Manzo Pharmaceuticals Inc (OTCMKTS:MNZO) shares were up 16.67% to $0.00140 on Friday and flat in after-hours trading. The company has a market cap of $92,900.00 at 1.00 shares outstanding.
Manzo Pharmaceuticals is a specialty pharmaceutical company that is focused on developing a range of formulations for various drugs and supplements. In particular, the company performs research on helping people with lactose intolerance and has a product called Lacto-Freedom Probiotic, which is a probiotic that aids in the digestion of lactose containing foods, designed for people with lactose intolerance. Its other products include Natural Tummy Relief and Somnaid Natural Sleep.
Earlier this month, Manzo Pharmaceuticals issued a press release stating that its President Kenneth Manzo has received a verbal Wells Notice from the US Securities and Exchange Commission (SEC). This is either a formal allegation of wrongdoing nor a finding that there was any violation of law but rather a notice that gives an opportunity to respond to issues raised by the SEC staff and offer perspective prior to any SEC decision.
This particular Wells Notice addresses Manzo’s accepting and selling unregistered securities in another company prior to his becoming the company’s CEO and certain sales of unregistered securities by others. At the moment, Manzo is negotiating a settlement with the SEC and continues to cooperate with the agency. He and the company’s management have declined to comment on the matter until it is fully resolved.
A few months back, Manzo Pharmaceuticals solidified deals with GMP and FDA approved, USA based firms to handle manufacturing, and encapsulating and packaging its Lacto-Freedom Probiotic product. This product enjoys a relatively wide market in the US and eventually internationally, as those who are lactose intolerant are estimated to be approximately 25% of the US population and 75% of the world population.
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