CEDAR KNOLLS, NJ--(Marketwire - Aug 6, 2012) - MYOS Corporation's (OTCBB: MYOS) Board of Directors today issued the following Letter to Shareholders:
Your MYOS Board of Directors is pleased to report that it has successfully delivered on several important developmental steps in the first seven months of 2012, and is moving continuously forward with new research and operational initiatives to accelerate our drive in becoming the leader in muscle health.
The first half of 2012 was an important building period for MYOS Corporation. As with any early stage company, the first few quarters of operations are generally consumed by building infrastructure, developing strategy and financial planning. While a priority, execution of the business plan often occurs incrementally. One such initial step was to strengthen our balance sheet, and we are pleased to say we have done so and eliminated virtually all MYOS debt.
We also completed the negotiation and execution of our first commercial distribution agreement for our first product -- MYO-T12™ -- that launches next month. In preparation of the MYO-T12 production and sales volume planned, we have upgraded our manufacturing processes and supply chain logistics to meet the industry's highest quality control standards. We have also improved efficiencies and thereby reduced costs.
Looking forward, we are committed to developing innovative products and formulations that strengthen our position in muscle health. MYOS is collaborating with a highly respected research and development company analyzing the science of the active peptide components found in the Company's first product MYO-T12. In parallel, we are also engaged in early research evaluating the regulatory protein myostatin as a potential target for other therapeutic products. We believe both these research initiatives will provide new insights regarding the formulation and delivery of the active ingredients in MYO-T12.
Additionally, we are negotiating with a leading U.S. university on the parameters of what would be the largest clinical trial on MYO-T12 to date, and also with a contract research organization to study our proprietary bio tech for application in the treatment of the chronically ill. We expect these coordinated, multiple research efforts will enable us to develop a stronger intellectual property portfolio and bio tech platform.
Perhaps our most important 2012 accomplishment to date, which enhances our prospects for future success, was last month's successful completion of a $5.6 million private equity financing. We believe this financing, which included institutional and private accredited investors, positions us to execute on our ambitious business plan and more fully exploit our commercial and research relationships.
The first seven months of 2012 have been an exciting foundation building period at MYOS, and we are more confident than ever in our ability to deliver on MYOS' mission to become the leader in muscle health. The entire MYOS team is a firm believer in the words of Thomas Edison: "Great ideas originate in the muscles."
MYOS Board of Directors
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 launch of Myo-X, 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, 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.