Good morning! Wow, we are already halfway through summer, and I trust that each of you and your families have been enjoying the great weather and finding a bit of downtime. The MVMD team has had a very busy summer so far, and I am pleased to share some positive advancements across the business.
MVMD’s mission is centred around “More Life” and I love how much this has been clearly resonating in all our conversations. Those that get exposed to our culture and pursuit of More Life love the simplicity and the idea that our work is not just about preventing death, but rather looking at applications of our technologies that enable people to live a better life. The simplicity of our work in nutraceuticals is perfectly aligned with our mission, working to deliver unique solutions to help people find the energy to do more, get a better night’s sleep, or find relief from pain; our pursuit to deliver needleless insulin and help someone experience a life without injections; and our solutions that enable vaccines to be distributed outside of the restrictions of traditional cold chain infrastructure one day in the future.
On the nutraceutical front, I am pleased to share that MVMD has formally entered a license agreement with a significant manufacturing partner in the United States for production of nutraceutical products that contain MVMD proprietary technologies. Our strategy enables one centralized partner to fulfil production requirements for third-party licensing agreements for MVMD. This approach will help to ensure product quality, support the ability to scale production, streamline the audit process for royalty agreements, and provide the necessary protection of MVMD technology and trade secrets versus having numerous licensed partners each replicating the manufacturing process for their own products. This is really significant!
Over the past several months, our team has been working closely with our production partner on final formulations, final product applications, and production scale requirements. At this point we are working towards full commercial scale GMP product manufacturing for multiple products in 2022. This is great news as we look towards revenues and increased business development efforts across numerous product categories.
One of my favourite science lanes we are working on is cold chain. The value of the work is incredibly tangible when you understand the massive amount of money spent on transportation logistics to keep vaccines within a desired temperature range (almost $20 billion USD per year) and another $35 billion estimated per year on spoiled vaccines due to complex distribution challenges. The potential to apply our Quicksome™ technology in this space is exciting against our More Life mission as we continue to progress the important work in this area.
MVMD has initiated the first phase studies for characterization of targeted antigen and vaccines; and has completed planning for second phase studies on upcoming temperature and storage testing. The completion of the characterization studies is expected to enable MVMD to further cold chain trial studies to validate the technology efficacy on a wider array of vaccines.
We have also been working with a potential future commercial partner in South America to apply MVMD’s cold chain technology to targeted husbandry animal vaccines. The partner has provided MVMD with an initial list of targeted husbandry vaccines that have been incorporated into our Company’s cold chain planning and testing cycles.
On the Bangladesh front, MVMD has been in negotiations with a third party for licensing and production of our Soluvec™ 1% product for the Bangladesh market. Our potential partner has presented initial commercialization plans and has informed MVMD that it has tentative government approvals secured pending the outcome of the current pharmacokinetic trials that are being conducted inside Bangladesh. I hope to be able to share progress on all of that effort in the near term.
MVMD is also moving forward with other animal health organizations and experts around the world, to evaluate the efficacy and safety of Soluvec™1% in a broader range of species, while looking at future markets beyond Bangladesh.
There is so much more to share around MVMD’s progress in needleless insulin, oncology, expanded disease areas such as Tuberculosis, and more. We are planning a deeper dive across the business at our upcoming AGM next month on September 29, 2022. Additional details will follow, but please mark your calendars so you can join us first-hand to learn about our important work.
As you can see, MVMD is moving and advancing significantly across many key science areas, and in that context of growth and transition I’d also like to confirm that Mike Farber is no longer with MVMD. Many of you may recall that when we acquired the Quicksome™ assets from Mr. Farber and his company, Smartek International, in December of 2019, Mr. Farber was contracted for two years to support the IP asset transition and initial product commercialization phase. After the Smartek contract ended in December of 2021, Mr. Farber worked to a lessening degree through to the end of June this year. As you know, MVMD hired Dr. Azhar Rana to assume the role of Chief Medical Officer a year ago to support the planned evolution of MVMD into the biotech space and he continues to lead all aspects of MVMD’s research and development. MVMD wishes Mr. Farber continued success.
I remain very excited about MVMD’s progress and the pursuit of More Life. Helping people live healthier and fuller lives by aiding their sleep, recovery, and overall well-being brings our mission to life in such a tangible way. As always, thank you to our dedicated team of key science advisors, committed partners, our staff, and of course our shareholders for your continued support. I look forward to spending time and sharing details of our progress with you at our upcoming AGM in September.
President & CEO, Mountain Valley MD