CEDAR KNOLLS, N.J.,
Dec. 14, 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, issued the following letter to shareholders from MYOS CEO
Joseph Mannello:
To our valued shareholders,
First, I want to thank everyone on our team for their hard work
this year in executing our business plan.
This year has been all about leveraging Fortetropin®
across our sports nutrition and veterinary nutrition verticals
while solidifying our clinical research programs, and we have made
great progress positioning the company to accelerate our
revenue-generating efforts.
I'm going to start by mentioning the recent commercial launch of
our Yolked® product line. This
all-natural, nutritional product clinically proven to increase lean
muscle mass is already being used in athletic departments across
the country and is now available to the public through our website,
Yolked.com. With the launch of Yolked, we announced that The
Vitamin Shoppe® will carry Yolked at its
775 store locations across the U.S. and online at vitaminshoppe.com
later this month. This is definitely a major accomplishment for us,
one that will help build awareness in the Yolked brand, and with
that, bring greater sales. It truly shows both the uniqueness
of our Yolked brand as well as the power of Fortetropin.
Yolked® is all natural and
contains only three ingredients– Fortetropin,
dextrose and natural vanilla flavor. Research proves that
Fortetropin has a unique molecular signature and in a clinical
study, these molecules increase the rate of muscle building and
decreases the rate of muscle loss. That's why Yolked is not just a
protein supplement, but rather it enables the body to utilize
protein more efficiently. Clinical trial subjects taking Yolked
gained about 3 times more lean muscle relative to those who took a
placebo over a 12-week period.
Yolked has been in athletic programs in various universities
through our relationship with the sports marketing giant,
IMG. We developed Yolked and sought NSF Certified for
Sport® Certification, specifically to meet
the needs of these athletes. NSF certification allows athletes,
coaches and trainers to make more educated decisions when choosing
sports supplements. The NSF certification program is recognized by
the NFL, NFL Players Association, MLB, MLB Players Association,
PGA, LPGA as well as the Canadian Centre for Ethics in Sports. Our
goal is to have a major presence in locker rooms and training
facilities of collegiate, and eventually, professional sports
teams. Yolked is already helping athletes build muscle mass and
reach peak performance at universities throughout the country, we
expect to significantly increase our market penetration in
2019.
In other very recent news, the New Jersey Economic Development
Authority agreed last week to transfer almost $1.2 million in available tax benefits to MYOS.
This non-dilutive funding will be used for general working capital
without reducing investor value or adding debt to our balance
sheet; we expect $1.1 million from
the sale.
One of our key pillars for future growth is in the veterinary
segment with our MYOS Canine Muscle Formula™ product. We
launched this product back in late June. Our initial marketing
efforts generated substantial interest among dog owners and
veterinarians who purchased the product through direct-to-consumer
channels. We announced our first distribution agreement for MYOS
Canine Muscle Formula with Miller Veterinary Supply East
just about a month ago. This agreement with Miller will give the
product exposure to more than 6,000 veterinary hospitals on the
east coast.
We have received very important feedback and testimonials from
our initial customers, many of whom have become repeat customers,
enabling us to sharpen our marketing efforts. I urge you to visit
our website, MyosPet.com and watch the video testimonials that we
have received. When we talk to vets, they tell us that there
are no products out there that address muscle health for
middle-aged and older dogs. With our veterinary R&D efforts and
targeted marketing, we are confident that the MYOS Canine brand
will become recognized as a powerful supplement that can benefit
dogs at any age.
I'm also happy to report that we have seen increased sales of
MYOS Canine since the launch in late June and we expect revenues to
increase in 2019 as more channels of distribution bear
fruit.
In addition, our new MYOS Enteral Nutrition Formula™ was
recently approved for Medicare and Medicaid reimbursement. The
therapeutic potential of Fortetropin is becoming clearer, and we
are committed to finding optimal future development pathways.
Patients requiring enteral nutrition are typically very sick, and
high-quality nutrition products like MYOS Enteral Nutrition Formula
can make a big difference in their quality of life. We are
currently working with physicians at leading academic medical
centers to gain insight into how the enteral formulation of
Fortetropin is tolerated among their patients.
Our researchers continue to explore the development and
commercialization of medical nutrition products. While this is
obviously a long-term initiative, we believe this research will
enable us to further leverage the versatility of Fortetropin. That
is why we are committed to continuing our focus on our clinical
research studies. The results of these studies will underpin our
commercial strategy for Fortetropin as well as enhance our
intellectual property assets. We currently have one clinical study,
two pre-clinical studies, and a discovery research program
underway.
Until recently, this company had only scratched the surface with
its R&D. But that has changed, as we realized that scientific
research is essential to support our product claims, expand our
commercial footprint, and with that, create shareholder value. We
also believe that Fortetropin has "beyond-the-label" potential to
enhance health benefits in both pets and humans. We intend to
explore that potential through additional scientific studies.
You never know where the science will lead you, but we believe
Fortetropin has tremendous potential.
Our clinical study at the University of
California, Berkeley's Department of Nutritional Science and
Toxicology is investigating the effect of Fortetropin on increasing
the fractional rate of skeletal muscle protein synthesis in men and
women between the ages of 60 and 75. The sample and data analysis
should be completed by the second quarter of 2019.
The pre-clinical study currently underway at the College of
Veterinary Medicine at KSU is evaluating the impact of Fortetropin
on reducing muscle atrophy in dogs after TPLO repair surgery, a
common surgery that is similar to ACL surgery in humans. This study
should be completed and reported by the end of the first quarter of
2019.
Our pre-clinical cachexia study with Weill Cornell Medical
Center focuses on the impact of Fortetropin on preventing cachexia,
a very serious form of muscle wasting, in a mouse model of lung
cancer. This study is also expected to be completed and the results
announced around the end of the second quarter of 2019.
Finally, our discovery research program with Rutgers focuses on discovering and isolating
compounds from Fortetropin that will improve muscle health and
performance. This is a long-term ongoing program with great
potential to lead to valuable new therapeutic products.
We are in talks with leading principal investigators to explore
clinical indications where Fortetropin may provide a significant
benefit with respect to products that are currently on the
market. The timing and the scope of these studies depend on
the results of our current clinical studies. For example,
based on feedback that we have received from leading veterinarian
researchers who have used our MYOS Canine muscle formula
extensively, we are actively discussing veterinary studies in a
number of different areas with exciting potential.
2018 has been a significant year for MYOS. I'm proud of the
progress we made throughout the year in building a portfolio of
brands and products around Fortetropin. We have hired 5 new people
who are helping transform the company. I want to thank them
as well as the employees who have been at MYOS for years. I can
assure you they are all committed to the success of MYOS.
There is a great deal of work left to do in executing our
business plan to commercialize Fortetropin, but overall the
business is heading in the right direction. We have become an
R&D-based company. Our brands are unique and have resonated
well with our targeted customer base, enabling us to secure key
partnerships with leading distributors such as Vitamin Shoppe and
Miller Veterinary Supply East. That said, we must strike the
right balance between spending resources on traditional marketing
efforts and reaching our internal sales goals.
In conclusion, there are many reasons for optimism in our
ability to grow this business; the entire MYOS team and I remain
focused on achieving this primary goal.
I agreed to forgo an annual salary last year, I purchased stock
in the open market, as well as making direct investments in the
company and extended a $1 million
loan to the company because I truly believe there's massive upside
potential in MYOS.
MYOS has a very strong balance sheet and consistently practices
conservative cash management. Most importantly, we now have a
constantly improving scientific profile, and we are developing
brands that I believe will yield long-term success and significant
profits to the company.
Thank you, Merry Christmas and Happy Holidays, wishing all of
you a happy and healthy new year!
Joseph Mannello
Chief Executive Officer
MYOS RENS Technology
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, 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,
including the clinical studies described above, 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
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SOURCE MYOS RENS Technology Inc.