CEDAR KNOLLS, N.J.,
Dec. 6, 2018 /PRNewswire/
-- MYOS RENS Technology Inc. ("MYOS" or "the Company")
(NASDAQ: MYOS), a biotherapeutics and bionutrition company and the
owner of Fortetropin®, a proprietary bioactive
composition derived from fertilized egg yolk that helps build lean
muscle, announced today that it has received approval from the New
Jersey Economic Development Authority ("NJEDA") to transfer
approximately $1.2 million in
available tax benefits.
"This non-dilutive funding will be used for general working
capital without reducing investor value or adding debt to our
balance sheet," said Joseph
Mannello, Chief Executive Officer.
MYOS will be able to transfer its tax benefits through the NJEDA
New Jersey Technology Business Tax Certificate Transfer Program,
which provides a mechanism for approved New Jersey technology and biotechnology
companies to sell their unused net operating loss carryovers and
research and development tax credits for cash. The Company expects
to receive net proceeds of approximately $1.1 million from the sale of the tax benefits by
the end of 2018 or in January
2019.
"We appreciate the support of the NJEDA to promote innovation in
the State of New Jersey and its
commitment to growing businesses in the state. Last year we
launched two clinical studies, including one at Rutgers University, The State University of New
Jersey. As we seek to conduct additional clinical studies, we
will continue to look at opportunities in our home state,"
concluded Mr. Mannello.
About MYOS RENS Technology Inc.
MYOS RENS Technology Inc. (Nasdaq: 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, our ability to sell our unused NOLs, the
successful launch of our products, including
Qurr®, Yolked®, MYOS Enteral
Nutrition Formula and MYOS Canine Muscle Formula™
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 our filings with the Securities and Exchange
Commission. We undertake 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
View original content to download
multimedia:http://www.prnewswire.com/news-releases/myos-rens-technology-announces-approval-of-1-2-million-in-njeda-nol-program-tax-credits-300760684.html
SOURCE MYOS RENS Technology