PETVIVO HOLDING, INC. ANNOUNCES DISTRIBUTION AGREEMENT WITH COVETRUS NORTH AMERICA, LLC
PetVivo Holdings, Inc. (NASDAQ: PETV & PETVW) has entered into a definitive distribution agreement with Covetrus North America, LLC to market and promote its veterinary medical device, Spryng™ with OsteoCushion™ technology, throughout the United States. Covetrus sales and marketing activities will commence on January 1, 2024. This strategic partnership aims to benefit the veterinary industry, the veterinarians, the animals receiving Spryng, and the owners benefiting from the enhanced medical outcomes of their animals.
Entering into a definitive distribution agreement with Covetrus North America, LLC, represents a strategic move for PetVivo Holdings, Inc. that could significantly expand the market reach of their veterinary medical device, Spryng™ with OsteoCushion™ technology. This partnership aligns with the growing trend of veterinary care innovation and the increasing demand for advanced treatments in animal health care.
The collaboration is expected to enhance PetVivo's distribution capabilities, leveraging Covetrus's established marketing and logistical infrastructure. The potential for increased exposure and penetration in the U.S. animal health market could lead to higher sales volumes and revenue growth. It is important to note that the success of such agreements often hinges on effective execution and market acceptance of the product.
From a financial perspective, this agreement could be a catalyst for revenue growth for PetVivo, depending on the market adoption rate of Spryng. However, investors should consider the costs associated with marketing and distribution efforts, as well as the competitive landscape of veterinary medical devices. The impact on the company's bottom line will become more evident as sales data post-launch becomes available.
The significance of Spryng™ with OsteoCushion™ technology lies in its novel approach to treating joint pain in animals. The intra-articular injectable device utilizes sterilized, extra-cellular matrix microparticles that integrate with an animal's tissue to promote joint mechanics restoration. This innovation represents a potential advancement in the management of conditions such as osteoarthritis in animals, which is a common ailment and a significant concern for pet owners.
For stakeholders, the short-term implications involve monitoring the uptake of Spryng by veterinarians and its reception by the pet owner community. Long-term implications include the potential establishment of Spryng as a standard treatment for joint pain in animals, which could lead to sustained revenue for PetVivo. However, it is crucial to evaluate post-launch performance data and customer feedback to assess the device's efficacy and market fit.
Investors should be aware of the inherent risks in the medical device industry, such as regulatory hurdles, potential product recalls and the need for continuous innovation to stay competitive. These factors could affect the long-term viability and profitability of Spryng.
The distribution agreement between PetVivo Holdings, Inc. and Covetrus North America, LLC could be a significant driver for PetVivo's stock performance, contingent on the commercial success of Spryng™ with OsteoCushion™ technology. The deal may lead to an optimistic outlook among investors, potentially influencing the company's stock valuation.
Investors should consider the market size for veterinary devices aimed at treating joint pain and the growth potential within this niche. The financial impact will also depend on the terms of the distribution agreement, such as margins and incentives and how these factors align with PetVivo's overall business strategy and cost structure.
It is advisable to review PetVivo's financial statements following the commencement of the distribution to gauge the initial impact and track the trend over subsequent quarters. Analysts will look for increases in revenue, improvements in profit margins and any changes in operating expenses related to the distribution and marketing of Spryng.
12/22/2023 - 08:00 AM
MINNEAPOLIS, Dec. 22, 2023 (GLOBE NEWSWIRE) -- PetVivo Holdings, Inc. (NASDAQ: PETV & PETVW) ("PetVivo"), an emerging biomedical device company focused on the commercialization of innovative medical devices and other therapeutics for equine and companion animals, announced today it has entered into a definitive distribution agreement with Covetrus North America, LLC (“Covetrus”). Covetrus will inventory, market and promote PetVivo’s veterinary medical device, Spryng™ with OsteoCushion™ technology, throughout the United States. Covetrus sales and marketing activities will commence on January 1, 2024.
"We are incredibly pleased to add Covetrus to our current distribution network to distribute our signature product, Spryng with OsteoCushion technology. By adding Covetrus to our current distribution network, they will assist PetVivo as another strategic partner that will allow our Company significant exposure to and penetration in the US animal health market. We believe this new relationship will benefit the veterinary industry, the veterinarians who provide the medical care to their patients, the animals receiving Spryng as well as the owners benefiting from the enhanced medical outcomes of their animals," stated John Lai, Chief Executive Officer for PetVivo Holdings, Inc.
SPRYNG™ with OsteoCushion™ Technology, is an intra-articular injectable veterinary medical device consisting of sterilized, extra-cellular matrix microparticles. The microparticles of Spryng have been found to adsorb onto the joint synovial lining of animals and subsequently integrate with the animal’s subsynovial tissue. Such action promotes the restoration of proper joint mechanics, thereby aiding in the management of noninfectious sources of joint pain such as joint instability, degenerative joint disease and osteoarthritis.
For more information about PetVivo Holdings, Inc. and its innovative product, Spryng, please contact info1@petvivo.com https://petvivo.com/ https://sprynghealth.com/
About PetVivo Holdings, Inc.
PetVivo Holdings Inc. (NASDAQ: PETV & PETVW) is an emerging biomedical device company currently focused on the manufacturing, commercialization and licensing of innovative medical devices and therapeutics for companion animals. The Company's strategy is to leverage human therapies for the treatment of companion animals in a capital and time efficient way. A key component of this strategy is the accelerated timeline to revenues for veterinary medical devices, which enter the market much earlier than more stringently regulated pharmaceuticals and biologics.
PetVivo has a pipeline of seventeen products for the treatment of animals and people. A portfolio of twenty patents protects the Company's biomaterials, products, production processes and methods of use. The Company’s lead product SPRYNG, a veterinarian-administered, intraarticular injection for the treatment of lameness and other joint-related afflictions, including osteoarthritis, in dogs and horses, is currently available for commercial sale to veterinarians.
CONTACT:
John Lai, CEO info1@petvivo.com
Forward-Looking commercial Statements:
The foregoing material may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended. Forward-looking statements include all statements that do not relate solely to historical or current facts, including without limitation the Company’s proposed development and commercial timelines, and can be identified by the use of words such as “may,” “will,” “expect,” “project,” “estimate,” “anticipate,” “plan,” “believe,” “potential,” “should,” “continue” or the negative versions of those words or other comparable words. Forward-looking statements are not guarantees of future actions or performance. These forward-looking statements are based on information currently available to the Company and its current plans or expectations and are subject to a number of uncertainties and risks that could significantly affect current plans. Risks concerning the Company’s business are described in detail in the Company’s Annual Report on Form 10-K for the year ended March 31, 2023 and other periodic and current reports filed with the Securities and Exchange Commission. The Company is under no obligation to, and expressly disclaims any such obligation to, update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.
What is the company name and ticker symbol for PetVivo Holdings, Inc.?
The company name is PetVivo Holdings, Inc. and the ticker symbols are PETV and PETVW.
What is the distribution agreement announced by PetVivo Holdings, Inc.?
PetVivo Holdings, Inc. has entered into a definitive distribution agreement with Covetrus North America, LLC to market and promote its veterinary medical device, Spryng™ with OsteoCushion™ technology, throughout the United States.
What is Spryng™ with OsteoCushion™ Technology?
Spryng™ with OsteoCushion™ Technology is an intra-articular injectable veterinary medical device consisting of sterilized, extra-cellular matrix microparticles. It aids in the management of noninfectious sources of joint pain such as joint instability, degenerative joint disease, and osteoarthritis.
When will Covetrus sales and marketing activities commence?
Covetrus sales and marketing activities will commence on January 1, 2024.
Who is the Chief Executive Officer for PetVivo Holdings, Inc.?
John Lai is the Chief Executive Officer for PetVivo Holdings, Inc.
