Rennova Health Announces the Formation of the Advanced Molecular Services Group and May Spin Off the Group to Its Stockholders
Combines Three Subsidiaries to Provide Advanced Precision Medicine for Patients, Physicians and Health Organizations; Appoints Industry Veteran Scott Jenkins to Lead the Group
WEST PALM BEACH, FL -- (Marketwired) -- 05/04/17 -- Rennova Health, Inc. (NASDAQ: RNVA), (NASDAQ: RNVAZ) ("Rennova" or the "Company"), a vertically integrated provider of industry-leading diagnostics and supportive software solutions to healthcare providers, announces the formation of the Advanced Molecular Services Group, Inc. ("AMS Group" or the "Group") to focus on precision medicine. The Group includes CollabRx, Inc., Genomas, Inc. and Alethea Laboratories, Inc., Rennova's New Mexico laboratory.
Rennova's board of directors is considering all options to create shareholder value, and subject to required consents and approvals may spin off the Group to its stockholders.
AMS Group's focus will be on mental and behavioral health, oncology, urology and cardiovascular disease. These areas benefit from understanding each person's molecular profile and, in turn, determining the best treatment protocol. The Group's proprietary technology combines Rennova's advanced testing development whereby the results of laboratory data are interpreted to provide treatment guidance to physicians and patients, with expertise in machine learning. Over time the AMS Group is expected to expand its offerings in both areas to help deliver precision medicine-based solutions. Rennova has licensed a critical mobile application that brings these services to users and intends to release a beta version this summer. This would bring the AMS Group's advanced products to patients, physicians and health organizations throughout the U.S. with testing to be conducted at Alethea Laboratories.
Rennova also announces that following an extensive search, Scott Jenkins, Ph.D., a long-time Silicon Valley Healthcare IT executive with nearly 30 years of experience, has been selected to lead the newly formed AMS Group as chief executive officer. Dr. Jenkins is responsible for the integration of the operations of the individual companies that comprise the Group.
"Precision medicine is exploding in part because of advances in diagnostic technologies and machine learning. Rennova has these key components to be a leader in this space," says Dr. Jenkins. "Every patient, physician and health organization needs immediate access to these life-changing tools, and we are going to deliver them."
Dr. Jenkins comes to Rennova from Alchemist Ventures, where he led the development of many innovative precision medicine companies. Dr. Jenkins has been an executive in Healthcare and Life Sciences at Applied Biosystems, IBM and Apple, and more recently at Dell Healthcare where he was Vice President for Healthcare Solutions sales. Over the past several years, Dr. Jenkins has been committed to the advancement of precision medicine. He has lectured and presented papers at many global conferences, including most recently at Health2.0, The Milken institute, Best Practices in Personalized Medicine, The Galan Institute and Personalized Medicine World.
He holds a Ph.D. in organic chemistry from the University of Minnesota and a B.S. in chemistry from Minnesota State University.
About Rennova Health, Inc.
Rennova provides industry-leading diagnostics and supportive software solutions to healthcare providers, delivering an efficient, effective patient experience and superior clinical outcomes. Through an ever-expanding group of strategic brands that work in unison to empower customers, we are creating the next generation of healthcare. For more information, please visit www.rennovahealth.com.
This press release includes "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Actual results may differ from expectations and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "continue," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Additional information concerning these and other risk factors are contained in the Company's most recent filings with the Securities and Exchange Commission. The Company cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. The Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in their expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.
Source: Rennova Health, Inc.
Released May 4, 2017