Navigation Links
Graymark Healthcare to Focus on Treatment of Sleep Disorders with Completed Sale of Independent Pharmacy Business Assets to Walgreens
Date:12/7/2010

OKLAHOMA CITY, Dec. 7, 2010 /PRNewswire-FirstCall/ -- Graymark Healthcare, Inc. (Nasdaq: GRMH) has closed the previously announced sale of substantially all the assets of its ApothecaryRx's retail pharmacy business to Walgreens Co. (NYSE: WAG, Nasdaq: WAG). ApothecaryRx operated 18 pharmacies across five states.

The transaction allows Graymark to focus on its core business of providing comprehensive care for sleep disorders, primarily obstructive sleep apnea, including diagnosis, therapy, and ongoing clinical and product support.

"Millions of Americans suffer from obstructive sleep apnea, and many aren't aware they have a problem or that treatment is available in their communities," said Stanton Nelson, chairman and CEO of Graymark Healthcare. "As a pure-play sleep disorders company focused primarily on obstructive sleep apnea, we believe Graymark is better able to help people sleep better."

Graymark launched the nation's first comprehensive care model for patients with obstructive sleep apnea in 2009 and has grown into one of the nation's largest aggregators of sleep therapy providers.

"Given our substantially improved balance sheet as a result of this sale, we are ideally positioned to execute on our plans to grow through the acquisition of treatment centers, as well as through developing alliances with hospitals and other health care providers," added Nelson. "The rapidly growing sleep apnea marketplace offers us an opportunity for significant growth and margin expansion."

The sale to Walgreens was comprised of substantially all of the assets of ApothecaryRx for $25.5 million, plus approximately $3.8 million for inventory. Graymark expects to realize net proceeds of approximately $33 million from the completed divestiture, including collection of retained accounts receivable, and proceeds from the liquidation of remaining ApothecaryRx assets.

The Healthcare Investment Banking Group of Morgan Joseph LLC served as the financial advisor to Graymark in this transaction, with Greenberg Traurig LLP and Commercial Law Group, P.C. serving as Graymark's legal advisors.

About Graymark Healthcare

Graymark Healthcare, Inc. is the nation's second largest provider of sleep medicine diagnosis and treatment. Graymark owns and operates diagnostic sleep centers that treat a wide range of sleep disorders, and operates a medical equipment supply company that provides disposable and durable medical equipment. For more information, please visit www.graymarkhealthcare.com.

This press release may contain forward-looking statements that are based on the company's current expectations, forecasts and assumptions. Forward-looking statements involve risks and uncertainties that could cause actual outcomes and results to differ materially from the company's expectations, forecasts and assumptions. These risks and uncertainties include risks and uncertainties not in the control of the company, including, without limitation, the current economic climate and other risks and uncertainties, including those enumerated and described in the company's filings with the Securities and Exchange Commission, which are available on the SEC's Web site (www.sec.gov). Unless otherwise required by law, the company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.


'/>"/>
SOURCE Graymark Healthcare, Inc.
Copyright©2010 PR Newswire.
All rights reserved

Related medicine technology :

1. Graymark Healthcare Reports Q3 Financial Results
2. Graymark Healthcare Agrees to Sell Pharmacy Division to Walgreens Creating Pure Play Sleep Apnea Company
3. Graymark Healthcare, Inc. to Host Conference Call to Discuss Q2 Financial Results
4. Graymark Healthcare Sells Record Number of CPAP Devices in Q2 2010
5. Streamline Health Solutions Enables Electronic Medical Records System for Leading Canadian Healthcare Provider
6. Cymetrix Forms Alliance With Siemens Healthcare for System Conversion Support
7. diaDexus to Present at the Canaccord Genuity Healthcare Conference
8. ConvaTec Healthcare Announces Senior Secured Notes Offering & Senior Notes Offering
9. Consolidated Portland, Maine Healthcare Market Will Hamper Pharmaceutical Reps Access to Physicians
10. Masimo to Present at Piper Jaffray 22nd Annual Healthcare Conference
11. Prime Healthcare Converts System-Wide to Masimo rainbow SET Technology
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:1/17/2017)... -- Research and Markets has announced the addition of ... to their offering. ... The global fluoropolymer market in the healthcare industry to grow ... Global Fluoropolymer Market in the Healthcare Industry 2016-2020, has been ... experts. The report covers the market landscape and its growth prospects ...
(Date:1/17/2017)... Tocagen Inc ., a clinical-stage, cancer-selective gene therapy company, today announced ... pharmaceutical development at Tocagen, will present at Phacilitate Cell & ... Miami . Details of the ... ... - what to do when and why Date and Time: Wednesday, ...
(Date:1/17/2017)... 2017 Research and Markets has announced the ... Generic), Manufacturer (Captive, Merchant), Synthesis (Synthetic, Biotech), Product (mAb, Hormone) Drug ... 2021" report to their offering. ... The global active pharmaceutical ingredients market is ... Billion in 2016, growing at a CAGR of 6.3% from 2016 ...
Breaking Medicine Technology:
(Date:1/17/2017)... (PRWEB) , ... January 17, 2017 , ... Gym Source, ... of a new showroom at South Dixie Hwy in Miami, FL. , “We are ... Gym Source. “The new innovative in-store concept is designed to give clients a seamless ...
(Date:1/17/2017)... Los Angeles, CA (PRWEB) , ... January 17, ... ... conflicted and concerned by the political/social/economic events, Dr. Carol Francis re-releases powerfully uplifting ... tragedies and magical moments that help everyone endure and pass through tough times, ...
(Date:1/17/2017)... ... January 17, 2017 , ... Kevin Harrington (one of the original Sharks ... DRTV campaigns regarding the topic of Beauty and Personal Care. , ... What better way to commit to these changes than beginning with personal care and ...
(Date:1/17/2017)... ... January 17, 2017 , ... Achieve TMS West, with multiple ... new office in San Clemente, California this month. Achieve TMS West is the ... treating individuals struggling with major depression. Depression impacts over 15 million adults in ...
(Date:1/17/2017)... ... January 17, 2017 , ... Peoples Health is pleased to ... on Dec. 1, 2016. Peoples Health, a Metairie-based Medicare Advantage company, serves more ... addition to our provider network, and the addition will benefit our members in ...
Breaking Medicine News(10 mins):