Mera Pharmaceuticals, Inc. Announces First Quarter Revenue Growth, And Sharply Reduces Losses
Published: Mar 16, 2006
KAILUA-KONA, Hawaii, March 15 /PRNewswire-FirstCall/ -- Mera Pharmaceuticals a Hawaii based Biotech Company that produces microalgae products for human consumption announced today that revenue for the first quarter ending January 31, 2006 grew by 15.2% to $152,394 versus $132,341 for the same quarter ending January 31, 2005. "The revenue increase was due to higher retail sales of our AstaFactor(TM) line of products reflecting a growing public awareness of the health benefits of astaxanthin," said Gregory F Kowal, Mera's Chief Executive Officer.
The net loss for the first quarter was $113,588 versus $246,918 in the comparable quarter last year, a 54% reduction.
As part of our continuing efforts to grow revenue and reduce expenses, the company has named Kenneth I Crowder as Chief Operating Officer. Mr. Crowder, a director of the company, has wide ranging business experience in operations and product development. He is currently overseeing Mera's newest product which the company expects to launch this spring into the marketplace. Early indications from potential customers have been positive and should help revenue growth by the fourth quarter of the fiscal year.
Mr. Kowal also commented on an AstaFactor(TM) clinical trial conducted by an independent third party. The study (double blind, placebo controlled) was designed to test the hypothesis that supplementation with AstaFactor(TM) reduces levels of C - reactive protein (CRP). Other studies have shown that elevated levels of CRP indicate the presence of inflammation in the body and are considered by many to be a better indicator of risk of cardiovascular disease than cholesterol.
The trial subjects all had CRP levels high enough to place them in the high-risk category for heart disease. After three months in the study 43% of the subjects in the treatment group experienced enough of a reduction in their CRP levels to fall out of the high-risk category and into the average risk group. However, all of the subjects in the placebo-controlled group remained at high-risk.
Although the subject group was small, the results of the AstaFactor(TM) trial have clear significance for cardiovascular health. The control of inflammation suggested by the trial results could also be important for other diseases and conditions, ranging from arthritis to diabetes, that heavily involve inflammatory processes. Mera plans to continue the study. Mr. Kowal added "that Mera Pharmaceuticals will continually strive to produce the finest supplements available, the AstaFactor (TM) Rejuvenating, Sports and Salmon Essentials formulae to supply an increasing demand as more people become aware of the health benefits associated with astaxantin."
This press release contains forward-looking statements characterized by the use of words such as "believe," "expect," "anticipate," "feel" and similar expressions. Actual results might differ materially from those projected in, expressed in or implied by the forward-looking statements. The kinds of risks and uncertainties that could affect the future operating results of Mera include, without limitation: (i) the ability to attract new business for its existing products; (ii) the ability to identify new products and bring them to market; (iii) the ability to identify promising pharmaceutical candidates and, if they are identified, the ability to have them successfully complete the clinical trial process; (iv) the sensitivity of Mera to general economic conditions; (v) the inability to attract the additional investment needed to plans regarding the drug discovery and development business. Additional information concerning risk factors that could cause actual results to differ materially from those described in forward-looking statements can be found in Mera's SEC filings, including its Annual Report on Form 10-KSB and other periodic reports that it files under the Securities Exchange Act of 1934, as amended.
Contact Info: Gregory Kowal Chief Executive Officer 73-4460 Queen Ka'ahumanu Hwy. Suite 110 Kailua-Kona, HI 96740 Phone: (808) 523-9422 Fax: (808) 326-9401Mera Pharmaceuticals
CONTACT: Gregory Kowal, Chief Executive Officer of Mera Pharmaceuticals,+1-808-523-9422, or fax, +1-808-326-9401