Global biotechnology company with operations in clinical research, manufacturing, and consumer products, Medolife Rx on August 23, 2021, announced financial results for quarter two of 2021. The company, a subsidiary of Quanta Inc (OTCMKTS:QNTA), also provided operational updates.
The firm confirmed on total revenues being USD 116,869 while its gross margins were above 60%. Medolife Rx also said that the cash on hand was USD 277,000 and that it had received a response from the US Food and Drug Administration on Pre-Investigational New Drug submission on Escozine validating proof-of-concept study. Furthermore, the company said it had signed a product endorsement agreement with Tony Hawk and had done a distribution agreement with an international distributor for bringing products to Mexico.
Medolife CEO Dr. Arthur Mikaelian said that quarter two had been important in the company’s history and accomplished many milestones including significant strides in clinical development programs on Escozine in both the United States as well as DR.
The CEO also said that the company built on its production facilities in is integrating both nutraceuticals as well as pharmaceutical product lines. Dr. Arthur said that it encourages shareholders to join quarter two conference calls to know about the progress made and the second half of 2021.
Dr.Mikaelian and Quanta, Inc. Chief Financial Officer Clemente Pascarella will be having a conference call with the investment community on August 24, 2021.