Health Enhancement Products, Inc., a health and wellness company engaged in the development of products comprised of pure, all-natural compounds that can be used as dietary supplements and food additives, recently announced that it has secured a line of credit totaling $675,000. This credit line will be used as operating capital, and allow the company to begin a new phase of product research and development.
In addition to this credit facility, Health Enhancement Products’ financial position has been improved by the exercise of outstanding warrants. The company intends to file an Investigational New Drug (IND) application with the Food and Drug Administration (FDA) for its ProAlgaZyme product as soon as possible. Management believes that current cash reserves and credit facility should provide sufficient funds to complete the current safety-toxicity study, file an IND application, and begin a Phase 0 study.
John Gorman, a Director for Health Enhancement Products, commented, “This credit facility, coupled with recent warrant exercises, allows us to move forward on our product development strategy.” Mr. Gorman concluded, “At this juncture, we have four different, independent studies being conducted simultaneously to refine and verify previous findings. As the momentum picks up, so will new disclosures regarding our discoveries and market entries.”
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