CALGARY, Alberta, June 1, 2011 /PRNewswire/ -- Fero Industries, Inc. (OTCBB: FROI) (OTCQB: FROI) (the “Company”) is pleased to announce that independent human clinical trials of Sucanon® have been successfully completed in the Middle East. The results of the clinical trials conducted at the University of Tehran in Iran have confirmed previous studies from Canada, China, and Peru, which show Sucanon® to be a safe and effective treatment for Type-2 diabetes and pre-diabetes. Completion of the study has enabled the Company to move forward with plans for registration, licensing, and distribution of Sucanon® across the Middle East.
“The results of the University of Tehran human clinical trials have confirmed the safety and effectiveness of Sucanon® as a treatment for Type-2 diabetes and pre-diabetes across the entire spectrum of the Middle Eastern population,” said Mr. Luis Lopez, Chief Operating Officer of Fero Industries. “With this study in hand, the Company has begun the process of negotiating licensing agreements with established pharmaceutical distributors and is preparing registration dossiers to be submitted to the Ministries of Health in several countries across the Middle East region, including Iran, Kuwait, Jordan, Saudi Arabia, Palestine, Qatar, and Egypt.”
The Middle East has one of the largest and fastest growing diabetic populations in the world. Six countries in the Middle East and North African Region rank among the world’s top ten for diabetes prevalence. Current estimates show that 26.6 million people have Type-2 diabetes in the region (7.7% of the adult population) with that number expected to nearly double in the next 20 years. Similarly, the number of people with Impaired Glucose Intolerance (“IGT”) or “pre-diabetes” is estimated to be an additional 24.4 million cases (7.1% of the adult population). Healthcare costs associated with diabetes in the region were estimated to be $5.6 billion in 2010.
About Sucanon®
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.
For further information regarding Sucanon®, please visit the Fero Industries Inc. website at www.feroindustries.com, email us at info@feroindustries.com, or call toll-free (855) 543-4900.
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®, a 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:
Michael Irving
Paramount Advisors, LLC
(407) 878-5462
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.
