Business
IFabric Corp Provides Operations Update and Outlook for the Remainder of Fiscal 2022
MARKHAM, ON / ACCESSWIRE / March 14, 2022 / Hylton Karon President and CEO of iFabric Corp....
About this update from Ifabric Corp.
[{"type":"text","content":"IFabric Corp Provides Operations Update and Outlook for the Remainder of Fiscal 2022MARKHAM, ON / ACCESSWIRE / March 14, 2022 / Hylton Karon President and CEO of iFabric Corp. (\"iFabric\" or the \"Company\") (TSX:IFA.TO)(OTCQX:IFABF), today provided the following update on key developments for the Company and an outlook for the remainder of fiscal 2022.\"As a follow up to our recently reported Q1 2022 financial results, I wanted to provide an additional update on key developments for our business as well some important milestones we expect to achieve during the remainder of 2022,\" said Hylton Karon. \"These areas include our pending health claims application for PROTX2 with EPA, the initiation of our clinical studies, the upcoming launch of our new consumer brand, the renovation and capacity upgrades to our warehousing facility and the ongoing rebound and planned regional expansion in our intimate apparel division.We continue to patiently await finalization of our pending USA Environmental Protection Agency (EPA) application for PROTX2 public health claims. The EPA recently provided an update on their review process stating they will be unable to meet their previously committed to date to finalize the company's application with regard to public health claims for PROTX2 treated textiles. The agency has communicated that the greater than normal amount of pandemic related applications have put the department under an unforeseen workload, causing additional delays to all files.Fortunately, the additional time the agency has requested is only a few weeks past the previous end of March timeline the company previously announced. The EPA's commitment date has now been revised to mid-April, 2022. We, along with our commercial partners, anxiously await the successful completion of this pioneering public health claims application.The setup and administration phase of our clinical trials is nearing completion with the study commencing at the end of March. The trial is expected to run for a period of 8 to 10 weeks with study findings to be published in calendar 2022. The purpose of this trial is to empirically show that the use of ProTX2 treated textiles can effectively reduce bio-burden and cross contamination within a healthcare setting, providing an innovative, protocol-free infection prevention tool easily implemented by any healthcare...