Navigation Links
Graymark Healthcare to Focus on Treatment of Sleep Disorders with Completed Sale of Independent Pharmacy Business Assets to Walgreens

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

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 ( 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:
(Date:6/24/2016)... , June 24, 2016 ... Market by Type (Standard Pen Needles, Safety Pen Needles), ... (Insulin, GLP-1, Growth Hormone), Mode of Purchase (Retail, Non-Retail) ... MarketsandMarkets, This report studies the market for the forecast ... to reach USD 2.81 Billion by 2021 from USD ...
(Date:6/23/2016)... 23, 2016  MedSource announced today that it ... software solution of choice.  This latest decision demonstrates ... to their clients by offering a state-of-the-art electronic ... establishes nowEDC as the EDC platform of choice ... clients.  "nowEDC has long been a preferred EDC ...
(Date:6/23/2016)... Ill. , June 23, 2016  In a startling report ... are failing their residents by lacking a comprehensive, proven plan to ... a definitive ranking of how states are tackling the worst ... to only four states – Kentucky , ... Vermont . Of the 28 failing states, three ...
Breaking Medicine Technology:
(Date:6/26/2016)... , ... June 26, 2016 , ... Pixel Film Studios ... X. , "Film editors can give their videos a whole new perspective by using ... - CEO of Pixel Film Studios. , ProSlice Levels contains over 30 Different ...
(Date:6/26/2016)... ... ... Kasmer, a legally blind and certified personal trainer is helping to develop a weight loss ... plans to fix the two major problems leading the fitness industry today:, ... , They don’t eliminate all the reasons people quit their exercise program ...
(Date:6/25/2016)... (PRWEB) , ... June 25, 2016 , ... ... health policy issues and applications at AcademyHealth’s Annual Research Meeting June 26-28, 2016, ... work on several important health care topics including advance care planning, healthcare costs ...
(Date:6/25/2016)... ... June 25, 2016 , ... The temporary closing of Bruton Memorial Library on June 21 due ... up a new, often overlooked aspect of head lice: the parasite’s ability to live away ... a common occurrence, but a necessary one in the event that lice have simply gotten ...
(Date:6/25/2016)... ... June 25, 2016 , ... First Choice Emergency ... named Dr. Sesan Ogunleye, as the Medical Director of its new Mesquite-Samuell Farm facility. ... Director of our new Mesquite location,” said Dr. James M. Muzzarelli, Executive Medical Director ...
Breaking Medicine News(10 mins):