MYOS plans to use majority of $5.6 million PIPE proceeds for R&D

Private placement funds goal to be leader of the muscle health market

By Sahara Marte

New York, July 3 - MYOS Corp. plans to fund exploration for new supplement formulas with proceeds from its private placement of common shares, Peter Levy, chief operating officer, told Prospect News.

The company has created a supplement called MYO-T12 that has been proven to increase muscle mass in clinical studies. MYOS' scientific advisory board, led by Sol Barer, will explore methods to discover a similar formula that would increase muscle mass in "chronically old patients," added Levy.

MYOS plans to invest the majority of its proceeds in research and development to become a leader of its industry.

"Our goal is to acquire products in the muscle health field or find new drugs to enhance muscle tissue," said Levy. "And we've had tremendous investor support."

On July 2, the company raised $5.6 million from a private placement, as previously reported. It sold 22.4 million common shares at $0.25 each, a 46.81% discount to the June 30 closing share price of $0.47. Chardan Capital Markets, LLC was the agent.

Settlement is expected July 6.

The Cedar Knolls, N.J., company develops and commercializes therapeutic products, nutritional supplements and other technologies to improve muscle tissue performance.

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