Biotech company Medolife Rx reported its second quarter financial and operational results Tuesday.The Beverly Hills company, 51 percent owned by Quanta Inc. in Burbank, generated $116,869 in total revenue with gross margins above 60 percent. Cash on hand at the end of the quarter was $277,000.During the quarter, Medolife received a response from the U.S. Food and Drug Administration on Pre-Investigational New Drug (Pre-IND) submission on Escozine, Medolife’s proprietary drug to treat pain and other side effects from chemotherapy.The company also penned an endorsement deal with skateboarder Tony Hawk, signed a distribution agreement that brought its products to the Mexican market and produced its first batch of medical-grade Escozine. Medolife uses a laboratory in the Dominican Republic to raise scorpions used in the development of Escozine.“We made significant strides forward in our clinical development program on Escozine in both the United States and in the DR,” Chief Executive Dr. Arthur Mikaelian said in a statement. “We further built out our production facilities and are now vertically integrated in both our nutraceutical and pharmaceutical product lines.”Mikaelian added that the FDA response on his company’s IND submission laid out steps the company must take to receive final approval, “many of which we have already started,” Mikaelian said in a statement.Shares of Quanta (QNTA) closed down 2.7 percent to around 4.5 cents on the over-the-counter market.
Medolife Rx Reports Second Quarter Results
