NOHO Inc (OTCMKTS:DRNK) shares fell 20% on Thursday after the company signed a Letter of Intent with DMR Biologic.
NOHO Inc (OTCMKTS:DRNK) shares fell 20% on Thursday to $0.00040 and were flat in after-hours trading. Share prices have been trading in a 52-week range of $0.00 to $0.00. The company has a market cap of $2.46 million at 656.04 million shares outstanding.
Formerly Real Estate Pathways Inc, NOHO Inc is a company that develops, markets, sells and distributes a beverage category product named NOHO – The Hangover Defense. This is a dietary supplement, which is taken before and after the consumption of alcohol that helps to prevent the symptoms associated with a hangover. NOHO is formulated by a Doctor of Pharmacy and comes in a 2 ounce shot. It is recommended that the 2 ounce shot be taken before and after drinking any alcoholic beverages. NOHO has a flavor, which contains no caffeine or stimulants.
The Company has also launched NOHO Gold, which is a premium lifestyle beverage developed and marketed as a healthy beverage. NOHO Gold is offered to and sold in premier nightclubs On Premise bar and club venues in the United States including the Fontainebleau Hotel, LIV nightclub, Story nightclub, Day Light, Light, The Opium Group properties, and others.
In a press release, NOHO Inc announced that it has signed a letter of intent with DMR Biologic, LLC, to cquire the rights to market and sell its FDA-registered homeopathic OTC drug. This formulation is taken via a patented gel-based delivery method and is taken sublingually to get fast and effective relief from hangover pain and headache.
“In keeping with our strategy of pursuing undervalued assets like our 2oz Shot and Gold can products when we came into NOHO, we have once again found a great opportunity to bring an FDA compliant product to the Hangover market. As an OTC drug, this new formulation will make NOHO the market leader in the Hangover space, as none of the competition has clinically tested data to be able to make specific drug claims,” said NOHO Inc CEO David Mersky.
The drug’s effectiveness has been confirmed by multiple clinical trials and under this deal, the company would have exclusive rights to the product in the hangover market and register the new brand with the FDA to obtain a National Drug Code number. NOHO Inc is also in negotiations to re-launch a new iteration of the original migraine drug, called Lipigesic.
I believe this is a great product that wasn’t properly packaged and didn’t have the appropriate marketing to support it. The test results are terrific and the migraine market is huge at around 50 million people. We’re really good at identifying these hidden gems that require a dust-off and some re-branding. All the time, hard work and cost of the trials and FDA registration is already done,” assured Mersky.
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