Trxade Health Inc is a healthcare technology company focused on improving the accessibility and affordability of prescription medications
The company operates a digital platform that connects various stakeholders in the pharmaceutical supply chain, including independent pharmacies, healthcare practitioners, and patients. Through its innovative services, Trxade Health enables pharmacies to source medications more efficiently, enhances transparency in pricing, and supports the delivery of healthcare solutions that aim to reduce the overall cost burden on patients. The firm is committed to leveraging technology to foster a more integrated and consumer-friendly healthcare marketplace.
TRxADE Health (NASDAQMEDS), a parent company of pharmaceutical business-to-business (“B2B”) exchange platform, and Scienture Inc., a wholly owned subsidiary of TRxADE, have announced a name change. According to the announcement, TRxADE is changing its name to Scienture Holdings Inc. The change is effective beginning Sept. 23, 2024; company stock will also begin trading on the NASDAQ exchange under a new ticker symbol — SCNX — that same day.
TRxADE Health (NASDAQMEDS), a pharmaceutical exchange platform provider, and its wholly owned subsidiary Scienture, LLC, a New York based branded specialty pharmaceutical company, today announced changes to Scienture’s executive leadership team. According to the announcement, Narasimhan Mani, Ph.D., MBA, an experienced healthcare professional and a proven health leader with over 25 years of experience in the pharmaceutical industry, has been appointed Scienture’s President. Additionally, Shankar Hariharan, Ph.D., the current President and CEO, will be CEO of Scienture, while Rahul Surana, Ph.D., MBA has been promoted to Executive VP and Chief Operating Officer (“COO”) of Scienture.
TRxADE Health (NASDAQMEDS), a parent company of pharmaceutical business-to-business (“B2B”) exchange platform, has entered into a business combination with Scienture Inc. in an all-stock transaction. Scienture is a New-York-based pharmaceutical company that develops unique specialty product concepts and solutions. According to the announcement, TRxADE acquired all of Scienture’s assets in exchange for a combination of TRxADE common stock and nonvoting convertible preferred stock. In addition, TRxADE will change its name to Scienture Holdings Inc., with the combined company continuing to trade on the NASDAQ exchange. The boards of directors of both companies have unanimously approved the planned business combination, which will result in a company focused on providing innovative branded, specialty pharmaceutical products designed to enhance the standard of care and add value to patients, caregivers and the healthcare system. “We are very excited about the merger and believe the new combined company will provide the vehicle for our future expansion,” said Scienture president and CEO Shankar Hariharan, PhD., in the press release. “Our mission at Scienture is in developing unique specialty product concepts and solutions that bring enhanced value to patients, caregivers and healthcare systems. Our assets in development are across therapeutics areas, indications and cater to different market segments. We are committed to serving patients, physicians and other healthcare stakeholders to attain better health outcomes.”
TRxADE (NASDAQMEDS) today announced that its board of directors has declared a special cash dividend of $1.50 per share of common stock. According to the announcement, the special dividend is being paid using a portion of the proceeds received in May 2024 in connection with the prior sale of the company’s web-based market platform assets. The cash dividend is payable to stockholders of record as of July 19, 2024, with the dividend being paid on or about July 24, 2024.
TRxADE Health (NASDAQMEDS), a pharmaceutical exchange platform provider, has regained compliance with Nasdaq Listing Rule 5250(c)(1) following the filing of its quarterly report on Form 10-Q for the three months ended March 31, 2024 (“Q1 2024”). The company reported a net income of more than $21 million for this period due to the previously announced sale of substantially all of the assets of its wholly-owned subsidiary Trxade, Inc. According to the announcement, the purchase price paid at closing on February 16, 2024, was $22,660,182. This sale transaction was a significant factor in TRxADE reporting positive net income for Q1. The company received an additional payment of $7,500,000 in May 2024.
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