BURBANK, CA, April 19, 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), reported today its financial results from fiscal year 2020 in its annual filing where the Company reported over $1 million in revenue. In addition, the new management team released the following statement regarding the filing:
“Of course, 2020 was a transformative year for Quanta, Inc. including my appointment as CEO and our reverse merger with my pharmaceutical research company Medolife in December 2020, forming Medolife Rx,” said Medolife CEO Dr. Arthur Mikaelian. “While these results are mostly derived from the previous management team, I am proud to share that we continued to generate revenue at almost the same pace as 2019 despite the COVID-19 pandemic. More importantly, since my appointment, we took imperative steps toward cleaning up some of the outstanding liabilities and the outflow that was happening. If you look at some of our expenses as they relate to percentage of sales, you will see that we are creating a more efficient Company on the consumer wellness side, while we continue to pursue our pharmaceutical initiatives, which we believe hold a large amount of unlocked value for our shareholders.”
“In recent months we have made strategic announcements on some of the amazing clinical research we have conducted on our lead drug candidate Escozine® where we are seeking product registration in the Dominican Republic (DR) and are working on a New Investigational Drug submission (IND) with the US Food and Drug Administration (FDA). Beyond these clinical programs, which are showing great promise, we have monetized our proprietary formulation in the form of a nutraceutical product called Immunapen, for which we recently announced a large purchase order. We have focused resources on expanding our scorpion reservation and manufacturing facilities in order to meet both the pharmaceutical and nutritional demand for our products and continue to work with the Ministry of Health in the DR on registration of our products for use as a cancer therapeutic. All of our revolutionary products utilize a patented polarization technology that makes them more efficacious than their known counterparts, building upon a robust intellectual property strategy. These developments are nothing short of exciting and we truly hope that current and future shareholders share in our vision. While on paper 2020 may not seem as amazing as I am suggesting, I see it differently. We are transforming a consumer wellness Company into a fully integrated biopharmaceutical Company with global operations and that does not happen overnight. Every day we make progress toward our mission of changing the way the world perceives healthcare. While I am not able to share much insight beyond this, I can share that the progress we experienced toward the end of 2020 has absolutely continued into 2021 and we look forward to being able to share the fruits of those labors with our shareholders in the near future. Our opportunity has never been greater and we appreciate those who continue to follow our Company and believe in our future,” added Dr. Mikaelian.
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:
Phil Sands
818-659-8052
Kyle Porter
medolife@cmwmedia.com
858-264-6600