Prospects Remain Strong for Stabilized Origin BioMed

first_imgHomegrown life-sciences business Origin BioMed has increased monthly sales, and with new leadership, is about to ramp up an aggressive marketing campaign across North America. The company is raising $1 million for the push, including a $350,000 equity investment from Nova Scotia Business Inc., which will become shares in the company. In February, Origin BioMed restructured and brought in new management. “Anyone who understands business, understands there are ups and downs,” said Percy Paris, Minister of Economic and Rural Development and Tourism. “Origin BioMed has made significant improvements, and Nova Scotia is supporting its turnaround and continued success.” NSBI, a shareholder in the Origin BioMed, first made an equity investment in the company in 2007 and has invested $6,578,000 in the company overall. The latest investment will help maintain and support the growth of a knowledge-based health care company in Nova Scotia. “The company has made significant improvements in its financial management and presented NSBI with a sound business strategy to return to profitability,” said Stephen Lund, president and CEO of NSBI. “We’re focused on the public investment already made in Origin BioMed and ensuring it is positioned for growth.” The company manufactures health care products to manage neuropathic pain, such as the tingling, burning, stabbing and shooting pain often associated with diabetes. Its primary product is Neuragen, which is sold at more than 20,000 retail stores in Canada and the U.S., including Walgreens, CVS, RiteAid, McKesson Drugs and Shoppers Drug Mart. “Origin BioMed, today, is a much different company than the Origin BioMed of six months ago,” said Carlo Shimoon, executive chairman of Origin BioMed’s board. “We have a highly experienced leadership team that has been able to stabilize the company. Origin BioMed, is a small business with a large distribution network, and employs six full-time and four part-time staff.” Origin BioMed, Inc. is a privately held Canadian consumer health products company with business operations throughout the U.S. and Canada. Headquartered in Halifax, Origin BioMed Inc. manufactures health products with the highest quality active ingredients, at therapeutic levels, with evidence of scientific or clinical efficacy since 2001. Its leading drug product, Neuragen, helps relieve pain caused by diabetic nerve damage. Nova Scotia Business Inc. is the province’s private-sector-led business development agency. Through trade development, investment attraction, business financing and venture capital, NSBI assists local companies and attracts international companies to Nova Scotia. For more information, visit www.nsbi.ca .last_img read more

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