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SOURCE Small Cap IR
NEW YORK, June 2, 2014 /PRNewswire/ -- PetVivo Holdings, Inc. (OTCQB: PETV) is an emerging biomedical device company focused on the licensing and commercialization of innovative medical devices for pets, or pet therapeutics.
The company intends to leverage other company's investments in the human bio-materials and medical device industries to commercialize them for pets. PetVivo's strategy is to in-license proprietary products from human medical device companies specifically for use in pets. The key to making this strategy work is the accelerated timeline to revenues for veterinary medical devices, which enter the market much earlier than the more stringently scrutinized products for human use. The first product for PetVivo, Inc., a PETV subsidiary, is patented in the US and has been accepted for patent approval in Canada.
According to the American Pet Products Association, total expenditures on pets, or animal companions, in the U.S. will exceed $58 billion this year with OTC medicine, supplies and veterinarian care accounting for $27.5 billion of that figure. In the U.S. 68% of households own a pet, with cats and dogs representing a vast majority of that figure. Farm animals such as horses and cows are not included in these figures but represent a very large market for bio-medical devices.
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