Scripps Safe Inc (SCRP) is planning to raise $6 million in an initial public offering on Tuesday, February 13th, IPO Scoop reports. The company will issue 1,200,000 shares at a price of $5.00 per share.
In the last 12 months, Scripps Safe Inc generated $580,000 in revenue and had a net loss of $590,000. The company has a market-cap of $46 million.
Scripps Safe, Inc. provided the following description of their company for its IPO: “We are a pharmaceutical supply chain solutions company. We focus on the secure transport, storage, distribution and dispensing of pharmaceuticals within the lawful supply chain to healthcare providers while ensuring compliance with federal, state and industry oversight regulations. Our mission is to keep pharmaceuticals secure from the manufacturer/distributor to the patient by delivering integrated solutions across the United States and Canada. Scripps Safe, Inc. plans to primarily focus on three major verticals, mobile pharmaceutical delivery including Fire-EMS; Private Ambulance operations/ home healthcare delivery; and Addiction or Medication Treatment Facilities by launching solutions with a yearly subscription recurring revenue model. These verticals represent the pharmaceutical distribution supply chain from manufacturers through distributors down to care providers. The technology solution is the Scripps Systemâ„˘ which was debuted at EMS (â€śEmergency Medical Servicesâ€ť) World October 2021. Scripps Safe was honored to be chosen as a 2021 EMS World Innovations Award Winner for the Scripps Systemâ„˘, a Drug Enforcement Agency (â€śDEAâ€ť) and Drug Supply Chain Security Act (â€śDSCSAâ€ť) compliance inventory audit and tracking solution. The Scripps Systemâ„˘ is a Platform as a service (PaaS) Solution to keep pharmaceuticals secure within the lawful supply chain. This solution will deliver new releases of expanded features and functions made available on a yearly subscription revenue model. The Scripps Systemâ„˘ currently includes the availability of secure storage (vaults and safes) and access control system management available now on a transaction-based revenue model. New solution features are scheduled to be released in 2023 and 2024 and will include advanced inventory management, supply chain tracking, audit/tracking capability, diversion control, advanced analytics, and application programming interfaces (â€śAPIâ€ť) to common healthcare applications which will be made available on the subscription revenue model. Scripps Safe currently has over 600 healthcare clients who have purchased DEA compliant vaults and safes. To date, Scripps Safe has financed operations primarily through the sales of vaults and safes, foundersâ€™ contributions and an EIDL (â€śEconomic Injury Disaster Loanâ€ť) Small Business Administration (â€śSBAâ€ť) Loan. Scripps Safe did record negative cash flow from operations and stockholdersâ€™ deficit which caused our independent auditor to raise doubt about our ability to continue as a growing concern. Pharmaceutical security is REQUIRED by law. There are 1.9 million and growing state licensed and federally registered facilities and professionals that can handle regulated controlled substances. The security guidelines are mandated in the Controlled Substance Act of 1970 which is enforced by the DEA, the DSCSA under the jurisdiction of the FDA and each state has pharmaceutical jurisdiction enforced by their respective Bureau of Narcotics and/or Board of Pharmacy Department of Health and other Licensing Boards. Additionally, the recent passage of the Coronavirus Aid, Relief and Economic Security (â€śCares Act of 2020â€ť) and the Coronavirus Response and Consolidated Appropriations Act (â€śCares Act of 2021â€ť) provides funding and subsidies support for qualified healthcare treatment facilities to pay for their pharmaceutical security solutions. Scripps Safe does not have a controlled substance license nor are we required to for our business model. The DEA enforcement of the Controlled Substance Act of 1970 is the U.S. federal statute establishing drug policy under which the manufacture, importation, possession, use, and distribution of certain substances is regulated. The FDA enforcement of the Drug Supply Chain Security Act of 2013, outlines steps to build an electronic, interoperable system to identify and trace certain prescription drugs as they are distributed in the U.S. Compliance traceability will become mandatory by November of 2023. State Pharmacy Boards, Departments of Health and/or State Bureaus of Narcotics have the option to require stricter guidelines. Many states have now implemented legal requirements for constant pharmaceutical supervision and surveillance and an â€śunbroken chain of custodyâ€ť. The U.S. market for Scripps Safe is estimated to be congruent with pharmaceutical distribution. The U.S. pharmaceutical market is controlled by the top 3 biggest distributors, McKesson, AmerisourceBergen, and Cardinal Health, known as the â€śBig 3â€ť. In 2021 the â€śBig 3â€ť reported a total of $574B in revenue, showing a steady year-to-year average growth rate of 7% over the last 10 years.1 Additionally as previously mentioned, there are currently over 1.9M controlled substance state license and DEA registrant holders with 135,000+ new entrants in the market every year.2 Based on the total pharmaceutical distribution in the U.S. and the actual number of controlled substance license and registrant holders, Scripps Safe estimates the U.S. addressable market opportunity for the Scripps SystemTM solution to be $16.5 billion a year and growing at a steady rate of 7% year-to-year. **Note: Revenue and net loss figures are for the 12 months that ended Sept. 30, 2022. (Note: Scripps Safe Inc. cut the IPO’s size on Jan. 26, 2024, to 1.2 million shares – down from 2.12 million shares – and said the assumed IPO price is $5.00, according to an S-1/A filing. Background: Scripps Safe increased its IPO’s size by 76.25 percent to 2.12 million shares (2,115,000 shares) – up from 1.2 million shares – and kept the price range at $4.00 to $6.00 to raise $10.58 million, according to an S-1/A filing dated Sept. 1, 2023. Scripps Safe Inc. cut the size of its IPO to 1.2 million shares – down from 3.0 million shares – and kept the price range at $4.00 to $6.00 in an S-1/A filing dated May 15, 2023; in that filing, Scripps Safe also changed the sole book-runner of its IPO toÂ Spartan Capital Securities from WestPark Capital.) “.
Scripps Safe, Inc. was founded in 2012 and has 2 employees. The company is located at and can be reached via phone at .
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