant to that certain Agreement and Plan of Merger and Reorganization, dated as of June 30, 2020, by and among the company, MedAvail Inc. (MedAvail), and Matrix Merger Sub Inc. (Merger Sub). Pursuant to the Merger Agreement, Merger Sub merged with and into MedAvail, with MedAvail surviving as a wholly-owned subsidiary of the Company. The Business Combination was consummated on November 18, 2020. In connection with the consummation of the Business Combination, the registrant changed its name from MYOS RENS Technology Inc. to MedAvail Holdings Inc. Pursuant to the Merger Agreement, on November 17, 2020, MYOS terminated the employment of Mr. Mannello, MYOS's Chief Executive Officer. On November 17, 2020, effective as of the Effective Time, the MYOS Board appointed Ed Kilroy as the company's Chief Executive Officer.
MedAvail Holdings, Inc. is a pharmacy technology and services company. The Company is focused on developing and commercializing a self-service pharmacy, mobile application, and kiosk. Its core technology and product, the MedAvail MedCenter (the MedCenter), is a pharmacist-controlled, patient-interactive, prescription dispensing system akin to a pharmacy in a box. It operates through two segments: Retail Pharmacy Services and Pharmacy Technology. The Retail Pharmacy Services segment operates as SpotRx, or the Pharmacy, which is a full-service retail pharmacy utilizing its automated pharmacy technology, primarily servicing Medicare patients in the United States. The Pharmacy Technology segment, through its MedAvail Technologies, Inc., develops and commercializes the MedCenter for direct sale or subscription to third-party customers, including some of the healthcare providers and systems, as well as large retail chains that provide full retail-pharmacy services using its technology.