BURBANK, Calif., June 08, 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), today released the following statement from management regarding the business in lieu of its previously scheduled webcast on June 8, 2021.
“I would like to thank all of our valued shareholders for their interest in our company and continued excitement for where we are headed. After reviewing the submitted questions and as we just held our Q1 2021 call, we realized that there were, really, just a few items that shareholders would like addressed. As such, we have decided to address them in written form to reach a larger audience.
First, I would like to reiterate the status of our pending pre-IND submission with the U.S. Food and Drug Administration (FDA). As most of you know, we have submitted the data that was requested in response to us from the FDA related to the pre-IND filing. The FDA then assigned us a case manager that has relayed that we can expect a further response by mid-June, and we continue to expect this response on or around June 15. We remain very optimistic on the filing status and will update our shareholders around the time of the response.
Beyond our pharmaceutical initiatives, we have been heavily focused in the last few weeks on ramping up our nutraceutical division. I am proud to announce that we have finalized new branding that we will be rolling out in the coming weeks, under the name Aelia. We selected to move forward with a brand name change after we were informed that we could not trademark our previously announced new branding “QuantRx”. The name “Aelia” pays homage to our CEO, Dr. Arthur Mikaelian, the founder of the underlaying polarization technology. We will continue to sell some of the great staple products of Quanta, under the new branding while adding new and truly revolutionary products in pain management, beauty, and general wellness -- all enhanced by the patented polarization technology. We continue to believe this technology makes our products some of the most potent and efficacious on the market. Additionally, we are working on finalizing some very exciting celebrity endorsement deals that we hope to announce in short order. Please stay tuned for updates on these efforts in the near term as we are just getting off the ground in this very exciting venture.
Second, many of the questions submitted had to do with a recent filing we made with the SEC. I would like to provide some additional insight as to the purpose of this filing and what it could mean for the future of our company. The filing was a standard notice of two proposed corporate actions: increasing the number of shares authorized by the Company and providing authority to the Board of Directors for a potential reverse split of our shares. Regarding the first point, it is important to note that authorized and outstanding shares are different numbers. Authorized refers to the total possible shares that could be issued, and outstanding refers to the total number of shares the company has issued. Increasing the number of authorized shares did not automatically increase the number of outstanding. We increased the number of authorized shares to meet future obligations to issue shares, be able to issue shares pursuant to a future financing and to allow us to have a sufficient number of shares to make acquisitions or provide equity incentives.
Regarding the option to do a reverse split, I want to highlight that this filing gave authorization to our Board of Directors to do a reverse split in the future; it did not specify how or when we would do this. We have yet to decide if or when we would need to do this; however, again, including it in the filing now gave us yet another tool to utilize to move to a higher exchange in the future. It did not set an actual ratio that we would be held to, only a maximum allowable. We believe that having our company listed on other, more prominent exchanges, will ultimately lead to larger institutional interest and long-term shareholder value. It was imperative that we accomplish this now, while we plan for our future.
While I cannot comment much on recent reactions from the market, I think it is important to highlight that fluctuations have occurred, which are due to a multitude of reasons, including and beyond the filing. I hope that our shareholders continue to see the potential of our business plan and the opportunity that executing on it creates. We work every day with their interests in mind and are striving to make smart decisions that will build the long-term value of our Company. That said, we welcome our shareholders to reach out to a member of our IR team to discuss the company and its filings in greater detail.
Finally, regarding questions concerning our outstanding convertible debt, all of these numbers can be found in our 10-K and 10-Q filings with the SEC, available on their website. Currently, we have approximately just over $600,000 of outstanding convertible debt, entered into by previous management. We are taking steps to address this debt in a non-toxic way and hope to have an update on this soon.
In closing, I would like to reiterate my sincerest thanks to those long-term shareholders who have continued to express excitement for our vision. While some people may not see what we are trying to accomplish here, there are so many who do and that means the world to us. We have a first-of-its-kind technology that has the potential to revolutionize the healthcare space, a robust clinical development pipeline with products already in the clinic, and a nutraceutical offering that is second to none. Our future remains bright, and we must keep our eye on it.”
Sincerely,
Dr. Arthur Mikaelian
CEO, Medolife Rx
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.
Forward-Looking Statements
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.
Contacts:
Tom Nelson
480-326-8577
Kyle Porter
medolife@cmwmedia.com
858-264-6600