FOR IMMEDIATE RELEASE
949-777-6112 ext 101
IRVINE, Calif., July 16, 2015 – Praxsyn Corporation (OTCQB: PXYN) is pleased to announce that it has finalized a lease on a new building for its pharmacy lab and billing services with expansion efforts now underway. The new space will allow Praxsyn’s wholly owned subsidiary, Mesa Pharmacy (Mesa), a medication and service provider for medical practitioners, to significantly increase the size of its pharmacy lab, providing capacity for new equipment, a more diverse list of offered medications, and to continue the growth of its pharmacy staff. The expansion will also provide additional space for another wholly-owned subsidiary, NexGen Med Solutions (NexGen), a billing and collections company.
Praxsyn, with now more than 80 employees, has outgrown its current facilities and is already expanding into the new building as the company continues to flourish. The additional space is facilitating NexGen’s ability to negotiate more settlements of in-house cases. This will allow the company to retain a higher percentage of its account receivables, which in turn creates a more profitable billing system.
The expansion also provides capacity for the pharmacy lab to triple in size, expanding to approximately 3000 sq. ft. The new state-of-the-art lab will be furnished with upgraded equipment such as containment hoods, analytical balances, and a disperser which will cut down production time significantly. The pharmacy is also upgrading its ventilation system to produce cleaner air as part of a new pharmacy regulation. The expansion has also allowed Mesa to double Pharmacy staff and will soon be implementing two work shifts in order to handle production needs. These changes will be accomplished in phases throughout the next few months.
“Due to our new organizational strategy, our improved training program, and our step-by-step approach, the pharmacy has been able to grow and reach the needs of our increased production,” said Dr. Amy Summers, Pharmacist in Charge for Mesa. “I am impressed with my team of motivated pharmacists and technicians as they have challenged themselves and have outperformed my expectations.”
Dr. Summers’ manufacturing background and her understanding of the large scale picture has significantly contributed to Mesa’s growth within the last six months. Through her leadership and management approach, Mesa is continuing to expand its medication repertoire to reach the unique needs of patients.
The new facility lease was effective on July 1, 2015. This approximately 1,800 sq. ft. building is located within Sky Park Cir., in Irvine, CA across the street from the Praxsyn corporate office and the Mesa Pharmacy lab.
About Praxsyn Corporation
Headquartered in Irvine, California, Praxsyn works to realize the vision of medical professionals to improve the lives of patients. Mesa Pharmacy, a wholly owned subsidiary, provides doctors with an alternative to oral pain medications. Mesa focuses on providing custom compounded non-narcotic, transdermal topical pain medications that are marketed to industrial health physicians and medical clinics. Mesa has developed a series of topical creams, in different strengths, that provide the pain relief doctors seek for their patients. Additional company information can be found at www.praxsyn.com.
Certain statements made in this press release are forward-looking in nature (within the meaning of the Private Securities Litigation Reform Act of 1995) including but not limited to the statement regarding the anticipated results of the completed acquisition of an additional building and pharmacy lab expansion, and, accordingly, are subject to risks and uncertainties. The actual results may differ materially from those described or contemplated and consequently, you should not rely on these forward-looking statements as predictions of future events. Certain of these risks and uncertainties are discussed in the reports we filed with the SEC.