BANNOCKBURN, Ill., August 8 /PRNewswire/ -- Option Care, Inc.
(Nasdaq: OPTN), announced today it acquired the infusion business of Excel
Healthcare, LLC, an Option Care franchise located in Sterling, Virginia.
Details of the agreement were not disclosed.
Acquisition as Part of Strategy for Growth
"This acquisition represents tremendous revenue growth potential for us in
the Virginia, Maryland and Washington, D.C. regions," said Option Care
President and COO Raj Rai. "Excel was a franchise start-up in 1997. It
quickly grew to $1.5 million under its current owner, Keyur Mehta, who will
remain as general manager. Keyur's sales and marketing efforts, coupled with
recently signed contracts such as Aetna -- with over 600,000 lives in the
region -- and our ability to provide the needed working capital resources,
lead us to expect continued significant growth from this operation. It will
also provide us with a pharmacy hub for our specialty pharmacy program under
our OptionMed division.
"Excel satisfies our stated acquisition objectives of being both
opportunistic and accretive, as well as supporting the market penetration
portion of our growth strategy. This is the first use of our recently
approved $15 million acquisition line of credit. It has put us on the way to
meeting the goal of acquiring three to four intravenous drug providers by year
end," Rai concluded.
Option Care, Inc. is an alternate site and high-tech pharmaceutical
service provider, operating through a nationwide network of about 140
locations. The company has contracts to provide managed care organizations
and other third-party payors with pharmaceutical and high-cost injectable
products that can be used by patients in settings other than their doctors'
offices. One of the company's wholly owned subsidiaries, OptionMed(TM),
markets specialty drugs and pharmacy consulting services directly to managed
care organizations for the benefit of their physicians and patients. Another
wholly owned subsidiary, Management by Information (MBI), supplies state-of-
the-art data management products and services to the home health industry.
Founded in 1979, Option Care trades on Nasdaq under the symbol OPTN.
This news release contains forward-looking statements. These statements
involve risks and uncertainties, including, without limitation, the company's
ability to profitably execute its growth strategy. Please see Option Care's
filings and reports with the Securities and Exchange Commission for additional
risk factors.
Further information on Option Care can be found at http://www.optioncare.com and
http://www.mbimbi.com .
SOURCE Option Care, Inc.
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Related links:
http://mbimbi.com
CONTACT:
Raj Rai, President & COO, 847-615-1690, or
Mike Siri, Chief Financial Officer, 847-604-7117, both of Option
Care Inc.; or General, Lynne Franklin, 312-266-7800,
Analysts-Investors, Leslie Loyet, 312-640-6672, both of the
Financial Relations Board
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