Rennova Health Inc (NASDAQ:RNVA)
Shares of Rennova Health Inc (NASDAQ:RNVA) were up by 5.97% after the company announced licensing approval for the opening of Big South Fork Medical Center in Tennessee. Opening of the 25-bed rural Acute Care Facility is now set for August 8, 2017.
The hospital will offer 24/7 emergency services along with radiology services such as X-Ray, CT scan, and nuclear medicine. Other services on offer include respiratory therapy, physical therapy, and laboratory services.
The opening of the new hospital according to chief executive officer, Seamus Lagan, underscores the company’s commitment to diversifying revenue streams.
“We believe the recurring and more predictable revenue we anticipate receiving from this hospital, while at the same time providing a needed service to a community, creates a new dawn for Rennova and our shareholders,” said Mr. Lagan.
Rennova Health Inc. (NASDAQ:RNVA) bills itself as a provider of a suite of healthcare related products and services. The company operates through three segments: laboratory services, supportive software solutions, and decision support and informatics operations.
Certainty Health Agreement
The company recently signed an agreement with Certainty Health. The agreement is for the development of next generation smartphone tools that assess the importance of genetic background in the treatment of various psychiatric diseases. The two company’s proprietary technology combines patented laboratory testing results with Artificial Intelligence to provide personalized treatments.
Under the terms of the agreement, Rennova Health Inc. (NASDAQ:RNVA) is to market consumer-facing genetic tests developed by AMS Group using the Certainty Health brand. Products on offer include those that determine how an individual might react to pharmaceutical drugs used to treat psychiatric disorders. Online ordering of the molecular tests should be ready by the fourth quarter.
“We look forward to working with Rennova Health to expand a mobile precision medicine platform to immediately address the unmet needs of patients and their caregivers for relevant molecular information impacting psychiatry today,” said Chris Yoo, Certainty President.
The collaboration seeks to deliver test results of patients to physicians and stakeholders in a bid to improve clinical diagnosis and treatment options. According to the National Alliance on Mental Illness, over 43.8 million people are currently being treated for psychiatric issues.
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
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About the author: Steve Clark is a 23-year Wall St professional with stints in M&A, risk management, and algorithm trading. Steve keeps his head in the game by looking for, and writing about, small companies that often get overlooked by the big investment firms.