Aperture Health, Inc. (OTC: APHE)
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Website:
www.triadtx.net |
Aperture Health, Inc. (OTC: APRE)
recently acquired Triad Therapeutics, Inc., ("Triad") a homecare
infusion therapy and nursing provider in New Jersey. As a result,
Triad has become a wholly owned subsidiary of Aperture Health, Inc.,
and will remain as the operating company for the combined business.
Triad Therapeutics, Inc.
Triad provides specialized home healthcare services to patients
requiring intravenous therapy including antibiotics, pain
management, hydration, immunoglobulins, steroids, total nutritional
solutions, and IV catheter insertions and maintenance. Simply put,
Triad provides a complete solution to patients including the
preparation and delivery of sterile compounded IV medications,
supplies and equipment, along with specialized nursing care and
teaching of the patient and/or caregivers on the administration of
therapies as prescribed by a licensed physician.
Triad is a fully accredited home IV therapy company, achieving this
"gold standard" status in 2007. Triad has built a well-respected
reputation in its industry, which includes companies like Catasys,
Inc., Magellan Health Services, Centene Corp., Amerigroup
Corporation, and Express Scripts, Inc. Triad currently services
clients in New Jersey, New York, and Connecticut. In our opinion,
serving these populated areas in the northeastern United States
provides APRE significant opportunity for organic growth by Triad,
as well as opportunity for expansion.
Triad employs full time marketing and sales personnel to represent
the company in the core services areas, growing and maintaining the
company's referral source base. Patient referrals are made from
physicians, hospitals, insurance companies, veterinarians and
hospice care providers that have established a professional rapport
with Triad. Patient clients accepted to Triad's service have been
preapproved for care by the client's health insurance provider.
Triad maintains numerous managed care service provider contracts,
many of which are part of "closed networks", which provides a
barrier to entry in the industry.
Home Infusion Therapy
The business of home infusion therapy is a mature industry with
multiple competitors. The company markets its services to hospital
discharge planners, physicians, hospice providers, and veterinarian
hospitals. The company competes for client referrals by providing
enhanced customer service and reliable cross communication with the
patients care givers, nurses, pharmacists and physicians.
According to the National Home Infusion Association, infusion
therapy involves the administration of medication through a needle
or catheter. It is prescribed when a patient’s condition is so
severe that it cannot be treated effectively by oral medications.
Typically, “infusion therapy” means that a drug is administered
intravenously, but the term also may refer to situations where drugs
are provided through other non-oral routes, such as intramuscular
injections and epidural routes (into the membranes surrounding the
spinal cord).
Diseases commonly requiring infusion therapy include infections that
are unresponsive to oral antibiotics, cancer and cancer-related
pain, dehydration, gastrointestinal diseases or disorders which
prevent normal functioning of the gastrointestinal system, and more.
Other conditions treated with specialty infusion therapies may
include cancers, congestive heart failure, Crohn's Disease,
hemophilia, immune deficiencies, multiple sclerosis, rheumatoid
arthritis, and more.
Until the 1980s, patients receiving infusion therapy had to remain
in the inpatient setting for the duration of their therapy.
Heightened emphasis on cost-containment in health care, as well as
developments in the clinical administration of the therapy, led to
strategies to administer infusion therapy in alternate settings. For
individuals requiring long-term therapy, inpatient care is not only
tremendously expensive but also prevents the individual from
resuming normal lifestyle and work activities.
Home infusion has been proven to be a safe and effective alternative
to inpatient care for many disease states and therapies. For many
patients, receiving treatment at home or in an outpatient infusion
suite setting is preferable to inpatient care. Many home infusion
therapy providers operate one or more ambulatory infusion suites
which are ideally suited for certain patient-therapy situations.
An infusion therapy provider is most normally a “closed-door”,
state-licensed pharmacy that specializes in provision of infusion
therapies to patients in their homes or other alternate-sites—called
a home infusion therapy pharmacy. The infusion therapy always
originates with a prescription order from a qualified physician who
is overseeing the care of the patient.
Facilities and Management
Triad leases a 9,000 square foot facility in northern New Jersey.
The facility contains a fully licensed, equipped and JCAHO
accredited pharmacy along with complete client intake, insurance
billing and receivables management services.
James E. Hennig, R.Ph.
- President, CEO, Chairman and Pharmacist-in-Charge:
Mr. Hennig is a New Jersey Registered Pharmacist with over 25 years
of home IV therapy industry experience. His responsibilities have
included business development, sales and marketing, clinical
operations, middle and executive management roles for public and
private healthcare companies ranging from $5M to $100M in revenues.
Mr. Hennig maintains his office location at the corporate offices of
Aperture Health, Inc.
As of November 8th, 2011, Mr. Hennig owns 10,000,000 shares of APHE
common stock.
Arnold Silver – Director:
Mr. Silver brings strength to Aperture's Board from his 27 years of
experience in the ownership and operations of multiple restaurant
enterprises.
Lance Friedman - Secretary and Director:
Mr. Friedman was most recently a partner in Cooper Beech Equity and
Corinthian Holdings, both Merchant Banking firms. He previously
served as Managing Director and Partner of EGL Holdings, Inc., a
venture capital and boutique investment banking concern in charge of
healthcare practice and investments. Mr. Friedman has served in
executive operational capacities for various companies including
Wireless MD, M2Verticom, Brooklyn Bottling and Canning Corp, and
Fletcher-Flora Health care Systems. He holds a BA from American
University and a JD from Benjamin Cardozo School of Law, Yeshiva
University. Mr. Friedman owns 3,000,000 shares of APHE
common stock.
Larry Friedman - Treasurer and Director:
Mr. Friedman has maintained Triad's financial records since
inception in 2007. He holds a BS in Accountancy from NYU in 1954 and
a State of NY CPA since 1964. Mr. Friedman managed several public
accounting firms from 1966 through 1988. Since retiring in 1988, Mr.
Friedman performed forensic accounting on a contract basis.
Financial Results
2009 was the first full year of operations with the ability to
service patient clients covered by Horizon Blue Cross/Blue Shield
("Horizon"), the major insurance carrier in New Jersey. Obtaining
contracted service approval through Horizon, and all other health
insurance payers, is a difficult goal to achieve in the home IV
therapy industry since the majority of provider networks are closed
to additional service providers. Triad continues to work to obtain
"InNetwork Provider" status with other major insurance carriers,
including Aetna and Oxford. In our opinion, successful acceptance
into those networks will provide additional opportunities to service
patient customers with the realization of subsequent revenue growth.
Triad's 2009 year Revenue was $834,216.25 with an EBITDA (loss) of
($283,846.32). Triad's 2010 year Revenue grew 30% over 2009, ending
at $1,081,916.21 with an EBITDA (loss) of ($310,475.42). Some
expenses contributing to the increased loss for the year include:
$12,000 for the addition of a Medical Director consultant to help
guide Triad's clinical team with respect to patient care, an
additional $13,000 incurred in the employee health benefit coverage,
a $12,000 increase in Triad's packaging and patient delivery expense
related to the increase in patient client base in the States of
Connecticut and New York, and an additional salary expense of
$63,000 related to hiring clinical and billing staff necessary for
the next phase of development while keeping Triad compliant with the
JCAHO Standards for its accreditation status.
Triad's 6 month (June) 2011 financial statement shows results closer
to those in 2009. This is due to management holding back on
aggressive sales and marketing efforts while working towards the
completion of the Reverse Merger with Aperture Health. Management
believes that with the current management, sales and operations team
in place, Triad is positioned to handle significant organic revenue
growth and possible acquisitions of home health and IV therapy
companies located in the Northeastern and Southeastern United
States. Management believes that after completing the goal of
raising an additional $1 Million in capital, the Company will be
able to stabilize its balance sheet and organically grow the
Company's 2012 total revenue and generate positive EBITDA.
Triad reported its 9 Month (Sept. 30, 2011) financial statements on
a fully consolidated basis, which includes both Aperture and Triad.
This financial statement is listed in the Financial Section of
OTCMarkets.com. The unaudited 9 month results show total revenue of
$581,962 and a net loss of $487,714 as Triad continued to hold back
on its sales and marketing plan until Capital requirements could be
met. The consolidated Balance Sheet reports a drop in Total Assets
due primarily to the decrease in accounts receivable without the
additional revenue generation. The large increase reported in
liabilities, as compared to 2009 and 2010 is the result of the
merger of Triad and Aperture. The unaudited consolidated financial
statements also represent the combined note, accounts payable,
aggregate financing expenses, and increased expense and tax
liabilities of Triad and Aperture Health
combined.
OTC
Symbol: APRE
Current Price: $0.30
Shares Outstanding: 26.2 million
Market Cap: $7.8 million
52
Week Trading Range:
52-Week Low: $0.10
52-Week High: $14.00
Corporate Offices:
333
A. Route 46 West
Suite 130
Fairfield, NJ 07004
Phone: (973) 244-0044
Email:
Website:
www.triadtx.net
Triad is a fully accredited home IV therapy company, achieving this "gold standard" status in 2007. Triad has built a well-respected reputation in its industry, which includes companies like Catasys, Inc., Magellan Health Services, Centene Corp., Amerigroup Corporation, and Express Scripts.
Many home infusion therapy
providers operate one or more ambulatory infusion suites which are
ideally suited for
certain patient-therapy situations. The
infusion therapy always originates with a
prescription order from a qualified
physician who is overseeing the care and well being of the
patient.