CHICAGO, IL / ACCESSWIRE / July 10, 2024 / Cosmos Health Inc. ("Cosmos Health" or the "Company'') (NASDAQ:COSM), a diversified, vertically integrated global healthcare group engaged in innovative R&D, owner of proprietary pharmaceutical and nutraceutical brands, manufacturer and distributor of healthcare products, and operator of a telehealth platform, announced today the successful completion of the pilot production and scale-up phases of CCX0722, a biocompatible hydrogel made from natural ingredients for weight management.
This milestone signifies the completion of the development phase of CCX0722 and follows previous updates, including the initiation of the development phase announced on November 29, 2022, the successful completion of the second phase of development on June 21, 2023, and the patent filing with the European Patent Office on December 1, 2023.
These significant advancements in developing CCX0722 had resulted in a swelling ratio of more than 100 g/g, demonstrating significantly improved characteristics which were confirmed during the scale-up process. This marks a pivotal milestone in the Company's R&D pipeline, emphasizing its commitment to delivering the desired product. The pilot production of capsules filled with the hydrogel, as illustrated in the picture below, confirms the success of the Company's synthetic method.
Cosmos Health expects to complete several key steps by the end of 2024 in its efforts toward commercialization, including developing Standard Operating Procedures (SOPs), conducting clinical trials, and preparing the technical file for the classification of CCX0722 as a Type III medical device.
According to Grand View Research, the global weight management market was valued at $142.58 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 9.7% from 2023 to 2030, reaching $298.66 billion. The increasing prevalence of obesity worldwide is fueling the market's growth for pharmaceutical and nutraceutical solutions, as it is linked to a rise in chronic conditions such as diabetes, hypertension, and orthopedic diseases.
Greg Siokas, CEO of Cosmos Health, stated: "We are thrilled to announce the successful completion of the CCX0722 development phase. We are eager to shape the future of weight management solutions by entering the lucrative global weight management market, which is expected to reach almost $300 billion by 2030. This achievement reflects the unwavering dedication and hard work of our R&D department, and we look forward to continuing our pioneering journey in the pharmaceutical sector."
Dr. Panagiotis Zoumpoulakis, R&D Advisory Board member of Cosmos Health, stated: "We are excited about the successful completion of the development phase of CCX0722. This milestone underscores our commitment to advancing healthcare solutions and represents a significant achievement for Cosmos Health. We look forward to progressing toward commercialization and continuing our pioneering efforts in the pharmaceutical sector."
About Cosmos Health Inc.
Cosmos Health Inc. (Nasdaq:COSM), incorporated in 2009 in Nevada, is a diversified, vertically integrated global healthcare group. The Company owns a portfolio of proprietary pharmaceutical and nutraceutical brands, including Sky Premium Life®, Mediterranation®, bio-bebe® and C-Sept®. Through its subsidiary Cana Laboratories S.A., licensed under European Good Manufacturing Practices (GMP) and certified by the European Medicines Agency, it manufactures pharmaceuticals, food supplements, cosmetics, biocides, and medical devices within the European Union. Cosmos Health also distributes a broad line of pharmaceuticals and parapharmaceuticals, including branded generics and OTC medications, to retail pharmacies and wholesale distributors through its subsidiaries in Greece and the UK. Furthermore, the Company has established R&D partnerships targeting major health disorders such as obesity, diabetes, and cancer, enhanced by artificial intelligence drug repurposing technologies, and focuses on the R&D of novel patented nutraceuticals, specialized root extracts, proprietary complex generics, and innovative OTC products. Cosmos Health has also entered the telehealth space through the acquisition of ZipDoctor, Inc., based in Texas, USA. With a global distribution platform, the Company is currently expanding throughout Europe, Asia, and North America, and has offices and distribution centers in Thessaloniki and Athens, Greece, and in Harlow, UK. More information is available at www.cosmoshealthinc.com, www.skypremiumlife.com, www.cana.gr, www.zipdoctor.co, as well as LinkedIn and X.
Forward-Looking Statements
With the exception of the historical information contained in this news release, the matters described herein, may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements preceded by, followed by, or that otherwise, include the words "believes," "expects," "anticipates," "intends," "projects," "estimates," "plans" and similar expressions or future or conditional verbs such as "will," "should," "would," "may" and "could", are generally forward-looking in nature and not historical facts, although not all forward-looking statements include the foregoing. These statements, involve unknown risks and uncertainties that may individually or materially impact the matters discussed, herein for a variety of reasons that are outside the control of the Company, including, but not limited to, the Company's ability to raise sufficient financing to implement its business plan, the impact of the COVID-19 pandemic and the war in Ukraine, on the Company's business, operations and the economy in general, and the Company's ability to successfully develop and commercialize its proprietary products and technologies. Readers are cautioned not to place undue reliance on these forward- looking statements, as actual results could differ materially from those described in the forward-looking statements contained herein. Readers are urged to read the risk factors set forth in the Company's filings with the SEC, which are available at the SEC's website (www.sec.gov). The Company disclaims any intention or obligation to update, or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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SOURCE: Cosmos Health Inc.
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