Rennova Health Posts Q1 2017 Financials

- May 24th, 2017

Rennova Health released their financial results for the first quarter of this year.

Rennova Health (NASDAQ:RNVA) released their financial results for the first quarter of this year.
As quoted in the press release:

Historically, we have specialized in providing urine and blood drug toxicology and pain medication testing to physicians, clinics and rehabilitation facilities in the United States. We intend to expand our business operations in each sector in which we focus and will continue to assess the best way to do so. We may consider the sale of or spin-off of one or more of our business operations if deemed to be the best way to create value for our stockholders.
Significant highlights from the first quarter of 2017 and recent weeks include:

  • Secured $9.9 million in net proceeds from private placements of convertible debentures and warrants with institutional investors
  • Narrowed loss from operations from $6.8 million for the first quarter of 2016 to $4.6 million for the first quarter of 2017
  • Formed the AMS Group to focus on precision medicine; the Group includes CollabRx, Inc., Genomas, Inc. and Alethea Laboratories, Inc., Rennova’s Las Cruces, N.M. laboratory
  • Rennova’s board of directors is considering all options to create stockholder value, and subject to required consents and approvals may spin off the Group to its stockholders
  • Appointed Scott Jenkins, Ph.D., a long-time Silicon Valley Healthcare IT executive with nearly 30 years of experience, to lead the AMS Group as chief executive officer
  • Completed a purchase agreement to acquire certain assets related to Scott County Community Hospital and changed its name to Big South Fork Medical Center
  • Genomas received a U.S. patent for a combinatorial approach to three fundamental but genetically variable routes of drug metabolism for most of the neuropsychiatric and cardio metabolic medicines in healthcare
  • Added software customers for its flagship M2Select EHR product and for M2Pro, its EHR for the ambulatory sector

Click here to read the full press release.

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