BASKING RIDGE, N.J., Dec. 1, 2009 (GLOBE NEWSWIRE) -- Millennium Biotechnologies Group Inc. (OTCBB:MBTG), a leader in the development of targeted nutritional products in the Clinical Nutrition Market and Sports Nutrition Market, announced today it has entered into a three-year exclusive agreement with inVentiv Advance Insights, a division of inVentiv Health (Nasdaq:VTIV) and leading provider of commercialization solutions for the healthcare industry, for the promotion of its Resurgex Essential line of nutritional supplements into the long-term care market.
Concurrently, inVentiv has significantly reduced its secured position to $510,000 of which it has received $110,000 and warrants in Millennium Biotechnologies with a $0.20 strike price.
"Based on our assessments of the market, we believe there is a significant underserved need for high quality nutritional supplements in the long-term care market, and that Resurgex Essential is clinically well positioned to address this need," said Norman Stalsberg, President of inVentiv Advance Insights. "We look forward to partnering with Millennium to enhance the health and nutrition of long-term care patients."
Mark C. Mirken, CEO and Chairman of Millennium's Board stated, "inVentiv has a well established history of successfully commercializing healthcare products. We are very pleased to add their resources and expertise to our team. Their participation in our promotional efforts reinforces the quality and superiority of our clinically proven nutritional products. Additionally, under the terms of the agreement, inVentiv must achieve accelerated sales milestones for the contract to perpetuate itself."
About inVentiv Health
inVentiv Health, Inc. (Nasdaq:VTIV) is an insights-driven global healthcare leader that provides dynamic solutions to deliver customer and patient success. inVentiv delivers its customized clinical, sales, marketing and communications solutions through its four core business segments: inVentiv Clinical, inVentiv Communications, inVentiv Commercial, and inVentiv Patient Outcomes. inVentiv Health's client roster is comprised of more than 350 leading pharmaceutical, biotech, life sciences and healthcare payor companies, including all top 20 global pharmaceutical manufacturers. For more information, visit www.inventivhealth.com.
About Millennium
Millennium's six marketed products form an advanced line of nutritional formulas. Resurgex Select(R) is a whole foods-based, calorically dense, high-protein nutritional formula developed for cancer patients undergoing chemotherapy or radiation treatments. Resurgex(R) and Resurgex Plus(R) are specialized, anabolic nutritional supplements rich in antioxidants that provide nutritional support post-treatment. Millennium also created Surgex(TM) sports nutrition formula to address the nutritional concerns of professionals, Olympic, and amateur elite athletes. These athletes often experience similar symptoms post-workout to those battling immuno-compromised conditions, such as fatigue, loss of lean muscle, oxidative stress, and reduced immune function.
Resurgex Essential(TM) and Resurgex Essential Plus(TM) are comprehensive, calorically dense formulas that meet and succeed the nutritional requirements of the assisted living community.
Statements in this news release regarding future financial and operating results, future growth in R&D programs, potential applications of Millennium's technology, opportunities for Millennium, and any other statements about the future expectations, beliefs, goals, plans or prospects expressed constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that are not statements of historical fact (including statements containing the words "will," "believes," "plans," "anticipates," "expects," "estimates," and similar word s or expressions) should also be considered to be forward-looking statements. There are a number of important factors that could cause actual results or events to differ materially from those indicated by such forward-looking statements, including: limited operating history, need for future capital, risks inherent in the development and commercialization of potential products, protection of Millennium's intellectual property, and economic conditional generally. Additional information on potential factors that could affect results and other risks and uncertainties are detailed from time to time in Millennium's periodic reports, including Forms 10-K, 10-Q, 8-K, and other forms filed with the Securities and Exchange Commissions.