Syra Health Corp. (SYRA), a healthcare technology company, on Tuesday announced that it has secured a new workforce contract with the Washington D.C. government valued at up to $1 million.
The contract, awarded by the Office of the State Superintendent of Education, will see Syra Health provide registered nurses, licensed practical nurses, and certified nursing assistants to deliver healthcare services to students in Washington D.C.
The one-year agreement also includes multiple extension options.
In addition to this new contract, Syra Health also announced the extension of its existing contract with the Indiana Family and Social Services Administration's NeuroDiagnostic Institute, which has been increased by $1.2 million, bringing the total value to $18.7 million.
This expanded contract will see Syra Health continue to provide healthcare professionals to the Institute, focused on treating patients with complex neuropsychiatric illnesses.
Dr. Deepika Vuppalanchi, CEO of Syra Health, highlighted the company's commitment to improving health outcomes by addressing staffing shortages and ensuring continuity of care. She also expressed enthusiasm about further strengthening partnerships with both the Washington D.C. government and the NeuroDiagnostic Institute, with which Syra Health has been working since 2021.
As of September, 30, 2024. The company had cash balance of $2.7 million with no long-term debt, providing an estimated capital runway of approximately two years.
Currently, SYRA is trading at $0.85 up by 73.7%.
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