MINNEAPOLIS and RALEIGH, N.C., — Trovita Health Science based in Minneapolis, MN and Galen BioScience of Raleigh, NC announce execution of a licensing agreement that grants worldwide rights to Trovita to commercialize an innovative ready-to-drink nutritional beverage. The product will be marketed under the brand name ENU™and is expected to launch in the United States by the first quarter of 2014 with two initial flavor choices, chocolate and vanilla. The ready-to-drink, functional beverage market in the U.S. is a high growth category, experiencing 15-20% annualized growth, and more than $50 billion in annual revenues.
Under the terms of the agreement, Trovita will receive an exclusive, worldwide license to the proprietary product formulation and will perform all manufacturing, marketing, and sales of the product. Trovita will pay Galen an upfront licensing fee and royalties of an undisclosed amount. Galen will continue to partner with Trovita on new product development initiatives, including formulation of a wider variety of flavors and additional product forms, such as concentrates or powders.
William Brown, Trovita’s Chief Executive Officer, commented, “Trovita is proud to initiate an on-going partnership with Galen so that we can collaborate to bring innovation to the ready-to-drink nutrition market. We are confident that ENU will disrupt the category, which is crowded with products aimed at weight loss or post-workout recovery, but underserved in terms of quality, all-natural products that are intended for weight maintenance or health-related uses. Most products in the high calorie category contain chemicals and preservatives, and ingredients that are unhealthy like refined sugars and high fructose corn syrup. We believe that there is a significant opportunity for a product that delivers real nutrition with quality, all natural ingredients including low glycemic carbohydrates, the purest form of protein available, and healthy fats. ENU is formulated with the best ingredients for consumers who need and demand the best nutrition.”
Charles Shook, Galen’s managing member, commented, “Galen is pleased that Trovita recognizes the substantial market opportunity for our beverage formulation, and we have tremendous confidence in their team’s ability to commercialize ENU. We believe that many people will realize significant health benefits from having such a unique, high quality product on the market. There is broad application for the beverage, including people battling cancer weight loss or managing intolerance to gluten, and it is a perfect option for people who need a balanced, convenient source of nutrition.”
Trovita is an emerging health and nutrition company dedicated to developing and commercializing products that are designed to maximize performance. Trovita Health Sciences believes that nutritional health is foundational for achieving maximum performance in anything from competing in athletics to battling an illness. Our mission is to offer products that are designed to help people achieve their own personal goals. Our products contain only all-natural ingredients and are gluten-free, lactose-free and are free from any refined sugars or high fructose corn syrup. We offer products that contain the purest form of protein, calories derived from low glycemic carbohydrates, and healthy fats. A diet consisting of balanced macronutrients is important for almost everyone and Trovita products deliver real nutrition when it is needed most. Trovita is dedicated to bringing out the best in you.
Galen BioScience is an emerging research and development company dedicated to advancing human health through innovative science-based nutritional solutions. The company has extensive experience in medical, clinical, and pharmaceutical development, which it has augmented with significant food science development proficiency. This combination allows the Galen team to focus on the development of high quality nutritional products Galen is committed to the continued research and development of all natural products that address unmet nutritional needs.