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Progressive Care Inc.: PharmCo Joins Fight Against Turing Pharmaceuticals With Low-Cost Daraprim Alternative


December 2, 2015 - MIAMI, FL

MIAMI, FL--(Marketwired - December 02, 2015) - Progressive Care Inc. (OTC PINK: RXMD), through its subsidiary PharmCo LLC, a South Florida provider of prescription pharmaceuticals specializing in health practice risk management, the sale of anti-retroviral medications and related medication therapy management, the sale and rental of durable medical equipment ("DME") and the supply of prescription medications to long term care facilities, announced that PharmCo will begin compounding low-cost Daraprim substitutes.

Daraprim is approved for the treatment of toxoplasmosis and had long been priced at $13.50 per pill. However, under the direction of CEO Martin Shkreli, Turing Pharmaceuticals dramatically increased the price to $750 per pill in September. Although offered at discounts to hospitals, the drug is commonly prescribed for treatment upon discharge. Daraprim at the current price is unaffordable for most patients with HIV/AIDS and those with weakened immune systems.

Specialty medications prescribed for treatment of HIV/AIDS, Hepatitis C and certain cancers have been the subject of disturbing price hikes by pharmaceutical manufacturers in recent months. To combat this trend, PharmCo is offering a compounded capsule alternative to Daraprim by adapting a formulation of pyrimethamine and leucovorin (folinic acid) at a retail cost of less than $1 per pill. This announcement comes on the heels of Express Scripts' (ESRX) partnership with Imprimis Pharmaceuticals (IMMY) to produce Daraprim substitutes by the end of the week.

Shital Parikh Mars, COO stated, "PharmCo has long been an advocate for those patients with specialty pharmaceutical needs. These patients often lack the resources necessary to afford proper treatment for their conditions and are a vulnerable segment of our community. Today our company has begun to stem the tide of rising prices for these patients by providing an inexpensive alternative to Daraprim and will prepare additional formulary alternatives to other high priced brand name specialty drugs. As a leader in the pharmacy industry and the community, we can do no less."

About Progressive Care

Progressive Care Inc. (OTC PINK: RXMD), through its subsidiary PharmCo, LLC, is a South Florida provider of prescription pharmaceuticals specializing in health practice risk management, the sale of anti-retroviral medications and related medication therapy management, the sale and rental of durable medical equipment and the supply of prescription medications to long term care facilities.

Cautionary Statement Regarding Forward Looking Statements

Statements contained herein that are not based upon current or historical fact are forward-looking in nature and constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements reflect the Company's expectations about its future operating results, performance and opportunities that involve substantial risks and uncertainties. These statements include but are not limited to statements regarding the intended terms of the offering, closing of the offering and use of any proceeds from the offering. When used herein, the words "anticipate," "believe," "estimate," "upcoming," "plan," "target", "intend" and "expect" and similar expressions, as they relate to Progressive Care Inc., its subsidiaries, or its management, are intended to identify such forward-looking statements. These forward-looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties, and other factors that could cause the Company's actual results, performance, prospects, and opportunities to differ materially from those expressed in, or implied by, these forward-looking statements

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