I am very pleased to share some encouraging progress related to our solubilization technology as applied to the drug ivermectin (Soluvec™ 1%). This morning we have distributed a media release announcing the execution of a license agreement for the People's Republic of Bangladesh animal husbandry applications, the completion of related animal husbandry studies, and the expansion of our patent protection.

The license agreement marks a significant milestone in advancing our efforts to improve animal health outcomes and establish our presence in key markets worldwide. We have also filed for Soluvec™ patent protection in 12 additional markets over the past month, as we look to protect our intellectual property and licensing royalty model.

We outlined the positive findings from pharmacokinetic trials that involved administering Soluvec™ 1% through intramuscular and subcutaneous injection, as well as orally with commercially available branded Ivermectin. These trials also included comparative studies on growth performance, toxicity, and blood hematological observation among various farmed fish species when Soluvec™ 1% was coated on standard fish feed.

The trials demonstrated that Soluvec™ 1% has a solubility approximately 2,500 times greater than free Ivermectin. Furthermore, when administered via intramuscular and subcutaneous routes, Soluvec™ 1% increased drug exposure, peak levels, and extended the duration of Ivermectin exposure in husbandry animals compared to commercially available Ivermectin in subcutaneous, intramuscular, and oral forms.

Farmed fish trials were conducted on Indian Catfish, Pangas, Common Carp, Tilapia, and Rui (Ruho) fish species. One group received Soluvec™ 1% coated standard fish feed, while the control group received non-Soluvec™ 1% standard fish feed. The results showed increased average daily growth, reduced mortality, and an overall net average increase in net production of 145%. The feed conversion ratio also improved by an average of 16% for all fish species treated with Soluvec™ 1% coated fish feed compared to those receiving non-Soluvec™ 1% coated fish feed, indicating improved efficiency in biomass production.

As shared in the media release, Bangladesh ranks third in the world for farmed fish output, after China and India. Expanding the applications of Soluvec™ 1% beyond animal farming to support the farmed fish industry presents a significant opportunity to increase the addressable market for MVMD and its partners.

Today’s news is a great reinforcement of the efficacy of our solubilization technology and our ability to progress our work in a meaningful way towards commercial applications.

Thank you for your continued support as we work towards transforming the landscape of animal husbandry and aquaculture industries, ultimately contributing to our vision of "More Life."