Good News for FROI!
Fero Industries Comments on Recent FDA Advisory Panel Recommendation on Avandia®
Fero Industries New (BB) (OTCBB:FROI)
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Today : Tuesday 20 July 2010
Fero Industries, Inc. (FROI - OTCBB) (the “Company”) is pleased to provide these comments regarding the recent Food and Drug Administration ("FDA") advisory panel recommendation concerning the GlaxoSmithKline PLC (GSK:NYSE) diabetes drug Avandia®. The FDA advisory panel has recommended that the agency keep diabetes drug Avandia on the U.S. market despite data clearly showing an increased risk of a heart attack and that GSK covered up their own research that first identified the problem.
"The recent positive recommendation from the FDA advisory panel despite a negative Senate Finance Committee report regarding GSK's behavior, clearly highlights the continued importance of Insulin Sensitizers such as Avandia® and Sucanon® in the ongoing battle against diabetes world wide," said the management of Fero Industries. "We can confidently say that, unlike Avandia®, previous clinical studies have shown that Sucanon® is an effective treatment for Type-II diabetes without adverse cardiovascular risks. To our knowledge, Sucanon® has had no reported issues when it was previously being marketed by the prior owner. Moreover, the formulation of Sucanon® is drastically different from that of Avandia. Sucanon® is an herbal remedy, not a drug. The North American and global potential for Sucanon® is enormous."
Sucanon® is one of only three approved drugs in what is a $5.6 billion dollar market for a class of diabetic medications called "Insulin Sensitizers". Pre-clinical and clinical studies in show that Sucanon® and other insulin sensitizer’s lower a patient's blood sugar by increasing the muscle, fat and liver’s sensitivity to the body's own naturally produced insulin.
Sucanon® is currently approved as an Over-The-Counter ("OTC") remedy for Type II diabetes by regulatory authorities in Mexico and will be distributed under an agreement with Merck S.A. de C.V. in Mexico and throughout Latin America. Sucanon® was previously available in Mexico at both Costco and Wal-Mart. Mexico is the eighth largest pharmaceutical market and has one of the largest diabetic populations in the world.
About Fero Industries Inc.
Fero Industries, Inc. (OTCBB: FROI) is a publicly traded company. Fero’s mission is to acquire healthcare related companies, products, and technologies that have large market potential, improve the quality of care, or have unmet needs.
Fero’s initial focus is on diabetes. The Company has acquired the rights to Sucanon®. 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 extend its product offering by acquiring other products in the bioceutical market place. Visit Fero Industries website at, www.feroindustries.com
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."
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