CEDAR KNOLLS, NJ--(Marketwired - May 13, 2013) - MYOS Corporation (OTCBB: MYOS), a company focused on the discovery, development and commercialization of muscle health nutritional supplements, functional foods, and therapeutic products, today issued a letter to its shareholders from the Company's Board of Directors.
The Board of Directors of MYOS Corporation is very pleased to provide this update on the progress made over the last several months and takes this opportunity to provide a more detailed review of several key achievements as well as share a brief outline of the steps being taken to maximize shareholder value over the coming months.
As an early, developmental stage company, we believe MYOS is well positioned to impact the emerging field of muscle health. Until recently, muscle was a therapeutic target often overlooked by health care providers and scientists. We have a unique opportunity to fill the void between functional foods, vitamins and dietary supplements, and the traditional pharmaceutical and therapeutic industries by providing high quality products, founded on a platform of carefully designed and well-executed discovery and clinical research.
In the nine months since our last letter to shareholders, many important accomplishments have occurred. MYOS recently announced the results from a one day dosing study that confirmed the positive effect of MYO-X in suppressing myostatin levels in humans and supports continued research into MYO-X as a product for improving muscle health. We are in negotiations to finalize the protocols for our next two studies which we expect to be conducted by a leading university and clinical research organization. MYOS believes that these results will provide new insights into the activity of MYO-X as well as support additional product claims.
We believe this early work has set the stage to advance our understanding of the science of muscle health and accelerate the commercial penetration of our first product in the sports nutrition market.
Last fall we successfully launched MYO-X through a distribution arrangement with Maximum Human Performance (MHP), a premiere distributor of specialty products for the bodybuilding and sports nutrition markets. MHP's Founder and CEO, Gerard Dente, commented, "MYO-X has gained considerable traction in all sales venues and I am encouraged by early feedback from retailers and consumers. The product's sell-through indicates growing repeat purchases, which is an important indicator of the products' efficacy and consumer satisfaction. Due to MYO-X's early success, retailers have increased the number of outlets as well as their in-store inventory to help support the demand. MHP also plans to expand MYO-X into additional retail stores as quickly as possible."
MYO-X is currently featured on popular e-tailer websites including www.mhpstrong.com, www.bodybuilding.com as well as in specialty retailers including GNC, Vitamin Shoppe and others. We are pleased that early sales trends are very encouraging and anticipate that the product will roll-out in additional stores over the next several months.
MYOS has strengthened our relationship with our principal product manufacturer, an internationally renowned pioneer in food science technology. Enhancing strong primary and secondary supply chain relationships is a priority and we are evaluating a number of vendors capable of meeting our increased volume forecasts. Our objective is to maximize control in the manufacturing process and reduce the cost of goods of our product through these relationships.
MYOS has also taken steps to build both our internal research capabilities and external research relationships. We are very pleased that Dr. Neerav Padliya has joined MYOS and leads our protein analytical efforts which will help us better assess the biological activity of our lead product. In addition, Dr. Padliya is leading our effort in building our state-of-the-art proteomics laboratory. This unique facility, housed within MYOS' headquarters, will allow us to assess and analyze active proteins and peptides that reside within the product.
Working closely with Dr. Padliya is Maghsoud Dariani, MS, a seasoned biotechnology executive and one of the early founding employees of Celgene Corporation. Mr. Dariani serves as a Strategic Advisor on Science and Technology to MYOS with expertise in pre-clinical and clinical research, manufacturing and quality control, chemistry and product development and regulatory affairs. Mr. Dariani has been working with MYOS since 2011.
Essential to our success is the ability to build a strong intellectual property portfolio to protect our technologies and products. We are aggressively developing a proactive patent and trademark strategy to optimize the protection of our technologies and products.
MYOS recently appointed Peter Levy, the company's Chief Operating Officer since the beginning of 2012, to the additional position of President. Peter's background as an attorney, compliance officer, and expert in corporate governance and securities matters, have proven essential in building a culture of integrity and strong corporate governance at MYOS. Peter is supported by a group of enthusiastic and dedicated professionals with expertise in science, technology and business development.
The business fundamentals here at MYOS are sound. We are debt free, we have a clean balance sheet and our revenues have continued to grow. Our scientific advisory board is unparalleled, and continues to explore the best-in-class clinical studies for MYOS to pursue. Our future looks bright.
Thank you for your continued support of MYOS. We look forward to providing you with additional details of our progress.
The entire MYOS team is a firm believer in the words of Thomas Edison: "Great ideas originate in the muscles."
MYOS Board of Directors
About MYOS Corporation
MYOS is a development stage company focused on the discovery, development and commercialization of products that improve human muscle health and performance. MYOS is the owner of MYO-T12, the first clinically demonstrated natural myostatin inhibitor. Myostatin is a natural regulatory protein, which inhibits muscle growth and recovery. MYO-T12 is manufactured to optimize biological activity, which MYOS believes has the potential to redefine existing standards for muscle health. For more information on MYO-T12 and to discover why MYOS is known as "The Muscle Company,"™ visit www.myoscorp.com.
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 the continued successful research of MYO-X or its effects on myostatin inhibition, product and customer demand, market acceptance of our products, the ability to create new products through research and development, the continued growth in revenue, the ability to generate the forecasted revenue stream and cash flow from sales of MYO-X, the ability to achieve a sustainable profitable business, the effect of economic conditions, the ability to protect our intellectual property rights, the continued growth of MYO-X in GNC, Vitamin Shoppe and other specialty retail stores, the ability to strengthen our manufacturing relationships and reducing the costs of our products, competition from other providers and products, risks in product development, our ability to raise capital to fund continuing operations, and other factors discussed from time to time in the Company's Securities and Exchange Commission filings. The Company undertakes 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. This product is not intended to diagnose, treat, cure or prevent any disease.