DENVER, CO--(Marketwired - Sep 3, 2013) - MusclePharm Corporation (
BioZone's "QuSome" technology enhances the absorption of topical and other drugs. MusclePharm is evaluating the QuSome technology in connection with nutritional supplements to determine the precise benefit of application and if the combination of Qusomes and nutritional supplements will enhance the absorption and speed of delivery of several MusclePharm products.
OPKO Health is an investor in BioZone. Dr. Phillip Frost, who serves as Chairman and CEO of OPKO Health, is a significant shareholder and advisor to MusclePharm.
Separately, MusclePharm announced it recently acquired 28 patents related to a proprietary transdermal drug delivery technology that provides precise control over both absorption rate and dosage. The transdermal active patch system avoids or minimizes many of the shortcomings and issues typically associated with conventional drug delivery methods. The system delivers drugs comfortably through the skin using low-level electrical energy that sends the drug directly to the bloodstream, thereby avoiding the liver, and reducing stomach and gastrointestinal issues for the patient, which can often be associated with oral drug administrations.
Commenting on the announcement, Brad Pyatt, Founder and CEO of MusclePharm, stated, "Our investment and new business relationship with BioZone gives us the opportunity to add an important vertical manufacturing component into our business model. BioZone owns a state-of-the-art manufacturing facility and they have an outstanding reputation of placing great emphasis on quality control and FDA regulatory compliance. We look forward to working with their team."
Mr. Pyatt continued, "The acquisition on the transdermal delivery patents was opportunistic. In conjunction with our relationship with Dr. Frost, we believe MusclePharm can bring both innovation and sophistication to the sport nutrition market."
MusclePharm's $2 million investment in BioZone was made in the form of a 10% secured convertible note due one year from the date of issuance. The note is convertible into shares of BioZone common stock at $.20 per share. MusclePharm also received a 10-year warrant to purchase 10,000,000 shares of BioZone's common stock at an exercise price of 0.40 per share.
ABOUT MUSCLEPHARM CORPORATION
Founded in 2008 by former NFL player Brad Pyatt, MusclePharm is a healthy lifestyle company that develops and manufactures scientific and safe nutritional supplements. The company's products are designed for Active Lifestyles who seek muscle building, weight maintenance and general fitness through an internationally recognized daily nutritional supplement regimen. The products are formulated through a six-stage research process designed by leading nutritional scientists at the MusclePharm Sports Science & Research Center in Denver. MusclePharm's products are sold in more than 110 countries and available in 10,500+ U.S. retail outlets, including Dick's Sporting Goods, 24 Hour Fitness, Bally's, GNC, Vitamin Shoppe and Vitamin World. MusclePharm products also are sold globally through more than 100 online channels, including Bodybuilding.com, Amazon.com and Vitacost.com.
ABOUT BIOZONE PHARMACEUTICALS, INC.
BioZone is a developer, manufacturer, and marketer of over-the-counter drugs and preparations, cosmetics, and nutritional supplements on behalf of health care product marketing companies and national retailers. It has been developing a proprietary drug delivery technology (the "BioZone Technology") as an enhancement for approved generic prescription drugs that are limited due to poor stability or bioavailability or variable absorption. BioZone Pharmaceuticals, Inc. is headquartered in Englewood Cliffs, New Jersey. For more information, visit BioZone's website at www.biozonelabs.com
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended. Statements that are not a description of historical facts constitute forward-looking statements and may often, but not always, be identified by the use of such words as "expects", "anticipates", "intends", "estimates", "plans", "potential", "possible", "probable", "believes", "seeks", "may", "will", "should", "could" or the negative of such terms or other similar expressions. Actual results may differ materially from those set forth in this release due to the risks and uncertainties inherent in the Company's business. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2012, the Company's Quarter Reports on Form 10-Q and other filings submitted by the Company to the SEC, copies of which may be obtained from the SEC's website at www.sec.gov. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement and the Company undertakes no obligation to revise or update this release to reflect events or circumstances after the date hereof.