LOS ANGELES, Oct 30, 2003 -- Health Sciences Group, Inc. (OTCBB:HESG), an integrated provider of innovative products and services to the nutraceutical, pharmaceutical, and cosmeceutical industries announced that the U.S. Patent Office has issued its BioSelect Innovations division a patent for its combination over-the-counter (OTC) pharmaceutical/nutraceutical decongestant product.
Fred E. Tannous, Health Sciences Group Co-chairman and Chief Executive Officer commented, "We are very pleased to have been issued this patent on our CoCare(TM) decongestant product. OTC decongestants are part of the $27 billion market for cold and flu products in the United States, Canada and Western Europe. We intend to pursue licensing and joint venture opportunities with partner companies for the production, marketing and distribution of our CoCare(TM) decongestant product."
Decongestants, which are generally used to treat discomfort caused by a virus, microorganism or allergen, as a class, have been known to adversely affect the liver. The company's patented CoCare(TM) decongestant product, however, combines an OTC pharmaceutical ingredient, such as an antihistamine, with a proprietary formulation of nutraceutical ingredients such immune boosters, anti-oxidants, and/or liver-protectants, to reduce the detrimental effects of the pharmaceutical ingredient on the liver. In essence, the nutraceutical ingredients not only enhance the health benefits of the pharmaceutical ingredient but should also alleviate possible side-effects caused by the pharmaceutical ingredient.
Bill Glaser, Co-chairman and President of Health Sciences Group, added, "This patent is the first of several others that we expect to receive on the combination of OTC pharmaceuticals with complementary nutraceutical ingredients. All of our CoCare(TM) products address common ailments and represent a significant market opportunity for Health Sciences Group. We expect the CoCare(TM) line of products, as well as our other proprietary products currently under development, to significantly increase our revenues."
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 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, skin care products and cosmetics.
Its other divisions include Quality Botanical Ingredients (QBI) and XCEL Healthcare, Inc. QBI is a leading manufacturer, contract processor and supplier of bulk botanical materials and nutritional ingredients to the food, nutraceutical, pharmaceutical, cosmetic and pet food industries. QBI processes more than 500 herbs, dried fruits and vegetables, nutraceuticals and an extensive selection of concentrated herbal extracts, as well as standardized herbal extracts of guaranteed potency, in addition to various bioflavonoids, antioxidants and beehive products. In business for 20 years, QBI uses cryogenic (cold) processing at its New Jersey facility, and operates in accordance with voluntary food safety guidelines (called Good Manufacturing Practices) originally published by the U.S. Food & Drug Administration in 1997. XCEL Healthcare is a fully licensed, specialty compounding pharmacy delivering full service pharmacology solutions to customers with chronic ailments that require long-term therapy. 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.