CEDAR KNOLLS, N.J.,
March 28, 2018 /PRNewswire/ -- MYOS
RENS Technology Inc. ("MYOS" or "the Company") (NASDAQ: MYOS), a
bionutrition company and owner of Fortetropin®, a
proprietary ingredient that helps build lean muscle in
conjunction with resistance training, presents comments from Chief
Executive Officer, Joseph Mannello,
on the operational and financial results for the year ended
December 31, 2017.
"I want to start by saying a few words about our financial
results for 2017. We were able to get our cash burn rate down
through some smart cost cutting measures, while utilizing our
resources in sales and marketing in a more focused manner.
The idea of continually losing money, even in what is
essentially a biotech company, is an anathema to me, and I am
committed to changing this over the next 12 months. I will continue
to look at our costs and make cuts where needed. I believe that the
best way to get our burn rate down is through cost-effective
methods of revenue generation.
"I am often asked why I took on the CEO position on a permanent
basis last September, giving up my salary, in exchange for
$4 stock options, while taking on a
two-year commitment; at the same time, I've also purchased more
stock on the open market during the fourth quarter of last year.
The answer is simple– I did it because I truly see the tremendous
potential for this company.
"I invested in MYOS because I believed in Dr. Bob Hariri's idea that if you could find a
product to improve muscle health, a great benefit and a great
opportunity existed. Bob convinced me that the product to
accomplish this is Fortetropin®, and I believe he is
right. Fortetropin® is a disruptive and beneficial
product that improves muscle health. There is truly nothing like it
that I can find in the market. It is exclusively available
from MYOS– we own it and it is protected by a patent.
MYOS proved Fortetropin®'s value in a University of Tampa study back in August of 2014.
Subjects in the study taking Fortetropin® increased
their lean muscle mass nearly 3x more than the placebo subjects.
When that was announced, the market cap of the Company rose up to
$50mm, much higher than it is today. I believe that to realize the
full potential for Fortetropin®, we need to expand on
examining its scientific potential– the original intent of the
company– building value through science.
To this end, we have initiated the following three research
programs that we believe could create significant commercial
opportunities for the Company:
- The program at University of California,
Berkeley, will evaluate the impact of
Fortetropin® on the rate of muscle synthesis in 60-75
year old men and women; we believe positive results would lay the
foundation for products addressing age related muscle loss.
- The program at Kansas State
University is evaluating the impact of
Fortetropin® to reduce disuse muscle atrophy associated
with orthopedic surgery in dogs; we believe positive results would
lay the foundation for launching our pet product as well as
initiating human studies for recovery and rehabilitation
post-orthopedic surgeries.
- The research program at Rutgers
University is focused on discovery of compounds and products
for promoting the development of muscle tissue.
We are actively engaged in discussions with principal
investigators at leading academic institutions to explore
additional research opportunities. We believe that these
research programs have the potential to create new market
opportunities for the company, thus resulting in increased
shareholder value.
On Product and Brand Developments
We have shifted our
focus in educating consumers on the inherent benefits of taking
Fortetropin® in conjunction with exercise– that the sum
is greater than simple exercise, and that Fortetropin®
is 'protein's perfect partner.' We have received enthusiastic
responses that confirm we are heading in the right direction. We
will be releasing an upgraded version of our product website over
the next month. Its focus will be on Fortetropin®,
the ingredient, rather than exclusively the brands. We found that
the different brand names confused consumers, causing stagnation in
new sales. On this new website, we are dedicated towards improved
delivery of the educational message by eliminating "noise," while
streamlining the shopping cart functions. We believe the
upgraded site delivers a clearer message to the consumer and is
much more check-out-friendly and helpful to consumers in purchasing
products quickly and conveniently. Once we launch the new site, we
will be using social media as well as key influencers to get our
message out.
On the Sports Nutrition Front
We attended the Arnold
Sports Festival March 2-4, 2018 and
had a great booth at the Expo hall. Our intent was to educate
retailers, distributors, multilevel marketers, and individual
consumers on what Fortetropin® is, and the response was
tremendous. Most of the feedback we received was extremely
positive, with many visitors impressed by the sizable amount of
science behind Fortetropin®, particularly when compared
to the other products at the expo. This has led to several follow
up meetings with potential customers that may be a meaningful
driver for revenue over the next 6-12 months.
On our relationship with IMG.
We are launching our
collegiate program soon and will begin to introduce
Fortetropin® to Division I schools, thanks to our
relationship with IMG, and will continue to expand these
introductions over the next few months. We also will be introducing
it to pro sports teams as well as cross-fit and other
endurance-format athletes. I want to reiterate the importance of
our relationship with IMG. As I mentioned earlier, cost-effective
revenue generation is key to our growth strategy. The costs of
building a marketing team that's as big and influential as IMG
would far surpass our capabilities. Having IMG generate
opportunities for MYOS to introduce our product to major sports
institutions is a tremendous win for the company.
Our Pet Product
I'm very excited about the potential
for our pet product, which we hope to launch in the coming months.
We have done some informal observational studies with older dogs
and the anecdotal results have been outstanding. We have had two
veterinary hospitals seeking to purchase the product after seeing
results in their own informal studies. We believe that the positive
feedback that we are receiving along with the potential results
from our Kansas State University study,
will enable us to launch and grow our pet business product
line.
In conclusion, as CEO of MYOS, I can assure you that my focus is
to create shareholder value. I agreed to a two-year commitment
because I believe that I can, and will, create that value in this
time period.
In order to further communicate our story we will hold quarterly
conference calls on a regular basis. We have laid out the
vision of where we are heading as a firm in our investor
presentation and I am happy to answer any questions you may
have.
About MYOS RENS Technology Inc.
MYOS RENS Technology Inc. (MYOS), "The Muscle Company™", is a
Cedar Knolls, NJ-based
bionutrition company that develops and markets products that
improve muscle health and performance. MYOS is the owner of
Fortetropin®, a fertilized egg yolk-based product
manufactured via a proprietary process to retain and optimize its
biological activity. Fortetropin® has been clinically
shown to increase muscle size and lean body mass in conjunction
with resistance training. MYOS believes Fortetropin® has
the potential to redefine existing standards of physical health and
wellness. For more information, please visit www.MYOSRENS.com.
Forward-Looking Statements
Any statements
in this release that are not historical facts are forward-looking
statements. Actual results may differ materially from those
projected or implied in any forward-looking statements. Such
statements involve risks and uncertainties, including but not
limited to those relating to product and customer demand, market
acceptance of our products, the ability to create new products
through research and development, the successful results of
strategic initiatives, the successful launch of our products,
including Qurr® products, the success of our research and
development, the results of the clinical evaluation of Fortetropin®
and its effects, the ability to enter into new partnership
opportunities and the success of our existing partnerships, the
ability to generate the forecasted revenue stream and cash flow
from sales of our products, the ability to continue increasing our
revenue and gross profit margins, the ability to achieve a
sustainable, profitable business, the effect of economic
conditions, the ability to protect our intellectual property
rights, competition from other providers and products, the
continued listing of our securities on the Nasdaq Stock Market,
risks in product development, our ability to raise capital to fund
continuing operations, and other factors discussed from time to
time in the Company's Securities and Exchange Commission filings.
The Company undertakes no obligation to update or revise any
forward-looking statement for events or circumstances after
the date on which such statement is made except as required by
law.
These statements have not been evaluated by the Food and Drug
Administration. Our products are not intended to diagnose, treat,
cure or prevent any disease.
Investor Relations:
Porter LeVay & Rose
Michael Porter, President
Phone: 212-564-4700
Email: MYOS@plrinvest.com
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