Patient Home Monitoring
TSX VENTURE : PHM

September 27, 2011 09:15 ET

Patient Home Monitoring Announces an Update of Outstanding Growth and Progress at the Newport Beach Anticoagulation Clinic Facility

SAN FRANCISCO, CALIFORNIA--(Marketwire - Sept. 27, 2011) - Patient Home Monitoring (PHM) (TSX VENTURE:PHM), a company focused on in-home cardiology disease management services, today announced an update from the successful launch of the Newport Beach Anticoagulation Clinic ("NBAC") facility (www.anticoagclinic.com). As part of recruiting and retaining key talent focused on more aggressive revenue growth, it also announced that it issued performance options for key executives.

Since PHM executed its facilities agreement with NBAC, a steady stream of new anticoagulation patients have been referred to the clinic by more than 100 physicians, most of whom are affiliated with Hoag Hospital, located in Orange County, California. In following with the Medicare reimbursement ruling, new referrals are given an opportunity to enroll in PHM's home monitoring services 90 days after being prescribed Coumadin. At NBAC, PHM is on track to surpass by far the in-home monitoring enrollment previously experienced for a typical large group clinic.

"We are starting to achieve the kind of growth I expected to see with this market's potential. The anticoagulation facilities model provides better healthcare for patients, a comprehensive solution for referral physicians and system costs savings to the patient's insurance provider. This new facilities model, in conjunction with our large group sales efforts, has shown us a path for increasing patient enrollment in the new fiscal year," said Dr. Jaime Gerber, interim CEO of PHM. "We plan to offer this model strategically in other locations over the coming quarters leading to significant local market penetration."

Additionally, PHM expects Dr. Gerber to transition to permanent CEO and the Board has therefore proposed a performance option package to Dr. Gerber commensurate with this role, subject to shareholder approval. The issuance includes 3 million options with a strike price at $0.14 per share, vesting over three years (details will be described in the circular for the next annual meeting) Additionally, 1.5 million options were issued to Robert Chittenden, an officer of the company, with a strike price at $0.165, vesting 500,000 each in September 2012, 2013 and 2014 respectively, with a 5 year exercise provision.

About PHM

PHM is a healthcare services company focused on providing home-based monitoring services and supplies for cardiology patients. PHM's entry-point service monitors patients on blood thinner medications such as Coumadin® or warfarin. Medicare recently expanded reimbursement for this in-home service. PHM has a unique value proposition to cardiology groups that manage patients on blood thinners, focusing on systemization to enroll patients in PST. This unique, systemized approach creates an opportunity for physician groups to operate more efficiently, increasing revenue to their clinic while providing a higher standard of care for patients. PHM plans to lever its position as a value-added service provider to expand into other home-based services for these patients and their referring physicians.

Information in this news release that is not current or historical factual information may constitute forward-looking information within the meaning of securities laws. Implicit in this information, particularly in respect of the future outlook of PHM and anticipated events or results, are assumptions based on beliefs of PHM's senior management as well as information currently available to it. While these assumptions were considered reasonable by PHM at the time of preparation, they may prove to be incorrect. Readers are cautioned that actual results are subject to a number of risks and uncertainties, including the availability of funds and resources to pursue operations, decline of reimbursement rates, dependence on few payors, possible new drug discoveries, a novel business model, dependence on key suppliers, granting of permits and licenses in a highly regulated business, competition, low profit market segments as well as general economic, market and business conditions, and could differ materially from what is currently expected.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Stanmore Capital Partners, Inc.
    Michael Dalsin
    Managing Director
    +1(323) 253-3055
    mpd@stanmorecap.com