Proto Script Pharmaceutical Corp (OTCMKTS:PSCR) shares advanced 31.45% on Wednesday to $0.209 and were unchanged in after-hours trading. Share prices have been trading in a 52-week range of $0.02 to $2.20. The company has a market cap of $69.07 million at 330.48 million shares outstanding.
Proto Script Pharmaceutical Corp continues to look into the growth potential of the power wheelchair and personal mobility scooter market in which the US has a 40% share of the $1.5 billion industry. The Census Bureau estimates that the geriatric population in the US expected to grow by 100% to 84 million by 2050 while other agencies project the global power wheelchair and scooter market to reach $2.40 billion by 2021-22 with the US maintaining the largest market share.
“The power wheelchair and personal mobility scooter market in the US is extremely large and getting larger each month as more and more patients realize how PWC’s can positively impact their quality of life and overall independence,” commented Michelle Rico, CEO of Proto Script Pharmaceutical Corp. “With an increasing number of very costly power wheelchairs and scooters in heavy daily use, the need for their regular maintenance has never been greater. With this in mind, PSP Homecare has focused its business expansion strategy on meeting the current and rising demand for professional and convenient PWC service and repairs on a national basis.”
PSP Homecare estimates a total potential market size of $2.58 billion in sales from this limited slice of the overall PWC service and repair business, based on PSP Homecare estimates a total potential market size of $2.58 billion in sales from this limited slice of the overall PWC service and repair business, based on an average repair of $1,800 and an average battery/tire change of $500.
“This extremely vital multi-billion dollar component of the PWC industry has often been overlooked and underserved by smaller local operators who are unable to fully take advantage of this huge market opportunity in a sophisticated way. PSP Homecare’s coordinated business strategy should allow us to dominate these local operators with superior sales and service teams, and compelling nationwide marketing programs,” Rico concluded.
Proto Script Pharmaceutical Corp is formerly Yanex Group Inc. It is a development-stage company that is primarily in the business of repair power wheelchairs and scooters, which are classified as durable medical equipment (DME) products and reimbursable by healthcare insurance providers.
It various contracts with state and governmental insurance providers, among others. These contracts provide the Company the right to sell and repair DME. Its health care insurance contracts allow it the ability to service patients nationally and it intends to expand its market through additional contracts and open several repair facilities throughout the continental United States. It currently has repair facilities in Las Vegas, Nevada, Rancho-Cucamonga, and Anaheim, California. As of June 30, 2016, the Company had not generated any revenues.