HealthSport Inc. is the preeminent formulator and developer of edible, multi-layer film strips that deliver over-the-counter drug, nutritional and dietary supplement actives through buccal (between the cheek and gum) and sublingual absorption as well as oral ingestion. The company’s proprietary edible film strip technology has five patents pending and is believed to be superior to competitors’ film strips already on the market.
The company announced today that its strategic manufacturing partner, SMI Manufacturing, has agreed to invest $10 million into HealthSport. The investment is expected to accelerate the company’s growth and strengthen its alliances with large pharmaceutical companies to provide this breakthrough, next-generation drug delivery technology.
HealthSport will use the funds in a multitude of ways – as working capital, to provide funds for research & development, and to enhance the company’s current manufacturing plant. In exchange for the $10 million, SMI will receive a 55% stake in HealthSport.
HealthSport’s drug delivery platform is ideal for many drugs already used every day. In order to expand into these other promising areas globally, the company felt a strong need to make the deal with SMI Manufacturing. The CEO of HealthSport, Hank Durschlag, summed the deal up saying, “It has been apparent for some time that there is a very strong synergistic relationship between SMI and HealthSport. We are looking to take advantage of that relationship not only to produce dietary supplement and OTC film strip products, but also to begin working with pharmaceutical companies to enter the highly profitable prescription pharmaceutical market.”