Victory Square Company Announces Access to Tirzepatide and GLP-1 Injections to its Weight Loss Portfolio
Victory Square Technologies announced that its portfolio company, Hydreight Technologies, has added Tirzepatide to its weight loss portfolio. Tirzepatide, an FDA-approved medication for type 2 diabetes, is also effective for weight loss and will be available through Hydreight's platform across 700 cities in the US. This addition complements their existing GLP-1 injections, including Semaglutide, which saw a 250% increase in orders between January and February 2024. Hydreight's growing network includes over 3,000 nurses and 107 white-label locations. In 2023, Hydreight reported a 102% revenue increase, reaching $17.05 million. This expansion aligns with the projected growth in the anti-obesity market, which could reach $100 billion by 2030.
- Hydreight added Tirzepatide, enhancing its weight loss portfolio.
- Tirzepatide is FDA-approved and effective for both diabetes and weight loss.
- Available through Hydreight's platform in 700 cities across the US.
- Significant growth in Semaglutide orders, with a 250% increase between January and February 2024.
- Hydreight's network includes over 3,000 nurses and 107 white-label locations.
- Revenue increased by 102% in 2023, reaching $17.05 million.
- Addition of higher-priced recurring products could boost revenue.
- The necessity for extensive training and onboarding for new products could increase operational costs.
- Potential risks associated with off-label use of Tirzepatide for weight loss.
- Financials showed a significant revenue increase, but detailed profit margins and expense data are not disclosed.
Hydreight Technologies announced the addition of Tirzepatide to its weight loss portfolio which also includes GLP-1 injections, giving patients a cost-effective way to access safe, high quality diabetes and weight loss treatment through the Hydreight platform and its associated Medical network in over 700 cities across 50 states in the US
VANCOUVER, British Columbia, May 23, 2024 (GLOBE NEWSWIRE) -- Victory Square Technologies Inc. (“Victory Square”) (CSE:VST) (OTC:VSQTF) (FWB:6F6), a company that gives investor access to a portfolio of 25+ innovative companies from around the world in a single stock, is pleased to share that its portfolio company - Hydreight Technologies Inc. (“Hydreight” or the “Company”) (TSXV:NURS)(OTCQB:HYDTF)(FSE:SO6) a mobile clinical network and medical platform which enables flexible, at-home medical services across the United States, is pleased to announce that its over 3,000 nurses, 107 white-label locations and their patients now have access to Tirzepatide through the Hydreight platform and its associated Medical network in over 700 cities across 50 states in the United States.
Tirzepatide is an FDA-approved medicine used to treat type 2 diabetes mellitus and may be used off-label for the treatment of obesity due to its effective weight loss qualities. It functions as a dual GLP-1 and GIP agonist. Similar to other GLP-1 medicines, it is currently used as a second-line diabetic treatment and administered as a once-weekly subcutaneous injection. Tirzepatide is in the same product line as Semaglutide, which Hydreight launched at the end of 2023. Tirzepatide and Semaglutide injections are commonly used to treat type 2 diabetes. It can also be used together with diet and exercise to help control blood sugar and has become popular to help with weight management. Tirzepatide and Semaglutide is a glucagon-like peptide-1 (GLP-1) receptor agonist and is only available with a doctor’s prescription and needs to be injected on a regular basis.
Since the beginning of the year, the Company has seen significant growth and increased demand for its Semaglutide offering. Between January and February, there was a
Obesity, characterized by abnormal or excessive fat accumulation that poses risks to both physical and mental health, has nearly tripled worldwide since 1975, according to the World Health Organization (WHO). Currently, it ranks as the fifth-leading risk factor for mortality globally. Factors such as dietary habits, physical activity levels, and genetics contribute to the rising obesity rates, which are expected to continue increasing. According to the World Obesity Atlas 2023, if current trends persist, over half of the global population will be overweight or obese by 2035, compared to
According to Goldman Sachs, it is projected that by 2030, the global market for anti-obesity medications (AOMs) could grow by more than 16 times to
"In our view, the chronic weight management market is at a turning point, with growth potential on the horizon. Weight loss and diabetes may just be the beginning for drugs like Semaglutide and Tirzepatide, as reports increasingly suggest they may have far-reaching benefits for treating conditions as diverse as heart and liver disease, Parkinson’s, anxiety and addiction, sparking research among firms competing in pharma’s latest gold rush," said Shane Madden, CEO of Hydreight.
The Company’s product offering aims to include various products and category options to ensure the customers’ needs are met. Hydreight is adding higher priced products that need to be taken on an ongoing basis, which is more lucrative for the nurses. Every time a product is added, nurses must go through extensive training and onboarding to ensure the product is administered safely and correctly All these products allow healthcare providers using the Hydreight platform to provide a higher level of medicine and provide a pathway to shift into medical essentials.
Hydreight recently filed its audited financial statement for 2023, and achieved Adjusted record revenue of
Victory Square Investor Webinar With CEO Shafin Diamond Tejani
We invite you to May’s Q&A Investor Webinar with CEO Shafin Diamond Tejani.
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On behalf of the Board of Directors
“Shafin Diamond Tejani”
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Victory Square Technologies Inc.
www.victorysquare.com
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ABOUT VICTORY SQUARE TECHNOLOGIES INC.
Victory Square is a Venture Builder that provides investors a liquid way to invest in early-stage technology companies without buying a venture fund that requires accredited investor status or multi-year commitments.
- A diverse portfolio of 25+ innovative companies from around the world (founders come from: Ireland, Sri Lanka, Bulgaria, Australia, India, Brazil, the Middle East and North America)
- Sectors include: Digital Health, Artificial Intelligence (AI), Machine Learning (ML), Blockchain/Web3, Virtual & Augmented Reality (VR/AR), Gaming, Climate Tech
- Owner-operated (approx.
15% Management Ownership)
Business Model:
The Victory Square business model is to buy, build and invest in early stage tech companies. We spend upwards of 48 months with those companies until they're ready to spin-off or stand on their own. There are a couple of unique elements to our business model…
- We have unparalleled access to startups through our internal incubator and International network with over 250+ founders, investors, tech accelerators and venture capital firms from more than 60 countries.
- Second, our management team and advisors are actively involved in our investments from incubation through monetization, providing them with financial, operational, and strategic support to scale globally.
- We drive value by monetizing investments and reinvesting the gains in new innovations. The strategy was to build a self-sustaining business.
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This news release contains “forward-looking information” within the meaning of applicable securities laws relating to the outlook of the business of Victory Square and its portfolio companies, including, without limitation, statements relating to future performance, execution of business strategy, future growth, business prospects and opportunities of Victory Square and its related subsidiaries and portfolio companies, including those items listed under the heading “Net Asset Value (“NAV”) Update”, “Notable Portfolio Highlights” and other factors beyond our control. Such forward-looking statements may, without limitation, be preceded by, followed by, or include words such as “believes”, “expects”, “to be”, “anticipates”, “estimates”, “intends”, “plans”, “continues”, “project”, “potential”, “possible”, “contemplate”, “seek”, “goal”, “objectives”, “outlook” or similar expressions, or may employ such future or conditional verbs as “may”, “might”, “will”, “could”, “should” or “would”, or may otherwise be indicated as forward-looking statements by grammatical construction, phrasing or context. All statements other than statements of historical facts contained in this news release are forward-looking statements. Forward-looking information is based on certain key expectations and assumptions made by the management of Victory Square. Although Victory Square believes that the expectations and assumptions on which such forward looking information is based are reasonable, undue reliance should not be placed on them because Victory Square can give no assurance that they will prove to be correct. Although Victory Square believes that the expectations reflected in forward-looking statements in this press release are reasonable, such forward-looking statements has been based on expectations, factors and assumptions concerning future events which may prove to be inaccurate and are subject to numerous risks and uncertainties, certain of which are beyond the Victory Square’s control, including, but not limited to, the risk factors discussed in the continuous disclosure materials of the Victory Square which are available under the Victory Square’s profile on SEDAR at www.sedar.com. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement and are made as of the date hereof. Actual results and developments may differ materially from those contemplated by these statements. The statements contained in this news release are made as of the date of this news release. Victory Square disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
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FAQ
What new weight loss medication has Hydreight added to its portfolio?
What is the significance of Tirzepatide in the context of Hydreight's offerings?
How many cities in the US will have access to Hydreight's new weight loss treatments?
What growth did Hydreight observe in Semaglutide orders in early 2024?
What was Hydreight's revenue growth in 2023?
What is the potential market size for anti-obesity medications by 2030?
