Minneapolis, MN, Sept. 11, 2019 (GLOBE NEWSWIRE) -- PetVivo Holdings, Inc. (OTCQB: PETV)
Dear Stakeholders of PetVivo Holdings, Inc.,
PetVivo Holdings, Inc. (OTCQB: PETV) an emerging biomedical device company focused on the commercialization of innovative medical therapeutics for pets is pleased to provide an update to our stakeholders.
We, the management team of PetVivo, have been busy over the last several months positioning the Company for a successful launch of our lead product, Kush®, striking a license agreement for our patented muco-adhesion technology for use in the rapidly-expanding CBD market, and working to bring inventory to market.
We plan to begin the final build-out of our production facility located in suburban Minneapolis, MN, by the beginning of October 2019. We expect this build out to take approximately 3 months and be fully completed by the end of calendar 2019. Once operational we expect this facility to be able to support production of approximately 500,000 units per year at full capacity. While we are finalizing our SOPs in our new production facility we will be initializing our go-to-market strategy.
We have been working diligently with our strategic partner, Emerald Organic Products, Inc. (“Emerald” OTC: EMOR), to finalize an exclusive license agreement with Emerald for their use of our patented muco-adhesion technology in the human CBD market. We are encouraged by the Emerald management team’s track record and success in the human nutraceutical market, the significant market opportunity presented by the industry, and the competitive advantage our technology creates. Leading CBD market analytics companies BDS Analytics and Arcview Market Research released a report in May of 2019 projecting total U.S. CBD revenues to exceed $20 billion by 2024. Currently, a main problem with CBD is that it is subject to significant first-pass metabolism which leads to difficulty in obtaining an efficacious and economical dose. Our technology may significantly improve the bioavailability of CBD and therefore require much less CBD per efficacious dose giving us and our strategic partner, Emerald, a competitive advantage.
Finally, we have been making significant strides to bring our current product to market. We recently transferred a significant amount of product from vials to syringes based on feedback from end-product users and have commenced shipping of product to a select group of our veterinarian key opinion leaders.
About PetVivo Holdings, Inc.
PetVivo Holdings Inc. (OTCQB: PETV) is an emerging biomedical device company focused on the licensing and commercialization of innovative medical devices for pets and pet therapeutics. PetVivo is leveraging investments made in the human medical device industry to commercialize therapeutics for pets in a capital and time efficient way. A key component of this strategy is the accelerated timeline to revenues for veterinary medical devices, which enter the market much earlier than the more stringently regulated pharmaceuticals.
PetVivo's strategy is to commercialize proprietary products from human medical device companies specifically for the companion animal market. The company’s product pipeline includes seventeen animal and human therapeutics. A portfolio of eighteen patents protects the company’s products, production processes and biomaterials. PetVivo’s lead product, a veterinarian-administered joint injection for the treatment of osteoarthritis in dogs and horses called Kush® is scheduled for launch later this fiscal year.
The Company recently exclusively licensed its mucoadhesive technology to a strategic partner, Emerald Organic Products, Inc., for use of CBD in the human nutraceutical market. The Company will also be seeking additional licensing partners to commercialize its portfolio of proprietary human clinical therapeutics in large market sectors, including: cardiovascular, orthopedic, urology and aesthetics.
Forward-Looking commercial Statements:
The foregoing material may contain forward-looking statements. We caution that such statements may be subject to uncertainties and that actual results could differ materially from the forward-looking statements. Readers accordingly should not place undue reliance on these forward-looking statements, which do not reflect unknown or unanticipated events or circumstances occurring after the date of these forward-looking statements.
PetVivo Holding, Inc. Reports Progress to Stakeholders
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PetVivo Holdings, Inc.