Myos Rens Technology Inc., an advanced nutrition company based in Cedar Knolls, and MedAvail Inc., a Canada-based telemedicine pharmacy organization, announced on Tuesday they have agreed to merge and spin-out a muscle health business.
Under the merger, a subsidiary of Myos will merge with and into MedAvail, with MedAvail becoming the surviving entity and a subsidiary of Myos. Shares of the subsidiary will be distributed as a dividend to Myos shareholders.
The newly-combined company will operate under the name MedAvail Holdings Inc. It will focus on advancing in-clinic pharmacies with Medicare sites. Myos’ current muscle health business will also be spun out as a private, unaffiliated company.
MedAvail said it will play the spun out business $2 million once the merger has closed and will then issue a promissory note for an additional $3 million.