Health Enhancement Products, Inc. announces that the Company has secured a line of credit in the amount of $675,000, which the Company intends to use for operating capital, as well as beginning a new phase of product research and development. The line of credit that has been extended to HEPI has favorable terms for the company and may be drawn on over the course of the next year. Any funds drawn under the Line of Credit must be repaid within two years.
In addition to this credit facility, the Company's financial position has been improved by the exercise of outstanding warrants, making it possible for the Company to move ahead in its quest to monetize the recently identified compounds contained in the company's ProAlgaZyme product. The Company intends to file an IND (Investigational New Drug) application with the FDA as soon as possible. If such application is approved by the FDA, The Company plans to commence a Phase 0 Study, as soon as practicable thereafter. Management believes that current cash reserves, coupled with the new line of credit, should provide the Company with sufficient funds to complete the current safety-toxicity study, file an IND application, and begin a Phase 0 study.
John Gorman, a Director for the Company, states: "This credit facility, coupled with recent warrant exercises, allows us to move forward on our product development strategy. 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."
About Health Enhancement Products, Inc.
Health Enhancement Products, Inc. is a health & wellness company engaged in the development of products comprised of pure, all-natural compounds that can be used as dietary supplements and food additives. The Company's product is ProAlgaZyme (R) (PAZ(TM)), a liquid product drawn from living algae grown in purified water. The water in which the algae are grown is drawn off, filtered and bottled under the trademark ProAlgaZyme (R).