$QNTA Medolife Rx Reports First Quarter 2021 Finan
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Posted On: 05/25/2021 12:01:54 PM
$QNTA Medolife Rx Reports First Quarter 2021 Financial and Operational Results, Schedules Conference Call with Investment Community
https://www.globenewswire.com/news-release/20...unity.html
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:
https://zoom.us/webinar/register/WN_gfcQmH6PQCujWCOQjIRwyA
https://www.globenewswire.com/news-release/20...unity.html
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:
https://zoom.us/webinar/register/WN_gfcQmH6PQCujWCOQjIRwyA
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