Endonovo Therapeutics Issues Shareholder Letter and Update
LOS ANGELES, CA, Jan. 11, 2019 (GLOBE NEWSWIRE) -- Endonovo Therapeutics, Inc. (OTCQB: ENDV) ("Endonovo" or the "Company"), a commercial-stage developer of non-invasive Electroceutical™ therapeutic devices, today announced the issuance of the following shareholder letter from its Chief Executive Officer, Alan Collier:
Dear Endonovo Therapeutics Shareholders, Partners, Suppliers and Clients:
It is with great pleasure that I provide you with an update on Endonovo’s business development initiatives and our recent accomplishments. We believe we have reached a juncture where our efforts will pave the way for achieving the success each stakeholder is anticipating.
Endonovo continues to execute on its multi-year business plan and has made great strides positioning itself for rapid growth in 2019.
To highlight some of our accomplishments, this year:
- Signing two marketing agreements with well established medical device sales organizations
- Establishment and expansion of a rapidly growing sales department
- The completion of the purchase price to the seller of the SofPulse Technology
- The new Roma medical device is on schedule for release in Q1 of 2019
The Company has set up a scalable sales infrastructure and has seen a tremendous response from its initial marketing efforts in December. Our sales force is expected to exceed over 120 personnel by year end and compliment the progress Magniant & Plagens have made positioning Endonovo products in the market. Our hiring strategy and overall business plan is to implement sales and marketing initiatives in markets nationwide. Concurrently, we are entering into discussions in numerous territories outside of the United States for licensing agreements, including South America & Asia being primary targets for our clinically proven technology.
Our new Roma Unit, which operates non-stop & contains 3 individual coils, has been under development for 3 months and is on track for production at the end of the second-quarter of 2019. The Roma Unit will target the wound healing market where we have evidenced results showing a 70% reduction of chronic wounds within a one-week period. Additionally, Endonovo has several other products under development and plans on rolling them out into the market over a 2-year period.
Our research and development programs continue to achieve significant milestones. Our latest results from a recent liver study have been encouraging. The CNS/TBI study at the University of New Mexico has now completed its control group patients and has five active patients enrolled in the study. Several future studies are planned for 2019 and will be announced throughout the year.
In support of better positioning Endonovo and its evolutionary technology in the market, we are in the process of initiating an ongoing and focused public relations and advertising campaign at the outset of the year. We are currently interviewing multiple firms to assess each firms capacity to most effectively reach the medical community and general public while properly articulating our products clinical capabilities to healthcare professionals. We believe a well conceived and executed consistent public relations campaign and other related media exposure will pave the way for the medical community to recognize the value Endonovos’ products provide and identify SofPulse® as a viable solution to the rampant opioid epidemic plaguing the world today.
From a financing perspective, we recently entered into a line of credit at a 6% discount to market to reduce dilution for interim financing. Garry Michael Kann Managing Director and CEO of Mosaic Capital has been engaged to raise $20 million in financing to enable the Company to pay back all its convertible notes, expand sales & marketing, fund corporate expenses, pursue further research and development and ultimately position the company to become NASDAQ listed.
Most importantly, however, we paid Steven Gluckstern the remainder of the $1.5 million he was owed in order to complete the purchase of and secure the SofPulse® assets enabling us the ability to maintain ownership of the technology. In concert, with the efforts of Mosaic Capital, the Company will be going on roadshows in the first and second quarter of the year to meet with institutional investors & fund managers for the $20 Million-Dollar financing. We’ve already reached out to investors and fund managers about participating in the in the $20 Million-Dollar financing and have seen a positive response with an expectation for our first tranche to come later this year.
Finally, we will be launching a completely overhauled www.sofpulse.com website in Q1 to support our media and public relations program sending a cogent and crystalized message to the medical industry about our ground-breaking technology. The website features a 90 second video clearly illustrating the benefits of our technology.
The Company is committed to increase its position in its respective market segments and to fully capitalize on our commercial potential. While there's much more to be done, much has been accomplished and the momentum toward success is building. We’re continuing to deliver sales and increasing our long-term asset base.
In addition to the accomplishments mentioned above, there are many strategic initiatives taking place expected to positively impact our bottom line and increase shareholder value. We further believe more strongly than ever our strategic approach will position Endonovo for success as the results of our efforts unfold in the ensuing months and years to follow.
On behalf of the Company, I would like to thank you for your continued support at this time of tremendous growth and opportunity.
Chief Executive Officer
About Endonovo Therapeutics
Endonovo Therapeutics, Inc. is a commercial-stage developer of non-invasive wearable Electroceuticals™ therapeutic devices. The Company's current portfolio of commercial and clinical-stage wearable Electroceuticals™ therapeutic devices addresses wound healing, pain, post-surgical pain and edema, cardiovascular disease, chronic kidney disease, and Central Nervous System (CNS) Disorders, including traumatic brain injury (TBI), acute concussions, post-concussion syndrome and multiple sclerosis. The Company's non-invasive Electroceutical™ therapeutic device, SofPulse®, using pulsed short-wave radiofrequency at 27.12 MHz has been FDA-Cleared and CE Marked for the palliative treatment of soft tissue injuries and post-operative pain and edema, and has CMS National Coverage for the treatment of chronic wounds. The Company's current portfolio of pre-clinical stage Electroceuticals™ therapeutic devices address chronic kidney disease, liver disease non-alcoholic steatohepatitis (NASH), cardiovascular and peripheral artery disease (PAD), and ischemic stroke. The Company's non-invasive, wearable Electroceuticals™ therapeutic devices work by restoring key electrochemical processes that initiate anti-inflammatory and growth factor cascades necessary for healing to occur. www.endonovo.com
Safe Harbor Statement
This press release contains information that constitutes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements, trends, analysis, and other information contained in this press release including words such as "anticipate," "believe," "plan," "estimate," "expect," "intend," and other similar expressions of opinion, constitute forward-looking statements. Any such forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from any future results described within the forward-looking statements. Risk factors that could contribute to such differences include those matters more fully disclosed in the Company's reports filed with the Securities and Exchange Commission. The forward-looking information provided herein represents the Company's estimates as of the date of the press release, and subsequent events and developments may cause the Company's estimates to change. The Company specifically disclaims any obligation to update the forward-looking information in the future. Therefore, this forward-looking information should not be relied upon as representing the Company's estimates of its future financial performance as of any date subsequent to the date of this press release.
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