FDA Reclassification of Hydrocodone to Schedule II Could Boost Sales.
PALO ALTO, CA, Dec. 5, 2013 /CNW/ - The PAWS Pet Company, Inc. (OTCQB:PAWS), is pleased to announce that work on the name change to Praxsyn Corporation is nearing completion and that the Company expects to be able to file a request with FINRA early next week along with filing the necessary filings and disclosures with the SEC and the State of Illinois.
Furthermore, the audit of Mesa Pharmacy, Inc.'s (MESA) financial statements is very nearly complete and the parties believe that once the name change is effective, the parties believe that the acquisition can be closed rapidly. The parties have specified a target date on or around December 21, 2013.
Furthermore, during November 2013, MESA's sales of its non-narcotic topical pain management creams exceeded $3,600,000, however the Company believes that the recent decision by the FDA to recommend the reclassification of Hydrocodone Combination Products to Schedule II could have profoundly beneficial effects on sales of Mesa Pharmacy, Inc.'s primary products.
On October 24 2013, the FDA announced its intention to recommend to the Department of Health and Human Services (HHS) that Hydrocodone Combination Products should be reclassified to a different and more restrictive schedule (From Schedule III to Schedule II, which includes drugs like morphine and oxycodone). The net effect being that hydrocodone combination products could no longer be prescribed over the phone, instead requiring that all prescriptions be in writing and with no more than a three month supply.
The FDA made this decision at the request of the Drug Enforcement Agency (DEA) in 2009, as Hydrocodone Combination Products are now one of the leading causes of accidental death from overdose.
However, these products form the backbone of pain management in the workers' compensation care system and making their prescription more difficult both practically and legally is cause for major concern.
Mesa's pain management creams are non-narcotic, are applied directly to the injured area and are not addictive nor habit forming. As a result, physicians and insurers need not worry about treating an injured worker and winding up having to treat that worker's potential addiction to pain killing narcotics like Hydrocodone Combination Products.
Finally, work continues towards implementing our In-Office Dispensing Program (IODP) during the first half of December 2013 through our Advanced Access Pharmacy Services, LLC (AAPS) subsidiary. Our IODP program has been designed to provide physicians the ability to prescribe and dispense medicines in-office, allowing patients to obtain diagnoses and prescriptions in one visit.
About The PAWS Pet Company, Inc.
The PAWS Pet Company, Inc. is undergoing a transition from the pet space to the pharmaceutical space. This exciting transition strategy has been developed to take advantage of the changes underway in traditional medical services. PAWS believes that great opportunities exist in pharmaceuticals and how they are delivered to the public.
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Certain statements made in this press release are forward-looking in nature (within the meaning of the Private Securities Litigation Reform Act of 1995) and, accordingly, are subject to risks and uncertainties. The actual results may differ materially from those described or contemplated and consequently, you should not rely on these forward-looking statements as predictions of future events. Certain of these risks and uncertainties are discussed in the reports we filed with the SEC.
SOURCE: The PAWS Pet Company, Inc.
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