SOURCE: PetLife Pharmaceuticals, Inc.

PetLife Pharmaceuticals, Inc.

September 22, 2014 08:30 ET

PetLife Receives Initial Equity Funding Commitment for $2.5M to $5M

BEVERLY HILLS, CA--(Marketwired - Sep 22, 2014) -  PetLife Pharmaceuticals, Inc. (OTCQB: PTLF) today announced it has received a financing offer from an international investment fund for a $2.5 million to $5 million initial, common stock financing.

The funds will be used to finance the commercial launch of PetLife's nutraceutical products, and to commence the FDA Abbreviated New Drug Application (ANDA) approval process for three prescription drug versions of Escozine for Pets™ (oral intake version and intravenously infused version, as well as a version to be injected directly into malignant tumors).

The investor's financing commitment follows a month of negotiations, and due diligence by its doctor and other experts from the medical and biotech field. Accordingly, PetLife anticipates closing within 45 days or less -- subject to remaining customary due diligence and documentation. The Company will announce the Closing, with full details included in a corresponding filing with the SEC on Form 8-K. It is continuing to speak with other institutional investors who have expressed strong interest in participating in a follow-on financing that would reflect a stepped-up post-money valuation.

Upon receipt of the funding, PetLife will start additional in vitro, in vivo and toxicity studies which are the basis for filing an ANDA with the FDA. It anticipates that these studies will be completed in 13 weeks and the ANDA filed upon their completion.

Use of proceeds includes building out the management team and resources for a highly effective multi-channel marketing campaign. This includes:

  • Online. Implement an aggressive direct-to-consumer online marketing campaign utilizing integrated SEO, Facebook, & banner ad campaign to target pet owners and center-of-influence veterinary leaders.
  • Retail. Market to distributors, and brick & mortar outlets such as PetSmart and Petco.
  • Veterinarians. Utilize a specialized, vertical marketing firm to penetrate the veterinarian community and clinics with Escozine For Pets benefits, education and distribution.
  • Multi-level Marketing. PetLife has partnered with a multi-level marketing (MLM) platform to drive affiliate sales. To start, it will deploy a sales & marketing force of 100 people.
  • Direct Response: Infomercials. PetLife will partner with a celebrity, and highly respected veterinarian, to film differentiated 2 to 30 minute infomercials on Escozine for Pets™.
  • Promotion. Includes direct to vet, consumer and wholesaler; trade show and online webinars.
  • Media. PetLife will engage a top boutique PR firm to generate media coverage for Escozine in general news, family, pet and vet publications, e-zines, videos and the blogosphere.

Commenting on the funding, PetLife Founder and CEO, Arthur G. Mikaelian, Ph.D., said, "We are gratified by the confidence institutional investors have in our Escozine for Pets nutraceutical product, the history, science and intellectual property behind it, as well our ability to quickly ramp up the multi-channel marketing plan we have spent months developing."

The National Cancer Institute (NCI) reports that in the US alone, nearly six million dogs and 6.5 million cats are diagnosed with cancer annually. Tragically, those 12.5 million pet owners who leave the vet's office each year with a cancer diagnosis must decide to either subject their pet to drastically expensive chemotherapy and/or surgery, give them vitamins, treat their companion with Escozine For Pets, or do nothing.

"My vision for PetLife," Dr. Mikaelian continued, "is to provide hundreds of millions of pet owners an alternative -- at a price point a fraction of chemotherapy or surgery -- one that is demonstrated to kill cancer cells in dogs and cats, without toxic or debilitating side effects or other dangers. With this funding, PetLife will be able to realize that vision and begin our FDA ANDA. Further, we are excited about the preventative ability of our patented product, and are dedicated to educating pet owners of the risks their pets face."

The NCI reports dogs are 35 times more likely, and cats 40 times more likely, to suffer from cancer than humans. Just in the US, the level of consumer spending on domestic companion animals is expected to reach $13 billion in 2014 on over-the-counter medications, according to the American Pet Products Association (2014).

About Petlife Pharmaceuticals
PetLife (www.PetLifePharma.com) is a registered US Veterinary Pharmaceutical company, incorporated in 2012, and a spinoff of Medolife Corp.

PetLife has developed and is launching a new generation of high potency veterinary cancer medications and nutraceuticals for companion pets -- Escozine for Pets™. It is based on the same patented 'Escozine for humans' formula that has been sold by affiliate Medolife in 40 countries, using a patented polarization technology that potentiates the main ingredients to dramatically increase their effectiveness.

PetLife's mission is to bring its new, scientifically proven, non-toxic, high potency bioactive nutraceuticals and prescription medication to the world of veterinary oncology -- with the ultimate goal of preventing cancer, extending the life of pets suffering from cancer while improving their quality of life. In the US alone, consumer spending on domestic companion animals is expected to reach over $58 billion in 2014 with over $13 billion being spent on over the counter medications.

Safe Harbor Statement
Safe Harbor statement under the Private Securities Litigation Reform Act of 1995: PetLife encourages those interested in our Company to rely only on information included in our filings with the United States Securities and Exchange Commission which can be found at www.sec.gov. Statements released by PetLife that are not purely historical are forward-looking within the meaning of the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the company's expectations, hopes, intentions, and strategies for the future. Investors are cautioned that forward-looking statements involve risk and uncertainties that may affect the company's business prospects and performance. The company's actual results could differ materially from those in such forward-looking statements. Risk factors include but are not limited to general economic, competitive, governmental, and technological factors as discussed in the company's filings with the SEC on Forms 10-K, 10-Q, and 8-K. The company does not undertake any responsibility to update the forward-looking statements contained in this release.

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