LAS VEGAS, Jan. 4, 2022 /PRNewswire/ -- JanOne Inc. (Nasdaq: JAN), a company that focuses on the development of drugs with non-addictive, pain-relieving properties - in an effort to further reduce the drug addiction epidemic - previously announced an option agreement for the rights to a novel strategy to reduce methamphetamine (meth) use by activating the Translocator Protein 18 kDa (TSPO). Although meth use has been decreasing in younger individuals, in people over 26 years old, it has been growing at a CAGR of 13% p.a., with just over 150,000 new users of the drug annually. The death rate of drug overdoses have increased by over 300% in the last 10 years. Although the projected market for treatments of methamphetamine abuse is close to $500M, there are no FDA-approved medications for the treatment of methamphetamine use disorder.
"We are very excited to kick-off our research into new treatments for methamphetamine use disorder," commented Tony Isaac, JanOne Inc.'s Chief Executive Officer. "JanOne's mission is to impact the opioid crisis in America. With over 40% of meth users concurrently using opioids, we are hopeful that this program will not only impact the meth problem, but also play a role in reducing opioid abuse and deaths."
JanOne Inc. has identified world-class collaborators and anticipates initiating a drug discovery program in 2022, with the goal of identifying a preclinical IND-candidate in 2023. This represents an additional therapeutic effort in JanOne Inc.'s pipeline, with the company anticipating beginning a critical Phase 2b trial with JAN101 in late 2022.
Forward Looking Statements
This press release contains statements that are forward-looking statements as defined within the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements relating to the fact that JAN101 will treat PAD, the timing of the commencement of clinical trials, that the FDA will permit approval through a 505(b)(2) pathway, that upon approval JAN101 will immediately disrupt the PAD market, and other statements including words such as "continue", "expect", "intend", "will", "hope" "should", "would", "may", "potential" and other similar expressions. Such statements reflect JanOne Inc.'s current view with respect to future events, are subject to risks and uncertainties, and are necessarily based upon a number of estimates and assumptions that, while considered reasonable by JanOne Inc., are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause JanOne Inc.'s actual results, performance or achievements to be materially different from any future results, performance or achievements described in this press release. Such factors could include, among others, those detailed in the Company's periodic reports filed with the Securities and Exchange Commission (the "SEC").
Should one or more of these risks or uncertainties materialize, or should the assumptions set out in the section entitled "Risk Factors" in JanOne Inc.'s filings with the United States Securities and Exchange Commission underlying those forward-looking statements prove incorrect, actual results may vary materially from those described herein. These forward-looking statements are made as of the date of this press release and JanOne Inc. does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by law. JanOne Inc. cannot assure that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Individuals are cautioned that forward-looking statements are not guarantees of future performance and accordingly investors are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty therein.
About JanOne Inc.
JanOne Inc. is a unique Nasdaq-listed company offering innovative, actionable solutions that it believes can help create an end to the opioid crisis. JanOne Inc. is dedicated to funding resources toward innovation, technology and education to find a key resolution the national opioid epidemic, which is one of the deadliest and widespread in the country's history. The company continues to operate its legacy businesses – ARCA Recycling and GeoTraq – under their current brand names. JanOne Inc's subsidiary, ARCA Recycling, recycles household appliances by providing turnkey recycling and replacement services for utilities and other sponsors of energy efficiency programs. JanOne Inc.'s subsidiary GeoTraq engages in the development, design and, ultimately, expected sale of Mobile IoT modules. Please visit www.janone.com for additional information.
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SOURCE JanOne Inc.
