Rennova Health Inc (OTCMKTS: RNVA) shot back up out of general irrelevance after news of a private placement. Since that announcement, RNVA is well up over 100% and continuing to climb upward. To specific, the company agreed to issue a further $2,480,000 aggregate principal amount of the September 1, 2017 Senior Secured Original Issue Discount Convertible Debentures due September 19, 2019. Following this, the company’s CEO Seamus Lagan jumped on a stock analyst show and offered some more detail on where the coming might be going.

According to the release on the interview item, RNVA’s purchase of two geographically synergetic hospitals in rural Tennessee has opened the door for predictable revenue and growth moving forward. RNVA expects the implementation of this model will prove positive for the company and its shareholders and expects significant improvements in revenue and shareholders’ equity throughout 2018. “Our hospital in Oneida is benefiting from increasing numbers of patients and billing each month since opening,” said Lagan. “The purchase of a second much larger hospital within one hour’s drive from Oneida will create opportunity for numerous efficiencies between the two facilities and allow us to further treat a large number of the patients that Oneida sends to other hospitals each month for operations and other treatments.”

Rennova Health Inc (OTCMKTS: RNVA) promulgates itself as a vertically integrated Public Company that provides industry leading Diagnostics and supportive software solutions to healthcare providers. The company, together with its subsidiaries, provides a suite of healthcare related products and services to healthcare providers in the United States.

The company operates in three segments: Laboratory Services, Supportive Software Solutions, and Decision Support and Informatics Operations. It provides toxicology, clinical pharmacogenetics, and esoteric testing services.

The company also offers Advantage, a HIPAA compliant software; Clinlab, a Windows-based Web-enabled laboratory information management system; and Medical Mime, a suite of solutions, which include an optimized Electronic health records (EHR) for substance abuse and behavioral health providers, a dictation-based ambulatory EHR for physician practices, and advanced transcription services. In addition, it develops and markets interpretation and decision support solutions that enhance cancer diagnoses and treatment through actionable data analytics and reporting for oncologists and their patients. Rennova Health, Inc. was founded in 2005 and is headquartered in West Palm Beach, Florida.

According to company materials, “Rennova provides industry-leading diagnostics and supportive software solutions to healthcare providers, delivering an efficient, effective patient experience and superior clinical outcomes. Through an ever-expanding group of strategic brands that work in unison to empower customers, we are creating the next generation of healthcare.”

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Gross proceeds from the company’s new agreement are expected to be in the vicinity of $2M. This is influx of cash seems to be keeping bears off the carcass for now and propping up this timely run. Though, RNVA needs to prove itself to have long-term value and not just a flash in the pan.

Currently trading at a market capitalization of $84.59K, RNVA also has a float of 4.49M. This is a restricted trading float and a jump in trading volume can crimp supply and push share prices higher. RNVA has strung some solid days together on hot news but traders should be wary until RNVA can show solid growth potential. We will be updating readers as soon as more news breaks. Sign-up for continuing coverage on shares of $RNVA stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!

Disclosure: we hold no position in $RNVA, either long or short, and we have not been compensated for this article.