Fero Industries, Inc. to Expand Sucanon(R) Distribution through Government Institutions in Mexico
Published: Sep 27, 2011
CALGARY, Alberta, Sept. 27, 2011 /PRNewswire/ -- Fero Industries, Inc. (OTCQB: FROI) (the "Company") is pleased to announce that Pharmaroth S.A., the Company's Mexican operating subsidiary, has begun the process of registration to become a pharmaceutical Certified Supplier to federal and local government institutions within Mexico.
"Upgrading Pharmaroth to Certified Supplier status with the federal and local governments in Mexico will help us build our brand, increase credibility, and open up numerous higher margin profit opportunities," said Mr. Luis Lopez, President and COO of Fero Industries. "Achieving Certified Supplier status will enable Pharmaroth to sell Sucanon® directly to federally and locally administered facilities across the country and reach over 2,500,000 potential new customers that receive their primary healthcare through these low-cost public government healthcare offices."
Following the registration process, estimated to be approximately 30-90 days in length, Sucanon® will be authorized for recommendation and sale through government institutions including the Instituto Nacional de Nutricion, the Instituto Nacional de Cancerologia (INCAN), Secretaria de Salud del Distrito Federal, Petroleos Mexicanos (PEMEX), and others.
Sucanon® is approved as an over-the-counter ("OTC") remedy for type-2 diabetes by regulatory authorities in Mexico and is distributed there under an exclusive agreement with Merck S.A. de C.V. (Merck S.A. de C.V. is the Mexico and Latin America sales and marketing organization of German pharmaceutical and chemical giant, Merck KGaA.)
Commercial sales of Sucanon® began in January 2011 in Mexico. Mexico has one of the largest and fastest growing diabetic populations in the world, estimated at 15% of the total population. This indicates over 16 million diagnosed cases of diabetes, up seven fold since 1990. Diabetes is now the leading cause of death in Mexico and costs the country more than one-third of its total public health care budget annually.
Sucanon® is one of only three approved drugs in the multi-billion dollar market for a class of diabetic medications called "insulin sensitizers". Pre-clinical and clinical studies show that Sucanon® and other insulin sensitizers lower a patient's blood sugar by increasing the muscle, fat and liver's sensitivity to the body's own naturally produced insulin. Sucanon® has been approved for prescription sale in China and Peru. Sucanon® is also approved as an OTC treatment for type-2 diabetes by regulatory authorities in Mexico, and is distributed there under an exclusive agreement with Merck S.A. de C.V.
About Fero Industries, Inc.
Fero Industries, Inc. (OTCQB: FROI) is focused on diabetes prevention and treatments. The Company holds the intellectual property and all exclusive world-wide rights related to the production, marketing, and distribution of Sucanon®, an oral treatment for type-2 diabetes. Sucanon® is a member of a class of diabetic medications called insulin sensitizers. Insulin sensitizers lower blood sugar by increasing the muscle, fat and liver's sensitivity to insulin. Insulin sensitizers are blood sugar normalizing or euglycemic drugs that help return the blood sugar to the normal range without the risk of low blood sugars. Fero's strategy is to increase awareness, acceptance, and distribution of Sucanon® globally.
For investor relations contact:
Paramount Advisors, LLC
Certain statements in this press release that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by the use of words such as "anticipate," "believe," "expect," "future," "may," "will," "would," "should," "plan," "projected," "intend," and similar expressions. Such forward-looking statements, involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Fero Industries, Inc. (the Company) to be materially different from those expressed or implied by such forward-looking statements.
The Company's future operating results are dependent upon many factors, including but not limited to the Company's ability to: (i) obtain sufficient capital or a strategic business arrangement to fund its expansion plans; (ii) build the management and human resources and infrastructure necessary to support the growth of its business; (iii) competitive factors and developments beyond the Company's control; and (iv) other risk factors discussed in the Company's periodic filings with the Securities and Exchange Commission, which are available for review at www.sec.gov under "Search for Company Filings".
SOURCE Fero Industries, Inc.