CALGARY, Alberta, Dec. 15, 2011 /PRNewswire/ -- Fero Industries, Inc. (OTCQB: FROI), announced today that Pharmaroth S.A., the Company's Mexican operating subsidiary, has completed the registration process to become a pharmaceutical Certified Supplier to federal and local government institutions within Mexico. This license, which is the first in a series of certifications, allows the Company to provide coverage to PEMEX (Petroleos Mexicanos), the Mexican State-owned oil company with over 500,000 current and retired employees who are eligible for healthcare benefits. The Company's ability to supply its product to PEMEX provides a substantial new source of potential customers for Sucanon® as well as other pharmaceutical products.
"We are extremely excited to have achieved the first Certified Supplier status in Mexico, as it allows Pharmaroth to sell Sucanon® and other products to the hundreds of thousands of people who receive healthcare through PEMEX," stated Luis Lopez, President and COO of Fero Industries. "PEMEX is one of the most prestigious names in corporate Mexico, and to be able to directly supply their employees and their families with Sucanon® is a very big milestone for Fero."
The Company is continuing the process to become a Certified Supplier to other federal and local government institutions, including the Instituto Nacional de Nutrición, the Instituto Nacional de Cancerología (INCAN), Secretaría de Salud del Distrito Federal, to reach over 2,500,000 potential new customers that receive their primary healthcare through these low-cost public government healthcare offices.
Sucanon® is approved as an over-the-counter ("OTC") remedy for type-2 diabetes by regulatory authorities in Mexico and is distributed there under an exclusive agreement with Merck S.A. de C.V. (Merck S.A. de C.V. is the Mexico and Latin America sales and marketing organization of German pharmaceutical and chemical giant, Merck KGaA.)
Commercial sales of Sucanon® began in January 2011 in Mexico. Mexico has one of the largest and fastest growing diabetic populations in the world, estimated at 15% of the total population. This indicates over 16 million diagnosed cases of diabetes, up seven fold since 1990. Diabetes is now the leading cause of death in Mexico and costs the country more than one-third of its total public health care budget annually.
Sucanon® is one of only three approved drugs in the multi-billion dollar market for a class of diabetic medications called "insulin sensitizers." Pre-clinical and clinical studies show that Sucanon® and other insulin sensitizers lower a patient's blood sugar by increasing the muscle, fat and liver's sensitivity to the body's own naturally produced insulin. Sucanon® has been approved for prescription sale in China and Peru. Sucanon® is also approved as an OTC treatment for type-2 diabetes by regulatory authorities in Mexico, and is distributed there under an exclusive agreement with Merck S.A. de C.V.
About Fero Industries, Inc.
Fero Industries, Inc. (OTCQB: FROI) is focused on diabetes prevention and treatments. The Company holds the intellectual property and all exclusive world-wide rights related to the production, marketing, and distribution of Sucanon®, an oral treatment for type-2 diabetes. Sucanon® is a member of a class of diabetic medications called insulin sensitizers. Insulin sensitizers lower blood sugar by increasing the muscle, fat and liver's sensitivity to insulin. Insulin sensitizers are blood sugar normalizing or euglycemic drugs that help return the blood sugar to the normal range without the risk of low blood sugars. Fero's strategy is to increase awareness, acceptance, and distribution of Sucanon® globally.
For investor relations contact:
Paramount Advisors, LLC
Certain statements in this press release that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by the use of words such as "anticipate," "believe," "expect," "future," "may," "will," "would," "should," "plan," "projected," "intend," and similar expressions. Such forward-looking statements, involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Fero Industries, Inc. (the Company) to be materially different from those expressed or implied by such forward-looking statements.
The Company's future operating results are dependent upon many factors, including but not limited to the Company's ability to: (i) obtain sufficient capital or a strategic business arrangement to fund its expansion plans; (ii) build the management and human resources and infrastructure necessary to support the growth of its business; (iii) competitive factors and developments beyond the Company's control; and (iv) other risk factors discussed in the Company's periodic filings with the Securities and Exchange Commission, which are available for review at www.sec.gov under "Search for Company Filings."
|SOURCE Fero Industries, Inc.|
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