Petvivo Holdings, Inc. Announces Opening of State of the Art Medical Device Manufacturing Facility in Edina, Minnesota.
MINNEAPOLIS, Oct. 05, 2020 (GLOBE NEWSWIRE) -- PetVivo Holdings, Inc. (OTCQB: PETV) an emerging biomedical device company focused on the commercialization of innovative medical therapeutics for pets is pleased to announce the certification and opening of its new medical device manufacturing facility and Center of Excellence in Edina, Minnesota. The new manufacturing facility is primarily dedicated to the manufacture of its veterinary medical device for the treatment of osteoarthritis (OA), KUSH™, in the $4.8 billion dog and horse therapeutics market and the development of its proprietary mucoadhesive active agent delivery products.
Located minutes from Minneapolis, Minnesota, the new PetVivo medical device facility will serve as the primary location for PetVivo medical device operations, which provides manufacturing capabilities to produce up to 500,000 syringes of Kush that could generate over $100 million in revenue annually. "Minnesota is an ideal location for our medical Center of Excellence as it has a highly trained local workforce, strong local universities and a geographic location that makes it easily accessible and convenient for our customers," said John Lai, PetVivo’s Chief Executive Officer. "Our new facility will serve as a commercial launching pad for our innovative medical device products, as well as provide a state of the art facility for our future product initiatives."
PetVivo’s facility is dedicated exclusively to medical device manufacturing and product development and is staffed with a highly skilled team, led by a seasoned management team having medical device manufacturing and engineering backgrounds. The facility includes over 600 square feet of state-of-the-art ISO 5, ISO 7 and ISO 8 cleanroom space, with plans for additional expansion. This provides PetVivo the ability to execute high speed, high volume, high mix, zero defect, lean manufacturing solutions for the commercial production of products that enhance the quality of life for companion animals.
“By owning and controlling our own manufacturing site, the company can be more responsive to customer needs, as well as maintain better control of the Company’s intellectual property, including our proprietary trade secrets,” explained David Masters, Ph.D., Director of Science and Technology and primary inventor of PetVivo’s technology. “The opening of our new manufacturing facility in Edina tremendously enhances our commercial strength by providing us the ability to mass manufacture our signature product, Kush, as well as allows our scientific team to achieve commercialization of a number of the other therapeutic products existing in our extensive product pipeline.”
About PetVivo Holdings, Inc.
PetVivo Holdings Inc. (OTCQB: PETV) is an emerging biomedical device company currently focused on the manufacturing, commercialization and licensing of innovative medical devices and therapeutics for companion animals. The Company's strategy is to leverage human therapies for the treatment of companion animals in a capital and time efficient way. A key component of this strategy is the accelerated timeline to revenues for veterinary medical devices, which enter the market much earlier than more stringently regulated pharmaceuticals and biologics.
PetVivo has a pipeline of seventeen products for the treatment of animals and people. A portfolio of eighteen patents protects the Company's biomaterials, products, production processes and methods of use. The Company’s lead product Kush, a veterinarian-administered, intraarticular injection for the treatment of osteoarthritis in dogs and horses, is scheduled for expanded commercial sale later this year.
John Lai, CEO
PetVivo Holdings, Inc.
Forward-Looking commercial Statements:
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