CEDAR KNOLLS, N.J.,
Jan. 11, 2018 /PRNewswire/
-- Today, the CEO of MYOS RENS Technology Inc. ("MYOS" or "the
Company") (Nasdaq: MYOS), Joseph
Mannello, issued the following letter to shareholders:
Dear Fellow Shareholders,
I would like to take this opportunity to wish you all a very
happy, healthy and prosperous 2018.
Throughout 2017, we made significant strides in building a
sustainable foundation that will allow us to fully leverage the
market opportunities of Fortetropin®, our proprietary
all-natural food ingredient that has been clinically shown to
increase lean muscle size and mass when taken in conjunction with
resistance training.
Because MYOS is a science-based company, we are committed to
making investments in research that explore the therapeutic
potential of Fortetropin® across many broad areas of
muscle health. As such, we have engaged with two prestigious
universities known for excellence in research, to confirm long
known anecdotal evidence of the efficacy of Fortetropin®
in muscle building.
Clinical Developments
In April 2017, we initiated a
study at Kansas State University,
College of Veterinary Medicine, to gauge the impact of
Fortetropin® on reducing muscle loss in dogs after
ligament tear repair surgery, which is similar to ACL surgery in
humans. To date, 60 dogs have taken Fortetropin® and we
expect to reach the study's goal of 100 dogs in mid-2018. A
positive result from this study could lay the foundation for the
creation of a companion animal (pet) nutrition business focused on
musculoskeletal health; the global animal health market, now at
about $35 billion, is projected to
reach $44.2 billion by 2020. Positive
results from this study would likely also lead to testing and
developing Fortetropin®-based products to aid humans
recovering from musculoskeletal surgeries. If
Fortetropin® supplementation in humans can reduce
hospital stays or rehabilitation time by even one day, the savings
in healthcare costs could be substantial.
In December 2017, we entered into
an agreement with the University of
California, Berkeley's
Department of Nutritional Sciences & Toxicology to study the
impact of Fortetropin® on the rate at which new muscle tissue is
synthesized in men and women between 60 and 75 years of age.
Favorable results from this study may help to support individuals
who want to maintain optimal muscle health as they age. With the
ever-growing population of adults over 65 years of age, this is yet
another desirable area to focus research and development for future
opportunities.
Product and Brand Developments
In March 2017, MYOS introduced the
Fortetropin-based Qurr® (www.qurr.com), our muscle
health product line consisting of nutrient-dense,
protein-synthesizing powders, puddings and shakes. Qurr Fortetropin
was made available for both individual product purchase and
subscription orders from the Qurr.com e-commerce site and
educational portal. We believe the Qurr® brand positions
us to tap into the $28
billion-and-rising fitness and sports nutrition markets, as
well as the healthy aging population, which is expected to double
over the next 30 years.
After establishing our brand of products and identifying target
markets, the next step was to implement a robust brand awareness
strategy that would engage these populations. In July 2017, we were a sponsor at the IDEA World
Convention in Las Vegas
(http://www.ideafit.com/fitness-conferences), which has set the
standard for the fitness/wellness industry for over 35 years.
From there, we announced a partnership with NFL Alumni
(http://www.nflalumni.org/), under its commercial marketing arm Pro
Football Legends, in support of the NFL Alumni NY/NJ Chapter's
Optimal Bowl and Wellness Challenge. Participants are former NFL
players and military veterans working together with world class
medical specialists in a variety of activities designed to improve
their individual health. We provided participants with the
opportunity to use Qurr® products during their workouts
to experience faster post-workout recovery and to rebuild
muscle. MYOS gained valuable product exposure and alliances
for future business opportunities.
Building on the momentum of the NFL Alumni opportunity, in
November 2017 we announced the launch
of a breakthrough deal with IMG College
(http://www.imgcollege.com/) to establish a collegiate sports
marketing platform.
Why is this a breakthrough deal for the Company? This deal
provides entry for our products into the sought-after athletic
departments, faculty and alumni of Division I colleges and
universities throughout the IMG College landscape. IMG College has
the largest national marketing footprint across collegiate
athletics representing more than 200 colleges across multimedia
rights, licensing and sponsorships. Additionally, IMG College
is a division of IMG, a global company with deep roots in
professional sports, and an owner of the Ultimate Fighting
Championship (UFC). We believe the potential to leverage the IMG
network is substantial.
Cost Management and Sales Strategy
These initiatives underpin what will be the future growth
drivers for MYOS. A significant factor toward sustainably growing
our Company is through prudent cash management, and reducing our
cash burn. On a quarterly basis, we have successfully reduced our
cash burn from $1.4 million in the
first quarter of 2017, to $1.1
million in the second quarter, to $757 thousand in the third quarter. In addition,
we've added a National Sales Director who is dedicated to expanding
marketing opportunities while negotiating productive advertising
and marketing contracts. We are building our brands through new
distribution networks and direct sales as well as selling
Fortetropin® as an ingredient. Our intention is always
to make sound, strategic investments, while eliminating operational
inefficiencies.
Going forward, we will continue to work towards growing the
business as wider market adoption of Fortetropin® occurs
and its benefits are fully realized. I remain very confident of the
tremendous potential in the Company. To demonstrate this, I have
agreed to forego an annual salary, and instead have received a
stock option, while purchasing MYOS stock on the open market.
Members of our board have also taken half of their compensation in
stock.
It's been an eventful year in 2017; I want to thank our
employees and partners for all of their efforts that helped
reestablish a solid foundation for 2018 and beyond. I look forward
to providing you with shareholder updates as we move forward.
Sincerely,
Joseph Mannello
Chief Executive Officer
MYOS RENS Technology Inc.
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®, the world's first
clinically-demonstrated myostatin reducer. Myostatin is a natural
regulatory protein, which inhibits muscle growth. Fortetropin® is 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, 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