Mangoceuticals, Inc. (NASDAQ: MGRX) (“MangoRx” or the “Company”), a
company focused on developing, marketing, and selling a variety of
men’s health and wellness products via a secure telemedicine
platform, including its uniquely formulated hair growth product
(‘GROW’) and erectile dysfunction (ED) drug (‘Mango’), is excited
to announce the establishment of its subsidiary, MangoRx Mexico,
which will act as the lynchpin of the Company’s Mexican and
expanded Latin American sales strategies for its Mango ED products.
The Company has engaged one of the largest
international law firms, Diaz Reus International Law Firm, to
establish its subsidiary presence in Mexico. With offices across
five continents, Diaz Reus represents major Fortune 500 brands
including Oracle, Nissan, Sony, and Allianz, to name a few.
“This has enormous implications for our growth
trajectory going forward for several important reasons,” noted
Jacob Cohen, MangoRx’s Co-Founder and CEO. “First, ED medications -
such as branded and generic Viagra (Sildenafil) and Cialis
(Tadalafil) - are available to consumers over-the-counter in
Mexico. That presents increased margin and sales volume potential
for what we already produce and market here in the United States.
Second, Mexico is a completely untapped market as our research
indicates that we will be the only company offering an ED product
in a flavored rapid-dissolve tablet (RDT).”
Next steps include establishing a manufacturing
partner, applying for, and achieving certification with, the
Comisión Federal para la Protección contra Riesgos Sanitarios
(“COFEPRIS”), and establishing and formalizing distribution
partnerships. The Company is already engaged in substantive
negotiations with potential manufacturing partners, and it intends
to formalize those relationships before the end of 2023.
Cohen added, “This is not a sudden shift. We
have been working on this strategy since May 2023, and we are now
in the final stages of cementing our lab partner for production,
packaging, and fulfillment of products. We are also already in
discussions with multiple potential distribution partners in Mexico
who have existing relationships with more than 40,000 pharmacies,
retail outlets, and convenience stores across the country.”
In addition, achieving the COFEPRIS
certification offers additional advantages for further expanding
sales of MangoRx products internationally into other large and
growing Latin American markets that offer ED medications as OTC
products. Specifically, the COFEPRIS is recognized in the following
additional countries: Columbia, Ecuador, El Salvador, Chile, Costa
Rica and Panama.
MangoRx has hired market commercialization
professional, Efraim (Efi) Karchmer, as President of MangoRx
Mexico. Efi will be tasked with spearheading all initiatives
involved in establishing the business operations of the new
subsidiary. Mr. Karchmer has more than 25 years’ experience in
sales, marketing, and distribution of diverse products in a
multinational and multicultural environment.
According to a recent market study and analysis
report conducted by Groupo Knobloch, the estimated annual market
size in Mexico for ED pharmaceutical products is USD $216 million
with approximately 24 million units sold annually and growing at a
rate of 4% per year at an average sales price of USD $8.50 per
unit.
“Adding a new and significant market segment
with fundamental advantages over our core marketplace could be one
of the most important and transformative strategic steps with have
taken as a company,” concluded Cohen. “The path from here to full
launch of Latin American sales for MangoRx products is a top
priority, and we look forward to providing updates very soon.”
About MangoRx
MangoRx is focused on developing a variety of
men's health and wellness products and services via a secure
telemedicine platform. To date, the Company has identified men's
wellness telemedicine services and products as a growing sector and
especially related to the area of erectile dysfunction (ED) and
hair growth. Interested consumers can use MangoRx’s telemedicine
platform for a smooth medical prescription that is exclusively
compounded for each individual. Orders will then be reviewed by a
physician and, if approved, fulfilled and discreetly shipped
through MangoRx’s partner compounding pharmacy and right to the
patient’s doorstep.
To learn more about MangoRx’s mission and other
products, please visit www.MangoRx.com or on social media
@Mango.Rx.
Cautionary Note Regarding
Forward-Looking Statements
Certain statements made in this press release
contain forward-looking information within the meaning of
applicable securities laws, including within the meaning of the
Private Securities Litigation Reform Act of 1995 ("forward-looking
statements"). These forward-looking statements represent the
Company's current expectations or beliefs concerning future events
and can generally be identified using statements that include words
such as "estimate," "expects," "project," "believe," "anticipate,"
"intend," "plan," "foresee," "forecast," "likely," "will," "target"
or similar words or phrases. These forward-looking statements are
subject to risks, uncertainties and other factors, many of which
are outside of the Company's control which could cause actual
results to differ materially from the results expressed or implied
in the forward-looking statements, including, but not limited to;
our ability to obtain additional funding and generate revenues to
support our operations; risks associated with our ED product which
have not been, and will not be, approved by the U.S. Food and Drug
Administration ("FDA") and have not had the benefit of the FDA's
clinical trial protocol which seeks to prevent the possibility of
serious patient injury and death; risks that the FDA may determine
that the compounding of our planned products does not fall within
the exemption from the Federal Food, Drug, and Cosmetic Act ("FFDCA
Act") provided by Section 503A; risks associated with related party
relationships and agreements; the effect of data security breaches,
malicious code and/or hackers; competition and our ability to
create a well-known brand name; changes in consumer tastes and
preferences; material changes and/or terminations of our
relationships with key parties; significant product returns from
customers, product liability, recalls and litigation associated
with tainted products or products found to cause health issues; our
ability to innovate, expand our offerings and compete against
competitors which may have greater resources; our significant
reliance on related party transactions; the projected size of the
potential market for our technologies and products; risks related
to the fact that our Chairman and Chief Executive Officer, Jacob D.
Cohen and President, Jonathan Arango, combined have majority voting
control over the Company; risks related to the significant number
of shares in the public float, our share volume, the effect of
sales of a significant number of shares in the marketplace, and the
fact that the majority of our shareholders paid less for their
shares than the public offering price of our common stock in our
recent initial public offering; the fact that we have a significant
number of outstanding warrants to purchase shares of common stock
at $1.00 per share, the resale of which underlying shares have been
registered under the Securities Act of 1933, as amended; our
ability to build and maintain our brand; cybersecurity, information
systems and fraud risks and problems with our websites; changes in,
and our compliance with, rules and regulations affecting our
operations, sales, marketing and/or our products; shipping,
production or manufacturing delays; regulations we are required to
comply with in connection with our operations, manufacturing,
labeling and shipping; our dependency on third-parties to prescribe
and compound our ED product; our ability to establish or maintain
relations and/or relationships with third-parties; potential safety
risks associated with our Mango ED product, including the use of
ingredients, combination of such ingredients and the dosages
thereof; the effects of high inflation, increasing interest rates
and economic downturns, including potential recessions, as well as
macroeconomic, geopolitical, health and industry trends, pandemics,
acts of war (including the ongoing Ukraine/Russian conflict) and
other large-scale crises; our ability to protect intellectual
property rights; our ability to attract and retain key personnel to
manage our business effectively; our ability to maintain the
listing of our common stock on the Nasdaq Capital Market; overhang
which may reduce the value of our common stock; volatility in the
trading price of our common stock; and general consumer sentiment
and economic conditions that may affect levels of discretionary
customer purchases of the Company's products, including potential
recessions and global economic slowdowns. Although we believe that
our plans, intentions and expectations reflected in or suggested by
the forward-looking statements we make in this release are
reasonable, we provide no assurance that these plans, intentions or
expectations will be achieved. Consequently, you should not
consider any such list to be a complete set of all potential risks
and uncertainties.
More information on potential factors that could
affect the Company's financial results is included from time to
time in the "Cautionary Note Regarding Forward-Looking Statements,"
"Risk Factors" and "Management's Discussion and Analysis of
Financial Condition and Results of Operations" sections of the
Company's filings with the SEC, including the Company’s Quarterly
Report on Form 10-Q for the Quarter ended September 30, 2023. These
filings are available at www.sec.gov and at our website at
https://www.mangoceuticals.com/sec-filings. All subsequent written
and oral forward-looking statements attributable to the Company or
any person acting on behalf of the Company are expressly qualified
in their entirety by the cautionary statements referenced above.
Other unknown or unpredictable factors also could have material
adverse effects on the Company's future results. The
forward-looking statements included in this press release are made
only as of the date hereof. The Company cannot guarantee future
results, levels of activity, performance or achievements.
Accordingly, you should not place undue reliance on these
forward-looking statements. Finally, the Company undertakes no
obligation to update these statements after the date of this
release, except as required by law, and takes no obligation to
update or correct information prepared by third parties that are
not paid for by the Company. If we update one or more
forward-looking statements, no inference should be drawn that we
will make additional updates with respect to those or other
forward-looking statements.
Follow Mangoceuticals and MangoRx on social
media: https://www.instagram.com/mango.rx
https://twitter.com/Mangoceuticals
https://www.facebook.com/MangoRxOfficial
FOR PUBLIC RELATIONS Lucky Break Public
Relations Sahra Simpson Sahra@luckybreakpr.com (323) 602-0091 ext.
704
FOR INVESTOR RELATIONS Mangoceuticals Investor
Relations Email: investors@mangorx.com
MEDIA CONTACT
PHOENIX MGMT Marketing & Consulting
info@phoenix-mediamarketing.com
SOURCE:
Mangoceuticals Inc.
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