Trxade Group Inc., a technology and pharmaceutical distribution company headquartered in the Tampa area, was in the spotlight on Wall Street Friday, as Chairman and CEO Suren Ajjarapu and other senior leaders rang the opening bell on Nasdaq.
Trxade previously was listed on the over-the-counter market and uplisted to the Nasdaq market on Feb. 13, after raising about $5.3 million in a public offering, selling 806,452 shares at $6.50 a share. It now trades under the ticker symbol MEDS.
Trxade – pronounced trax-ed – has a web-based purchasing platform that allows independent pharmacies and patients to buy drugs from distributors and manufacturers.
“Trxade’s online marketplace encourages fair market value and access to some of the strongest supply houses for pharmaceutical drugs and medical supplies,” Andy Hall, managing director of new listings with Nasdaq, said in remarks just before the opening bell ceremony. “Trxade is making pharmaceutical and medical services for customers accessible and affordable for consumers in the US with B2B and B2C operations.”
Trxade, headquartered in Land O’ Lakes in Pasco County, was founded in 2010 and has been led by Ajjarapu since its inception. The company reported $210,775 in net income on revenue of $5.7 million for the first nine months of 2019, the most recent financial information available.
“We made it!,” Ajjarapu said at the Nasdaq opening bell podium. “We made it not because we never had any obstacles and setbacks. We made it despite our obstacles and setbacks. We made it because of our teamwork and relentless effort. Ten years in business and here we are, going for an IPO to make a bigger impact on our community.”
He also looked into the future for Trxade.
“Yes we made it but now what? The ticker symbol MEDS could not have been more apt and to the point. We the team at Trxade are fully committed to lowering the drug prices to the end users by providing purchasing transparency and pricing transparency to the independent pharmacies that transact business on our marketplace,” Ajjarapu said.
The opening bell ceremony was webcast by Nasdaq as well as major financial television networks including CNBC, Fox Business News, Bloomberg TV and BNN. Nasdaq also displayed a 30-second video on its seven-story video tower and marquee in Times Square.
Trxade stock opened at $6.02 on Friday and was trading down shortly after the opening, as coronavirus fears continued to take a toll on stock trading overall.