Empower Clinics Inc (CSE:CBDT) (OTCMKTS:EPWCF) said Friday that it closed a non-brokered private placement to raise $653,000 to boost working capital and support the company’s plan to go live with physician-based immune-boosting telemedicine services.
In a statement, the Vancouver-based firm said it offered nearly 16,325,000 units at a price of $0.04 per unit to raise the funds. Each unit consists of a share and one warrant, with each warrant exercisable into one share at an exercise price of $0.10 for a period of two years following the closing.
On Monday, the company through its Sun Valley Health division announced a nationwide digital health initiative to offer digital access to physicians. The company said it has now added physician-based telemedicine consultations to address “immune system boosting requirements” for existing and new patients to the variety of telemedicine consultations.
The company’s Sun Valley Health division runs a network of physician-staffed health clinics in Oregon and Arizona that serve more than 165,000 patients.
Specifically, the company’s clinics have seen a 480% increase in patient visits in the first half of April, noted Empower Clinics in a statement.
"Securing additional capital provides our company more flexibility to support our staff and patients, during such a difficult time in history," Empower Clinics CEO Steven McAuley said.
"We are hiring physicians and administrative staff right now to meet patient demand and adding technology resources to ensure our new services are available nationwide.
"In addition, our network of physicians will now be able to dispense over 250 premium supplement products to support patients' needs, through a new online Sun Valley Health supplement store," he added.
Empower also said Sun Valley digital health initiatives are moving forward with safe and secure physician-patient interactions, starting with a combination of in-clinic virtual kiosk-based physician visits, and full telemedicine virtual consultations based on patient availability.
A nationwide roll-out in the US has the potential to reach in excess of 329 million people, based on the most recent US census data, the company added.
Dustin Klein, director and SVP of Business Development at Empower Clinics, said the new telemedicine platform is “extremely robust,” giving the company the opportunity to “provide a variety of modalities” to its patient platform during the coronavirus (COVID-19) pandemic.
"We are focused on helping patients boost their immune systems and reduce stress and anxiety that may arise with isolation and social distancing," added Klein.
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