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 in the area of erectile
dysfunction (ED), hair growth and hormone replacement therapies is
excited to announce that its subsidiary, MangoRx Mexico S.A. de
C.V. (“MangoRx Mexico”), has secured and executed a technical
agreement with Emifarma S.A. de C.V (“Emifarma”) for the initial
stages of development and testing (Bioequivalence and Accelerated
Stability, required to obtain registry from COFEPRIS) of the
Company’s Mango ED products intended for the Mexican and Latin
American markets.
Founded in 1998 by a group of pharmaceutical
professionals with experience in Development, Production and
Quality, Emifarma is a Mexican company that employs more than 100
workers and has 4 plants that specialize in: Hormonal, Injectable,
Additive and Oral Solid (tablet and powdered) products where they
serve as a manufacturing partner for some of the most relevant
pharmaceutical companies both domestically and internationally,
operating in Mexico. Emifarma is Certified for Good manufacturing
Practices (GMP) by the following organizations: COFEPRIS, INVIMA,
Ministry of Health of the Republic of Peru.
“This marks an enormous milestone for MangoRx as
this signifies the most crucial first step in our highly
anticipated planned expansion into the Mexican and Latin American
markets,” noted Jacob Cohen, MangoRx’s Co-Founder and CEO, who
continued, “As we had noted earlier upon our announcement of this
growth initiative, establishing a pharmaceutical manufacturing
partner was the catalyst necessary to begin product development for
testing as required for the application and certification with the
Comisión Federal para la Protección contra Riesgos Sanitarios
(“COFEPRIS”). Assuming such approval is obtained, we expect to be
able to start marketing and selling our Mango ED products to the
more than 40,000 pharmacies, retail outlets, and convenience stores
across Mexico.”
In addition, achieving the COFEPRIS
certification is anticipated to offer 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, COFEPRIS is recognized
in the following additional countries: Columbia, Ecuador, El
Salvador, Chile, Costa Rica and Panama.
Efi Karchmer, President of MangoRx Mexico
stated, “after visiting, interviewing, and negotiating with many
different pharmaceutical manufacturing companies over the past
several months, we are very excited about our decision to partner
with Emifarma in this endeavor. Each of Emifarma’s facilities has
its own warehousing of both raw materials and finished products, a
dedicated quality lab as well as full capability for packaging such
as blisters, packets, envelopes, and secondary packaging such as
boxes, bags, pouches, and trays which gives them a lot of
flexibility and along with their proactiveness and out of the box
thinking makes them an ideal partner. We have no doubt that
Emifarma will be able to provide us with the production,
manufacturing, and quality that we need as we work to scale our
business in the Mexico and other Latin American countries.”
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, which market is
estimated to be growing at a rate of 4% per year at an average
sales price of USD $8.50 per unit.
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), hair
growth and hormone replacement therapies. Interested consumers can
use MangoRx’s telemedicine platform for a smooth experience.
Prescription requests will 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 Comisión Federal para la Protección contra
Riesgos Sanitarios for our ED product in Mexico, the costs thereof
and timing associated therewith; 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 has significant 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; dilution caused by recent offerings; 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 changing rates
of inflation and 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 war in Israel) 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, including our
current non-compliance with Nasdaq’s continued listing standards;
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 Annual
Report on Form 10-K for the year ended December 31, 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
SOURCE:
Mangoceuticals Inc.
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