KEEGO HARBOR, Mich.,
July 17, 2014 /PRNewswire/
-- Health Enhancement Products, an innovative Michigan-based biotech firm, is pleased to
announce that its primary lender has increased the company's credit
facility to $6 million, making
$1 million available immediately to
expedite both canine and bovine validation studies currently
underway in the United States and
Canada.
"This new infusion of capital funding will allow us to
expedite the promising work in a broader set of studies and
potentially move from research to licensing discussions as early as
this fall," said Andrew Dahl,
President and CEO of Health Enhancement Products. "And, we view
this latest investment and inquiries from equity capital investors
as vote of confidence in our process and prospects."
With a pre-pilot experiment in dairy cows already successfully
concluded, an expanded pilot program will assess the effectiveness
of the Company's product as an intra-mammary treatment and as an
oral alternative, among other forms of administration. HEPI's
primary business is investigating bioactive compounds extracted
from algal cultures through research facilities in Montreal, Canada and Tulare County, California.
"The bovine pilot program involves larger groups of dairy cows
and refinements to our approach," states Dr. Amy Steffek, Director of R&D. "We've already
authorized our contract research organization (CRO) to proceed, and
the pilot program will be initiated the week of July 21. The plan is to have pilot program
preliminary results by the end of August or early September and
share that information with our animal health collaboration
partner."
The pilot program is a continuing research and validation effort
directed at immune response in addressing bovine mastitis, a
condition that affects milk production and costs American dairy
producers almost $3 billion in
milking losses annually. Bovine mastitis is a global problem,
affecting at any one time up to 10% of the world's 244 million
cows.
Concurrently, the Company is expanding the previously announced
canine study to include refined samples and a direct challenge
model that pits the company's bioactive compounds against
glucosamine and chondroitin – the most popular active ingredients
in the canine joint health supplement market.
"Glucosamine and chondroitin are the most common supplement
ingredients available to consumers for pet health. The market is
large and stable, even in the current economic climate," states
Dahl. "We'd like to offer dog owners a viable alternative that can
be more cost-effectively and safely administered for months,
if not years, without any worries and also provide the additional
benefit of a healthy immune system response."
Like their human owners, dogs and other animals serving as
family pets and companions in the USA and around the world experience loss of
joint health due to advancing age, weight, and breed type. Joint
health issues are predicted to affect nearly 1 in 5 dogs, and the
canine joint health supplement market currently generates roughly
$300 million in annual sales in the
U.S. alone.
Results from the glucosamine-chondroitin challenge experiment
are expected in mid-to-late September, at which point Company
principals hope to be in a position enter discussions with
potential joint-venture partners and licensees to position specific
product applications for market introduction.
About Health Enhancement Products, Inc.
Health Enhancement Products, Inc. (OTCQB: HEPI) is a
Michigan-based biotech company
engaged in the investigation of the health benefits of bioactive
compounds derived from its proprietary algal cultures, and the
development of natural bioactive compounds for use as dietary
supplements and food ingredients, as well as potential candidates
for future medicinal and pharmaceutical applications in humans and
animals, focused on autoimmune modulation.
Safe Harbor Statement
Except for any historical information, the matters discussed in
this press release contain forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. These forward-looking
statements involve risks and uncertainties. A number of factors
could cause actual results to differ from those indicated in the
forward-looking statements, including the timing of completion of a
trial, actual future clinical trial results being different than
the results the company has obtained to date, and the company's
ability to secure funding. Such statements are subject to a number
of assumptions, risks and uncertainties. Readers are cautioned that
such statements are not guarantees of future performance and those
actual results or developments may differ materially from those set
forth in the forward-looking statements. The company undertakes no
obligation to publicly update or revise forward-looking statements,
whether as a result of new information or otherwise.
SOURCE Health Enhancement Products, Inc.
