Mountain Valley MD Holdings Inc (CSE:MVMD, OTCQB:MVMDF) said it continues to progress in commercializing its three core lines of business.
“The MVMD team and our extensive network of partners has been making significant progress on our commercialization objectives,” Dennis Hancock, president and CEO of Mountain Valley MD said in a business update.
“It is great to see such tangible progress in support of our business objectives and our vision to positively impact human, plant and animal health.”
Nutraceuticals
Within its Nutraceuticals business, the company entered into a license agreement with a selected third-party lead production partner in the US who will produce nutraceutical products for approved third parties.
This lead manufacturer has been working with the company’s formulators on dissolution, flavouring, and production elements of the proprietary product line 'Mountains Of … '. The manufacturer has invested in expanding its manufacturing facility and full production readiness for Mountain Valley MD’s proprietary brand products is expected in the fall of 2023. The company added that initial product formulation work and dissolution testing have been positive.
The company said that along with the lead manufacturer, it has worked to support the license agreement with Circadian Wellness Corp. to finalize the proprietary formulations for mushroom-infused products that Circadian intends to market.
“The initial product formulation work and dissolution testing has been positive in MVMD’s view and the recent advancements made in the 2023 calendar year align with the anticipated timing to proceed with commercial manufacturing in the fall of calendar 2023,” it added.
Agriculture
Turning to its agriculture business, the company said it has a license arrangement with Agrarius Corp, the owner of Agrarius technology and related products, making Mountain Valley MD an authorized reseller of Agrarius, a product delivered in liquid concentrate form, diluted with water and applied to agricultural crops. Agrarius has organic certification through the Organic Materials Review Institute.
“The Agrarius product works by sending signals that a plant understands and propagates through its roots and mycelial networks, allowing nearby plants to benefit from the signals naturally while reducing the actual amount of product that is used on a field,” Mountain View MD said.
The company is developing business in the Americas, focusing on large-scale farming operations, with over 30 active crop trials being conducted.
“It is management’s view that the business development effort has been well received by the initial farming operations the company has been targeting and working with for trialing,“ Mountain Valley MD said, adding that it is targeting large food supply businesses with significant purchasing power for agricultural products.
It anticipates revenue from Agrarius sales in 2023.
Latin America
The company plans to operate its Latin American sales operations primarily through a wholly-owned subsidiary in Panama. The Panama operations will support product shipping and logistics based on its geographical location and provide certain tax advantages related to operating in a duty free zone. It added that the initial business development and Agrarius product registration processes are focused on Colombia, Brazil, Uruguay, Panama, and Mexico.
Soluvec
Within the husbandry animals/aquatic species business, the company’s Quicksol solubilization technology was applied to the drug Ivermectin to create its Soluvec 1% product formulation, a solution that can be administered broadly across the husbandry animal and aquatic species marketplace.
The company’s overall husbandry and aquatic species strategy was to develop its scientific assets with a view to licensing to third parties.
The company has invested time and money over the past approximately 18 months to optimize a final formulation approach to ensure its Soluvec 1% product has the desired stability at both room temperature and standard refrigeration temperature. Having had success to this end, the formula was the basis of the licensee agreement and is the formula that will be manufactured in Bangladesh initially.
“Management believes that commercialization of Soluvec 1% inside Bangladesh through the license arrangement will commence in the 2023 calendar year, subject to all agreements being finalized as between the licensee and its partners inside Bangladesh for manufacturing and distribution, and including obtaining final government approvals,” the company said.
It noted that to date, it filed for Soluvec protection in 12 additional markets outside of the United States, including Canada, China, India, Mexico, Sri Lanka, Thailand, Philippines, Malaysia, Brazil, Peru, Argentina, and Chile.
Soluvec has also benefitted from the publication of a favourable study in the journal, Therapeutic Delivery, the company said.