Neuromonitoring Company Founded by Former NFL Quarterback Set to Go Public
Source: The Life Sciences Report
May 29, 2017 (Investorideas.com Newswire) Assure Holdings, an intraoperative neuromonitoring company founded by former NFL quarterback Preston Parsons, will begin trading on the TSX Venture Exchange on May 29, under the trading symbol IOM.
Assure Neuromonitoring, a wholly owned subsidiary of Assure Holdings Inc. (IOM:TSX.V), provides intraoperative neuromonitoring (IONM) services. The standard of care in the United States is to provide IONM services to monitor the nervous systems of patients undergoing invasive surgeries such as spine, ear, nose and throat, and others, to monitor the activity and warn the surgeon if he/she is getting close to a nerve, thereby preventing nerve damage.
Most IONM services are staffed by onsite technologists and offsite neurologists who are provided by third-party services, which does not provide consistency or accountability. According to the company, the Assure platform "employs its own staff of highly trained technologists and uses its own state of the art monitoring equipment, handles 100% of intraoperative neuromonitoring scheduling and setup, and bills for all technical services provided." Assure's technologists and neurologists are dedicated to specific surgeons and work as a team, thereby developing rapport and trust.
The company notes that "Assure has developed a comprehensive platform that engages all stakeholders including the surgeon, the technologist, the neurologist, and the patient."
The company began operations in Colorado in 2015 and has primarily serviced spine surgeries. The company plans to expand into additional states and into additional types of surgeries.
The company's audited financial results for 2016, the first year it had revenue, show $5.52 million in revenue and $4.3 million in EBITDA. In March, Assure completed a $3.14 million private placement. As of March 31, Assure had working capital of $4.82 million.
Assure Holdings has completed a qualifying transaction with Montreux Capital Corp. Montreux Capital has subsequently changed it’s name to Assure Holdings Corp.
Preston Parsons is Assure's founder, executive chairman and controlling shareholder. Parsons was an NFL quarterback for six years, playing for four different teams, including the Denver Broncos from 2005 until 2007.
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