Dallas, Texas 09/06/2013 (Financialstrend) – After making 52-week high at $13.10 during the early days of last month MusclePharm Corp (OTCMKTS:MSLP) stock closed at $9.75 in its previous closing session on Thursday. Its 52-week range is $3.40 to $13.10. The company sells athlete focused nutritional supplement products consist of carbohydrates, proteins and amino acids, vitamins, minerals, herbs and herbal extracts through its product lines – the MusclePharm Core Products, a FitMiss line, and the Arnold product line – in over 110 countries internationally through specialty resellers, retails outlets including Vitamin World, GNC etc. and over 100 ecommerce sites like amazon.com, bodybuilding.com etc.
Last Tuesday, the company announced strategic investment worth $2 million in over-the-counter drug manufacturer firm Biozone Pharmaceuticals Inc. (OTCBB:BZNE). The investment has been made as 10% secured convertible note due one year which is convertible into BZNE shares at $0.2 per share.
Founder and Chief Executive of MSLP, Brad Pyatt mentioned that the idea was to add a vertical manufacturing component into the existing business model and BZNE has an outstanding reputation of FDA regulatory compliance alongside having a state-of-the-art manufacturing facility.
MSLP has currently acquired 28 patents for a transdermal drug delivery technology that can improve dosage and absorption rate by delivering drug directly to the bloodstream through skin. The company is also evaluating the QuSome(R) technology, BZNE owned novel drug delivery platform, to enhance speed of delivery and absorption of its nutritional supplements.
Earlier last month company also announced partnership with Costco Wholesale Corporation (NASDAQ:COST) and its plan to launch popular Combat Protein Powder in the middle of October in all 430 Costco locations across the nation. The company foresees this partnership to fuel the next level of growth given their tremendous retail footprint.
During the second quarter company has reported escalated international sales and 14% sequential growth over the preceding 1Q13.