PetVivo Holdings Inc. (NASDAQ: PETV)
PetVivo Holdings Inc. (NASDAQ: PETV) is an emerging biomedical device company currently focused on manufacturing, commercializing and licensing innovative medical devices and therapeutics for companion animals.
The company’s strategy is to leverage human therapies for the treatment of companion animals in a capital and time efficient way. A key component of this strategy is the accelerated timeline to revenues for veterinary medical devices, which enter the market much earlier than more stringently regulated pharmaceuticals and biologics.
PetVivo has a pipeline of 17 products for the treatment of animals and people. A portfolio of 19 patents protects the company’s biomaterials, products, production processes and methods of use.
Spryng™ with OsteoCushion™ Technology
Spryng™ with OsteoCushion™ Technology, PetVivo’s lead product, is a veterinarian-administered, intraarticular injection for the management of lameness and other joint related afflictions, including osteoarthritis, in dogs and horses.
It goes beyond masking of symptoms to address the root cause of lameness issues – missing and/or damaged cartilage – by utilizing a naturally-derived particulate matrix that provides a long-lasting, relieving cushion resulting in improved articulation and increased mobility.
Spryng with OsteoCushion Technology is currently available for commercial sale. In October 2022, PetVivo announced an exclusive distribution agreement with MWI Animal Health, a leading distributor of animal health products and services. PetVivo CEO John Lai noted in a news release that the partnership “will allow PetVivo significant exposure to and penetration in the U.S. animal health market.”
Market Opportunity
PetVivo operates in a sizable industry that continues to increase in growth, need and sales. With roughly 70% of U.S. households owning a pet, domestic pet-related expenditures were estimated at $123.6 billion in 2021, up roughly 19% year-over-year. The animal veterinary care and product sales market is a leading growth driver in the sector, estimated at $11 billion in 2021.
For owners of the roughly 69 million dogs and approximately 7.2 million horses in the U.S., osteoarthritis (OA) is a significant concern. OA affects roughly one in four dogs and over half of all horses.
Management Team
John Lai is the CEO, President and Director of PetVivo. Mr. Lai has been a director and senior executive officer of the company since March 2014, serving in various capacities that include Principal Financial Officer, President and CEO. He served as CEO from March 2014 to May 2017 and June 2019 to present. Mr. Lai has over 30 years of senior executive, operational management and financial experience while holding key executive positions with several public companies in various industries.
Bob Folkes is the company’s CFO. Mr. Folkes previously served as the COO of PetVivo from February 2015 to September 2020. From 2005 to 2016, he served as the CFO of Tactile Systems Technology Inc. (NASDAQ: TCMD), a leader in developing and marketing at-home therapy devices that treat chronic swelling conditions. During this time, he played an instrumental role in taking TCMD public. Mr. Folkes is a Certified Public Accountant and earned a B.A. in Accounting from the University of Minnesota – Carlson School of Management.
Randall Meyer is the COO of PetVivo. Mr. Meyer has over 25 years of leadership experience in medical device development and commercialization, including expertise in successfully growing medical device companies from concept to profitability. He has served as CEO at Tactile Medical (TCMD) and as COO at Gel-Del Technologies.
