25th Oct 2011 07:00
TYRATECH, INC.
("TyraTech" or the "Company")
25 October 2011
TyraTech Engages Advisor to seek Global Partners for Head Lice Product
TyraTech, Inc. (AIM: TYR), a natural life sciences company, is pleased to announce that it has engaged Destum Partners ("Destum"), a US based consultancy firm to the biopharmaceutical and life sciences sector, to assist the Company in seeking suitable global partners for its natural head lice product.
Between 6 million to 12 million head lice infestations occur each year in the United States among children 3 to 11 years of age, with around 100 million infestations globally. It is estimated that $100 million is spent annually in treating head lice in the United States, with an estimated global market of $300 million. Increasing levels of resistance to standard synthetic pyrethroid treatments has become widespread and is well documented in the United States, Europe, and Israel.
TyraTech's head lice product features Nature's Technology® and represents our first product entry into the personal health care market TyraTech's patented formulation utilizes synergistic combinations of natural plant oils derived from the Company's proprietary screening platform. Testing in independent laboratories has provided evidence that the Company's non-toxic formulation is highly effective at killing all stages of head lice. This includes several species of head lice that have become increasingly resistant to traditional synthetic treatments. Market research has shown strong demand for an effective and safe naturally derived product.
Executive Chairman Alan Reade commented "We are very excited about entering the personal health care sector with what we believe will be the first of a number of products.
This is a unique opportunity to deliver a highly effective and safe treatment for the currently unmet need of treating head lice which have proven to be resistant to traditional synthetic products. We look forward to working with our colleagues at Destum as we continue to move the development of our product forward."
For further information please contact:
TyraTech Inc.
Alan Reade, Executive Chairman
Tel: +1 919 415 4310
Peter Jerome, Chief Financial Officer
Tel: +1 919 415 4280
Brewin Dolphin Limited, Nominated Advisor
Robert Beenstock
Tel: +44 207 248 4400
About Destum Partners
Based in Charlotte, NC, Destum Partners is a strategic consulting firm that specializes in the life sciences working with clients to complete transactions and provide market/financial analytics. For more information on Destum Partners please visit www.destumpartners.com.
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