CEDAR KNOLLS, N.J.,
Nov. 14, 2019 /PRNewswire/
-- MYOS RENS Technology Inc. ("MYOS" or "the Company")
(NASDAQ: MYOS), an advanced nutrition company and the owner of
Fortetropin®, a proprietary bioactive composition
made from fertilized egg yolk that helps build lean muscle, issued
a letter to its shareholders from Chief Executive Officer
Joseph Mannello.
Dear Fellow Shareholders,
As I look back on the past two years as CEO of MYOS, it is
remarkable how much the Company has accomplished, not only in terms
of our clinical research successes but also in the momentum we have
built in our core brands. I'm very pleased with where we are today.
The process of launching brands and having them rapidly accepted in
the marketplace is challenging and can be an expensive proposition.
In a little over a year's time, we've made the investments in time,
manpower and capital to launch two Fortetropin-based brands–
Myos Canine Muscle Formula® ("Myos
Canine"), and Yolked®– that are proven by our
clinical research data to increase lean muscle and reduce muscle
atrophy. These launches combined with subsequent marketing efforts
led to an increase in net revenues of 430% in the third quarter of
2019, compared to the third quarter of 2018.
MYOS CANINE MUSCLE FORMULA
Since the launch of Myos Canine in June of 2018, we have seen
double-digit growth in sales of our products, which continued in
the third quarter of 2019, a 48% increase from the second quarter
of 2019. While I'm pleased that Myos Canine continues to grow at a
rapid pace, I'm more excited about its potential. Remember, the
global veterinary supplement market is massive and is expected to
reach over $8 billion by 2023 with a
compound annual growth rate of over 6%, according to industry
reports. We're finding that when we acquire new customers, they
love the product, they see the difference over time in their dog's
activity, movement, and muscle strength and they become repeat
customers. There is nothing in the marketplace like
Myos Canine. I invite you to look at the customer testimonials
we've received on our Amazon page, as well as our social media
channels. All these channels have proven to be major catalysts for
sales of our Myos Canine brand and I look forward to what I
anticipate being our biggest marketing push as we approach the
holiday season.
Myos Canine is effective in improving mobility and quality of
life for dogs and our customers are enthusiastically sharing this
fact. It works so well that people continually write compelling
reviews and testimonials. They are truly our best sales force in
the direct-to-consumer ("DTC") space and it shows in the numbers,
therefore, we are devoting more marketing dollars to Myos Canine in
order to capitalize on this positive market pressure on a broader
scale.
We've also received great feedback from veterinary practices
that supply Myos Canine to their customers. Guided by those
insights, we created Veterinarian Strength Myos Canine Muscle
Formula with branched chain amino acids ("BCAAs"), a more specialized product that
is available exclusively through veterinary practices, as opposed
to Amazon or other e-commerce options. This formula combines
Fortetropin with the BCAAs leucine, isoleucine and valine, further
boosting the beneficial effects of muscle protein synthesis and
resulting in greater improvement of muscle health in canines.
Providing this additional line extension comes at a minimal
cost to MYOS, while providing us further entry into the commercial
veterinary market. In 2018, there were over 113,000 veterinarians
and more than 30 accredited veterinary schools in the United
States. In addition, there are over 48 million
households owning dogs and averaging 2.4 veterinary visits per
household per year according to the American Veterinary Medical
Association– so our market potential is huge.
NEW YORK VET SHOW
2019
Last week, Myos Canine was exhibited at the New York Vet Show at
the Javits Center, where I delivered remarks at the Innovation
Showcase on Myos Canine and the impact of Fortetropin on
dogs recovering from TPLO surgery and our new Veterinarian Strength Myos Canine Muscle
Formula. At our booth, we had a great turnout of veterinarians
and other key industry people, with the biggest draw being our
successful clinical studies, as well as presenting one of the only
products that effectively supports and enhances muscle health in
dogs.
YOLKED
Turning to Yolked®, our all-natural, NSF
Certified for Sport® nutrition product, we
made progress in the third quarter
with sales doubling from a year ago. This was largely a result of
the marketing investments made in our DTC vertical, which includes
Yolked.com, Amazon, and our social channels, along with our
elite athlete focus, which includes over 8 university athletic
departments. However, results in this vertical have been less
than I expected given the amount of marketing dollars we put behind
it. We have seen good responses to the products in the
university athletic departments and believe this area along with
professional athletic teams is a great market for Yolked.
However, in the DTC space, we believe we need to
capitalize on the powerful results from our University of California Berkeley study and aim for
the 40+ age demographic.
With that in mind, we recently announced a marketing partnership
with the Texas Golf Association, the largest statewide
amateur golf association in the United
States, with over 147,000 active members. Throughout the
partnership, we will present instructional videos during the fall
and winter months, introducing members to Yolked and
demonstrating its benefits. The golf market is a very attractive
market for Yolked with customers who are over forty-years of age,
affluent, and well-educated. Golfers are always looking for
an edge and Yolked gives them one.
CLINICAL STUDY SUCCESSES
As we continue to actively market our brands, we believe the
foundation for the long-term success of our products will be driven
by the powerful research results we have, to fully leverage
Fortetropin's benefits. We were delighted to announce in June our
positive top-line results from our randomized, double-blind,
placebo-controlled study that was conducted at the University of California, Berkeley and the
University of Arkansas for Medical
Sciences where we evaluated the impact of Fortetropin on the rate
of muscle protein synthesis in older men and women between 60-75
years of age. This study showed that Fortetropin
significantly increased the rate of muscle protein synthesis,
relative to a placebo, within 21 days. The Principal Investigator
of the study, William J. Evans,
Ph.D., Adjunct Professor of Human Nutrition, University of California, Berkeley and an expert in
sarcopenia, commented, "Fortetropin clearly has a robust effect on
the rate of muscle protein synthesis in older adults. It is
rare for a nutrition product to show such a consistent and positive
effect." This quote is a powerful testimonial on the effectiveness
of our products.
We also launched a clinical study in September with the
Department of Kinesiology at McMaster
University in Hamilton,
Canada. This study will examine
the impact of Fortetropin on reducing muscle disuse atrophy in
young men, which commonly occurs in response to immobilization,
such as the atrophy of the thigh muscles following a period of
casting for fracture or following surgery such as knee replacement.
With this study we hope to show that Fortetropin can shorten
recovery times and reduce atrophy of disuse. We believe success
with this study will provide MYOS with a sizeable opportunity for
our product in the field of rehab and recovery.
LONG TERM STOCK UPSIDE
POTENTIAL
MYOS doesn't operate in a capital-raise
shareholder-value-destructive manner and raises capital, prudently.
Our at-the-market facility with HC Wainwright allows us to take
advantage of price fluctuations, reducing our cost of capital
compared with most capital raises in small-cap companies. In
addition, members of the board and I have participated in various
capital raises, free of toxic warrants and options, and we hope to
maintain that discipline. I do not take a salary as my compensation
is strictly in stock. Our interests are fully aligned with
our shareholders because we believe MYOS is a great, long-term
investment opportunity, and management should always have skin in
the game.
CONCLUSION
We've attained steady growth in this Company as a result of
building a scientific case for Fortetropin while developing vibrant
brands and marketing programs to get our products into the
marketplace. As results have shown, we've made a lot of progress in
a relatively short period of time– we're only in the early stages
of this process– and we expect greater results from here.
We are very pleased with the progress, enhancements, and
improvements we have made in the Company over the last three
quarters and our plans for growth going forward. I would like to
sincerely thank all the MYOS shareholders and customers for their
ongoing support. Our entire team greatly appreciates the confidence
you have shown in our mission, products, and operations. We
will keep you updated on our progress as developments unfold.
Joseph Mannello
Chief Executive Officer
MYOS RENS Technology
About MYOS RENS Technology Inc.
MYOS RENS Technology
Inc. (MYOS), "The Muscle Company®", is a Cedar Knolls, NJ-based advanced nutrition
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, lean body mass and reduce muscle atrophy.
MYOS believes Fortetropin has the potential to redefine existing
standards of physical health and wellness. For more information,
please visit www.myosrens.com.
About Myos Canine Muscle Formula®
Myos
Canine Muscle Formula (Regular and Veterinarian Strength) is
an advanced veterinary health supplement to support muscle health
in dogs, featuring Fortetropin as the active ingredient.
Fortetropin is made through a patented process that maintains the
vital nutrients of fertilized egg yolks to help build more lean
muscle and decrease muscle loss. For more information, please
visit www.myospet.com.
About Yolked®
Yolked is an NSF
Certified for Sport® all-natural sports nutrition
product designed to work in conjunction with your protein of choice
to help your body utilize that protein more efficiently. Its key
ingredient, Fortetropin, is made through a patented process
that maintains the vital nutrients of fertilized egg yolks to help
build more lean muscle and decrease muscle loss. For more
information, please visit www.yolked.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 success of our products,
including Qurr®,
Yolked®, MYOS Canine Muscle
Formula®, and MYOS Enteral
Nutrition Formula™, 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 revenue and cash flow from sales of our products, the
ability to increase 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.
Investor Relations:
Porter
LeVay & Rose
Matthew Abenante, IRC, SVP
Phone: 212-564-4700
Email: MYOS@plrinvest.com
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