Medolife Rx Reports First Quarter 2021 Financial and Operational Results, Schedules Conference Call with Investment Community
BURBANK, Calif., May 25, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire – Medolife Rx, Inc. ("Medolife"), a global integrated bioceutical company with R&D, manufacturing, and consumer product distribution, which is a majority owned subsidiary of Quanta, Inc. (OTC PINK: QNTA), announced today financial results for the first quarter ending on March 31, 2021, and provided an operational update.
First Quarter 2021 Highlights:
- Total revenue generated was USD $318,807;
- Gross margins remained above 90%;
- Cash on hand at the end of the quarter was over USD $300,000, a substantial increase when compared to the same period in the prior year;
- Various positive updates on preclinical studies completed on its lead drug candidate Escozine® demonstrating safety and efficacy of the product;
- Preparation for response to Pre-Investigational New Drug (IND) filing with the U.S. Food and Drug Administration (FDA);
- Expansion of first-of-its-kind scorpion reservation and research facility in the Dominican Republic (DR), preparing for demand created by product registration of Escozine® in the region;
- Rebranding efforts on nutraceutical product lines focused on major markets such as beauty, wellness and nutritional supplements;
“The first quarter of 2021 was the first period in which I was at the helm of our company, which proved to be not only a successful one, but also a pivot quarter for aligning the company for greater success,” said Medolife CEO Dr. Arthur Mikaelian. “We’ve been doing tireless work on all fronts, including: cleaning up legacy financial issues left from the previous management team, furthering our clinical research in both the U.S. and the DR, as well as establishing and expanding our supply chain of direct-to-consumer nutraceutical products. As a whole, the quarter was extremely momentous in positioning the company to move forward concurrently in each of these areas. We are continuing to build out in a strategic way, designed to not only unlock shareholder value, but to change the way the world perceives health and wellness. Great things do not happen overnight, but we accomplished a lot of goals during the period and have continued that momentum in the second quarter.”
Dr. Mikaelian and Quanta, Inc. Chief Financial Officer Clemente Pascarella will hold a conference call with the investment community on Tuesday, May 24, at 5 p.m. Eastern Standard Time. They will present on the Company’s milestones achieved in the quarter, as well as the future positioning of the Company. Additionally, the two will take questions from the investment community at the end of the call.
To register for this call, please use the below web link:
About Medolife Rx
Medolife Rx, Inc. is a global biotechnology company with operations in clinical research, manufacturing, and consumer products. Medolife Rx was created through the merger of Medolife, a private company founded by Dr. Arthur Mikaelian who pioneered the unlaying polarization technology that makes the Company’s portfolio of pharmaceutical and nutraceutical products so effective, and Quanta, Inc., a direct-to-consumer wellness product portfolio company. The Company’s lead clinical development programs include Escozine® ®, a proprietary formulation consisting of small molecule peptides derived from Rhopalurus princeps scorpions, which is amplified by the Company’s polarization technology and is being researched as a treatment of various indications, including COVID-19 and cancer. The Company has completed preclinical safety and efficacy research on Escozine® ® and is pursuing product registration and drug approval in various countries, including the United States and throughout Latin America.
Through its subsidiary QuantRx, Medolife manufactures and distributes consumer wellness products in high-impact consumer areas such as pain relief, beauty, and general wellness. QuantRx products are designed using Dr. Mikaelian’s polarization technology, which applies advances in quantum biology to increase the potency of active ingredients. Ultimately, Quanta's mission is to deliver better, more effective ingredients to elevate product efficacy, reduce waste, and facilitate healthier, more sustainable consumption.
Beyond its own clinical and consumer applications, the polarization technology used by Medolife and its subsidiaries has many potential applications. From potentiating bio-ingredients, to producing more-effective carbon-trapping plants, to transformative anti-aging solutions, Medolife has the opportunity to upend how commercial and pharmaceutical products are made and increase their benefits, while decreasing their chemical concentration.
Safe Harbor Statement under the U.S. Private Securities Litigation Reform Act of 1995: This release contains statements that are forward-looking in nature which express the beliefs and expectations of management including statements regarding the Company's expected results of operations or liquidity; statements concerning projections, predictions, expectations, estimates or forecasts as to our business, financial and operational results and future economic performance; and statements of management's goals and objectives and other similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by terminology such as "anticipate," "estimate," "plan," "project," "continuing," "ongoing," "expect," "we believe," "we intend," "may," "will," "should," "could," and similar expressions. Such statements are based on current plans, estimates and expectations and involve a number of known and unknown risks, uncertainties and other factors that could cause the Company's future results, performance or achievements to differ significantly from the results, performance or achievements expressed or implied by such forward-looking statements. These factors and additional information are discussed in the Company's filings with the Securities and Exchange Commission and statements in this release should be evaluated in light of these important factors. Although we believe that these statements are based upon reasonable assumptions, we cannot guarantee future results. Forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.
Released May 25, 2021