LOS ANGELES, Apr 21, 2004 -- Health Sciences Group, Inc. (HESG) , an integrated provider of innovative, science-based products and bulk ingredients to customers in the nutrition, skin care, and food and beverage industries, announced today that it has received approval for a U.S. patent covering the composition and method for treating the effects of the cold and flu. The Company was previously issued a patent on a similar product for decongestion.
The U.S. Patent and Trademark Office has issued a notice of patent allowance for the composition and method for treating the effects of diseases and maladies through the combination of an over-the-counter (OTC) pharmaceutical drug with synergistic nutraceutical (herbal) ingredients. The patent claim is based on combining an OTC anti-inflammatory product, such as aspirin (i.e., Bayer(R)), acetaminophen (i.e., Tylenol(R)), or ibuprofen (i.e., Advil(R)) with a synergistic formulation of select antioxidants, such as green tea, Astragalus root, and elderberry and a liver protectant, such as milk thistle.
"We're very excited about the large market opportunity in the $27 billion market for cold and flu treatments," said Fred E. Tannous, Health Sciences Group Co-chairman and CEO. "The prospect of expanding our CoCare(TM) line of innovative products has significant potential. We are currently in the process seeking an ideal partner to whom we intend to license our patents for production, marketing and distribution of the CoCare(TM) product line."
"By combining recognized pharmaceutical drugs with select herbal ingredients, we believe that our CoCare(TM) product line will not only simplify the consumer's shopping experience but also offer our licensing partner an opportunity to differentiate itself by marketing the synergistic benefits found in our combinations," added Bill Glaser, Co-chairman and President of Health Sciences. "Since each CoCare(TM) product will feature the health claims of a well-known OTC pharmaceutical ingredient, we expect these combination products will benefit from an established and knowledgeable customer base."
The Company has applied for a series of patents on unique combinations of OTC pharmaceutical and nutraceutical ingredients. Other patents pending include compositions and methods for the treatment of acid reflux, migraine headaches and pain relief.
About Health Sciences Group, Inc.
Health Sciences Group, Inc. is an integrated provider of innovative products and services in the nutraceutical, pharmaceutical, and cosmeceutical industries offering value-added ingredients, bioactive formulations, and proprietary technologies used in nutritional supplements, functional foods and beverages, and skin care products. Its largest division, Quality Botanical Ingredients, Inc. (QBI), processes more than 500 herbs, dried fruits and vegetables, and nutraceuticals using cryogenic (cold) processing at its New Jersey facility. Its XCEL Healthcare division is a fully licensed, specialty compounding pharmacy delivering full service pharmacology solutions to customers with chronic ailments that require long-term therapy; and its BioSelect Innovations division develops and sells innovative, science-based products based on proprietary technologies in the areas of topical/transdermal drug delivery, cosmeceuticals, and integrative medicine to a global network of customers who manufacture and distribute compounded pharmaceuticals, functional foods and beverages, skin care products and cosmetics. For more information, visit www.HealthSciencesGroup.com.
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934 that are based upon current expectations or beliefs, as well as a number of assumptions about future events. Although the Company believes that the expectations reflected in the forward-looking statements and the assumptions upon which they are based are reasonable, it can give no assurance that such expectations and assumptions will prove to have been correct. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous factors and uncertainties, including without limitation, the independent authority of the special committee to act on the matters discussed, the successful negotiation of the potential acquisition and disposal of transactions described above, successful implementation of the company's business strategy and competition, any of which may cause actual results to differ materially from those described in the statements. In addition, other factors that could cause actual results to differ materially are discussed in the Company's most recent Form 10-QSB and Form 10-KSB filings with the Securities and Exchange Commission.