DALLAS - Mangoceuticals, Inc. (NASDAQ: MGRX), a developer and marketer of men's health and wellness products, announced the successful production of its first batch of Mango ED oral dissolvable tablets (ODTs) through its subsidiary MangoRx Mexico S.A. de C.V., in partnership with Emifarma S.A. de C.V. The new product, containing the Active Pharmaceutical Ingredient Tadalafil, is aimed at the erectile dysfunction market in Mexico and other Latin American countries.
The initial batch, matching the flavor profile of MangoRx's existing ED products, is undergoing quality testing by a U.S. laboratory. This development is part of the company's strategy to penetrate the Mexican and broader Latin American markets, which require COFEPRIS certification. The upcoming phases include producing additional lots for bioequivalence and stability testing in Mexico to meet regulatory standards.
Jacob Cohen, MangoRx's Co-Founder and CEO, emphasized the team's dedication and the significance of this milestone for the company's expansion. Efi Karchmer, President of MangoRx Mexico, credited the collaboration with Emifarma for the swift progress.
A market study by Groupo Knobloch estimated Mexico's annual ED pharmaceutical market at USD 216 million, with a 4% growth rate and sales of approximately 24 million units at an average price of USD 8.50 each. MangoRx views this as an opportunity for further expansion into other Latin American countries that recognize COFEPRIS certification.
MangoRx operates a telemedicine platform offering men's wellness services and products, including those for erectile dysfunction, hair growth, and hormone replacement therapies. Prescriptions are reviewed by physicians and fulfilled by MangoRx's partner compounding pharmacy for discreet home delivery.
This news is based on a press release statement from Mangoceuticals Inc. and does not reflect any endorsement of claims.
InvestingPro Insights
As Mangoceuticals Inc. (NASDAQ: MGRX) takes significant strides in expanding its product line with Mango ED oral dissolvable tablets, the company's financial health and market performance provide a broader context for investors. With a market capitalization of $10.21 million, Mangoceuticals is navigating the competitive pharmaceutical market with a keen eye on growth, as evidenced by its impressive 670.43% revenue growth over the last twelve months as of Q1 2024.
The company's gross profit margin stands at a robust 61.75%, a testament to its ability to manage production costs effectively. This aligns with one of the InvestingPro Tips highlighting Mangoceuticals' "Impressive gross profit margins." However, investors should be aware of the company's cash burn, as another InvestingPro Tip points out that Mangoceuticals is "Quickly burning through cash," which could impact its ability to sustain operations without additional financing.
Notably, the stock has experienced significant price volatility, with a one-week total return of -20.2%. This could be attributed to the "stock generally trades with high price volatility" as per InvestingPro Tips. Despite this, the company has demonstrated a strong return over the last month, with a 56.29% price total return. For investors looking to delve deeper into Mangoceuticals' financials and market prospects, InvestingPro offers additional tips, with a total of 14 InvestingPro Tips available to guide investment decisions.
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