Company: PETVW
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001493152-25-011967
Chunk: 38

Company: PetVivo Holdings, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 38
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 believe that the increased revenues
and margins provided by Spryng® will accelerate its adoption rate and propel it forward as the standard of care for canine
and equine lameness related to or due to synovial joint issues.

We
commenced sales of Spryng® in the second quarter of fiscal 2022 and plan to increase our commercialization efforts of
Spryng® in the United States through our distribution relationship with MWI Veterinary Supply Co. (“Distributor”
or “MWI”) and the use of sales reps, clinical studies, and market awareness to educate and inform key opinion leaders on
the benefits of Spryng®.

We
entered into a Distribution Services Agreement (“Distribution Agreement”) with MWI on June 17, 2022. Pursuant to the Agreement,
we appointed MWI to distribute, advertise, promote, market, supply, and sell the Company’s lead product, Spryng®
on an exclusive basis for two (2) years within the United States (the “Territory”), transitioning to a non-exclusive basis
thereafter; provided however that the Company shall extend the exclusivity for an additional one (1) year if MWI achieves certain performance
targets agreed upon by the parties. The Company can continue to sell Spryng® within the Territory to established accounts,
which include: (a) customers who have purchased Spryng® from the Company prior to the date of the Agreement, (b) customers
who require that they deal directly with the Company, (c) governmental agencies, and (d) customers that order via the internet who are
not directly solicited by MWI to purchase Spryng®. All customers must be licensed veterinary practices.

Spryng®
is classified as a veterinary medical device under the United States Food and Drug Administration (“FDA”) rules and pre-market
approval is not required by the FDA. Spryng® completed a safety and efficacy study in rabbits in 2007. Since that time,
more than 2,000 horses and dogs have been treated with Spryng®. We entered into a clinical trial services agreement with
Colorado State University on November 5, 2020. We expect this university clinical study to be completed in March 2024. Additionally,
the Company successfully completed an equine tolerance study in March 2022 and began two canine clinical studies with Ethos Veterinary
Health, the first beginning in May of 2022 with anticipated completion in October 2023, and