Tapping into a market of more than 40,000 pharmacies, retail outlets, and convenience stores across Mexico in 2024 and fueling International Sales Access Across Latin America
Dallas, Texas, Dec. 06, 2023 (GLOBE NEWSWIRE) -- Mangoceuticals, Inc. (NASDAQ: MGRX) (“MangoRx” or the “Company”), a company focused on developing, marketing, and selling a variety of men’s health and wellness products via a secure telemedicine platform, including its uniquely formulated hair growth product (‘GROW’) and erectile dysfunction (ED) drug (‘Mango’), is excited to announce the establishment of its subsidiary, MangoRx Mexico, which will act as the lynchpin of the Company’s Mexican and expanded Latin American sales strategies for its Mango ED products.
The Company has engaged one of the largest international law firms, Diaz Reus International Law Firm, to establish its subsidiary presence in Mexico. With offices across five continents, Diaz Reus represents major Fortune 500 brands including Oracle, Nissan, Sony, and Allianz, to name a few.
“This has enormous implications for our growth trajectory going forward for several important reasons,” noted Jacob Cohen, MangoRx’s Co-Founder and CEO. “First, ED medications - such as branded and generic Viagra (Sildenafil) and Cialis (Tadalafil) - are available to consumers over-the-counter in Mexico. That presents increased margin and sales volume potential for what we already produce and market here in the United States. Second, Mexico is a completely untapped market as our research indicates that we will be the only company offering an ED product in a flavored rapid-dissolve tablet (RDT).”
Next steps include establishing a manufacturing partner, applying for, and achieving certification with, the Comisión Federal para la Protección contra Riesgos Sanitarios (“COFEPRIS”), and establishing and formalizing distribution partnerships. The Company is already engaged in substantive negotiations with potential manufacturing partners, and it intends to formalize those relationships before the end of 2023.
Cohen added, “This is not a sudden shift. We have been working on this strategy since May 2023, and we are now in the final stages of cementing our lab partner for production, packaging, and fulfillment of products. We are also already in discussions with multiple potential distribution partners in Mexico who have existing relationships with more than 40,000 pharmacies, retail outlets, and convenience stores across the country.”
In addition, achieving the COFEPRIS certification offers additional advantages for further expanding sales of MangoRx products internationally into other large and growing Latin American markets that offer ED medications as OTC products. Specifically, the COFEPRIS is recognized in the following additional countries: Columbia, Ecuador, El Salvador, Chile, Costa Rica and Panama.
MangoRx has hired market commercialization professional, Efraim (Efi) Karchmer, as President of MangoRx Mexico. Efi will be tasked with spearheading all initiatives involved in establishing the business operations of the new subsidiary. Mr. Karchmer has more than 25 years’ experience in sales, marketing, and distribution of diverse products in a multinational and multicultural environment.
According to a recent market study and analysis report conducted by Groupo Knobloch, the estimated annual market size in Mexico for ED pharmaceutical products is USD $216 million with approximately 24 million units sold annually and growing at a rate of 4% per year at an average sales price of USD $8.50 per unit.
“Adding a new and significant market segment with fundamental advantages over our core marketplace could be one of the most important and transformative strategic steps with have taken as a company,” concluded Cohen. “The path from here to full launch of Latin American sales for MangoRx products is a top priority, and we look forward to providing updates very soon.”
About MangoRx
MangoRx is focused on developing a variety of men's health and wellness products and services via a secure telemedicine platform. To date, the Company has identified men's wellness telemedicine services and products as a growing sector and especially related to the area of erectile dysfunction (ED) and hair growth. Interested consumers can use MangoRx’s telemedicine platform for a smooth medical prescription that is exclusively compounded for each individual. Orders will then be reviewed by a physician and, if approved, fulfilled and discreetly shipped through MangoRx’s partner compounding pharmacy and right to the patient’s doorstep.
To learn more about MangoRx’s mission and other products, please visit www.MangoRx.com or on social media @Mango.Rx.
Cautionary Note Regarding Forward-Looking Statements
Certain statements made in this press release contain forward-looking information within the meaning of applicable securities laws, including within the meaning of the Private Securities Litigation Reform Act of 1995 ("forward-looking statements"). These forward-looking statements represent the Company's current expectations or beliefs concerning future events and can generally be identified using statements that include words such as "estimate," "expects," "project," "believe," "anticipate," "intend," "plan," "foresee," "forecast," "likely," "will," "target" or similar words or phrases. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of the Company's control which could cause actual results to differ materially from the results expressed or implied in the forward-looking statements, including, but not limited to; our ability to obtain additional funding and generate revenues to support our operations; risks associated with our ED product which have not been, and will not be, approved by the U.S. Food and Drug Administration ("FDA") and have not had the benefit of the FDA's clinical trial protocol which seeks to prevent the possibility of serious patient injury and death; risks that the FDA may determine that the compounding of our planned products does not fall within the exemption from the Federal Food, Drug, and Cosmetic Act ("FFDCA Act") provided by Section 503A; risks associated with related party relationships and agreements; the effect of data security breaches, malicious code and/or hackers; competition and our ability to create a well-known brand name; changes in consumer tastes and preferences; material changes and/or terminations of our relationships with key parties; significant product returns from customers, product liability, recalls and litigation associated with tainted products or products found to cause health issues; our ability to innovate, expand our offerings and compete against competitors which may have greater resources; our significant reliance on related party transactions; the projected size of the potential market for our technologies and products; risks related to the fact that our Chairman and Chief Executive Officer, Jacob D. Cohen and President, Jonathan Arango, combined have majority voting control over the Company; risks related to the significant number of shares in the public float, our share volume, the effect of sales of a significant number of shares in the marketplace, and the fact that the majority of our shareholders paid less for their shares than the public offering price of our common stock in our recent initial public offering; the fact that we have a significant number of outstanding warrants to purchase shares of common stock at $1.00 per share, the resale of which underlying shares have been registered under the Securities Act of 1933, as amended; our ability to build and maintain our brand; cybersecurity, information systems and fraud risks and problems with our websites; changes in, and our compliance with, rules and regulations affecting our operations, sales, marketing and/or our products; shipping, production or manufacturing delays; regulations we are required to comply with in connection with our operations, manufacturing, labeling and shipping; our dependency on third-parties to prescribe and compound our ED product; our ability to establish or maintain relations and/or relationships with third-parties; potential safety risks associated with our Mango ED product, including the use of ingredients, combination of such ingredients and the dosages thereof; the effects of high inflation, increasing interest rates and economic downturns, including potential recessions, as well as macroeconomic, geopolitical, health and industry trends, pandemics, acts of war (including the ongoing Ukraine/Russian conflict) and other large-scale crises; our ability to protect intellectual property rights; our ability to attract and retain key personnel to manage our business effectively; our ability to maintain the listing of our common stock on the Nasdaq Capital Market; overhang which may reduce the value of our common stock; volatility in the trading price of our common stock; and general consumer sentiment and economic conditions that may affect levels of discretionary customer purchases of the Company's products, including potential recessions and global economic slowdowns. Although we believe that our plans, intentions and expectations reflected in or suggested by the forward-looking statements we make in this release are reasonable, we provide no assurance that these plans, intentions or expectations will be achieved. Consequently, you should not consider any such list to be a complete set of all potential risks and uncertainties.
More information on potential factors that could affect the Company's financial results is included from time to time in the "Cautionary Note Regarding Forward-Looking Statements," "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's filings with the SEC, including the Company’s Quarterly Report on Form 10-Q for the Quarter ended September 30, 2023. These filings are available at www.sec.gov and at our website at https://www.mangoceuticals.com/sec-filings. All subsequent written and oral forward-looking statements attributable to the Company or any person acting on behalf of the Company are expressly qualified in their entirety by the cautionary statements referenced above. Other unknown or unpredictable factors also could have material adverse effects on the Company's future results. The forward-looking statements included in this press release are made only as of the date hereof. The Company cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, the Company undertakes no obligation to update these statements after the date of this release, except as required by law, and takes no obligation to update or correct information prepared by third parties that are not paid for by the Company. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.
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FOR PUBLIC RELATIONS
Lucky Break Public Relations
Sahra Simpson
Sahra@luckybreakpr.com
(323) 602-0091 ext. 704
FOR INVESTOR RELATIONS
Mangoceuticals Investor Relations
Email: investors@mangorx.com
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SOURCE: Mangoceuticals Inc.
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