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Icon Media Holdings, Inc. Enters Into Joint Services Agreement with DMR Biologics
GlobeNewswire
10:30 AM ET
Icon Media Holdings, Inc. (OTC: ICNM), a diversified global technology company, is pleased to report that we have entered into an agreement with DMR Biologics to assist in marketing, manufacturing and distribution of homeopathic drugs and nutritional supplements. The first products to go to market will be their patented migraine headache formula.
Migraine headache is the third most common disease state in the world. According to the Migraine Research Foundation (MRF), around 38 million men, women and children in the U.S and 1 billion people around the globe are affected by migraines as of 2017. Global Data predicts the global market size for migraine drugs should grow to $8.7 billion by 2026, at a compound annual growth rate of 10.3%. The United States will dominate the ma rket with 77% of total sales by 2026. Over the counter migraine drugs are attributed for the significant share in the global market.
Under the agreement with DMR, ICNM will provide seed funding and online business development consulting as needed. In return, ICNM will receive a share of DMR's gross revenue for the next several years.
Commenting on the agreement, Rob Deakin, CEO of Icon, said, "We are very excited to have an opportunity to work with DMR Biologics. Russ Mitchell has a stellar reputation and success rate for developing and marketing homeopathic drugs and nutritional supplements. While we con tinue to focus on building the wireless infrastructure business, we found this to be a compelling opportunity to generate revenue for the company and build shareholder value. The diligence performed on DMR suggests that the patented formula far outperforms any other over the counter migraine products currently on the market."
DMR's CEO Russ Mitchell commented, "We are very pleased and excited to partner with Icon Media Holdings to launch our new line of migraine headache products. Our clinical studies and subsequent analysis conducted by world-class headache specialists have shown our formulations to be highly effective and very safe across a broad class of patients. While there are a number of prescription and OTC treatments in the market, their efficacy and safety are limited, leaving a large segment of sufferers underserved."
