PetVivo Holdings Inc

Invention:	Animal osteoarthritis injectible
Trademark:	Spryng™
Patents:	13
NASDAQ:	PETV

The invention

Spryng is a veterinary device designed for the management of lameness and other joint-related afflictions, including osteoarthritis in animals. It mimics and reinforces articulating cartilage tissue, utilizing OsteoCushion Technology to integrate with natural cartilage components, providing additional support and functionality to protect the joint from pain.
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​Once injected, the purified natural components self-assemble to form an insoluble, hydrated matrix:

• Protein source bovine tissues (i.e. collagen and elastin) from isolated herds
• Carbohydrate source porcine tissues (i.e. heparin) from isolated herds

The resulting solution reinforces synovial membrane function, without pharmaceutical, chemical or metabolic action. The biocompatible Spryng particles are lubricious, “cushioning” and reside in joint synovial space. The spongy reinforcing particles adsorb onto the synovial membrane and are subsequently integrated with the subsynovial tissue to assist in the restoration of proper joint mechanics. Particles integrate with the synovial fluid and resemble natural cartilage in composition, structure, hydration and function.
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Performance advantages

Spryng is considered superior to existing therapies for several reasons:

1. Addressing the Root Cause: Unlike current treatments that primarily focus on symptom management, Spryng addresses the root cause of joint afflictions, such as osteoarthritis, by reinforcing and mimicking the natural cartilage. This approach helps protect the joint from further damage and pain.
2. Biocompatible and Lubricious Cushion: Spryng provides a biocompatible, lubricious cushion that reinforces the cartilage barrier between bones. This not only protects the remaining cartilage and bone but also improves joint function. The particles integrate with the synovial fluid and resemble natural cartilage in composition, structure, hydration, and function.
3. Long-lasting Improvement: Case studies indicate that Spryng offers long-lasting improvement in lameness for approximately 12 months or longer, significantly reducing the frequency of treatments compared to other options.
4. Minimizes Side Effects: By minimizing the use of NSAIDs, Spryng reduces the risk of side effects associated with these medications, such as liver and kidney problems.
5. Ease of Application: The treatment involves standard intra-articular injection techniques, allowing multiple joints to be injected simultaneously, simplifying the application process for veterinary professionals.
6. Derived from All-natural Materials: Spryng is made from purified natural components that self-assemble to form an insoluble hydrated matrix, highly unlikely to trigger an inflammatory or foreign body response.

Here is how Spryng compares to incumbent therapies:
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Pricing
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Here is how Spryng and its incumbents are priced:

Intellectual property

PetVivo's invention, Spryng, is supported by a comprehensive IP portfolio that includes:

13 US Patents and 9 Foreign Patents: This expansive collection of patents demonstrates the unique and protected nature of their technology on a global scale.

Broad Claim Language: The patents feature "comprising" transitions, indicating flexibility in the claims that could cover a wide range of applications and variations of the technology.

Protection Scope: The patents and trade secrets protect a variety of aspects including protein and carbohydrate-based thermoplastics, biomaterials of many compositions, medical drug delivery and combination products, medical and pharmaceutical applications, and validated self-assembly production processes.
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Citations: The intellectual property is extensively cited, with over 150 citations by patent examiners and over 250 citations by patent applicants, indicating the significance and influence of PetVivo's technology in the field​​.

Addressable market

Spryng targets the significant market of veterinary care and product sales for companion animals, which is estimated at $11 billion. This market addresses a common affliction of the joints, osteoarthritis, affecting approximately 14 million adult dogs and 1 million horses.

Upside

The company's market cap (USD$19.5m) is small relative to its total addressable market (TAM). 
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Sources

PetVivo investor presentation February 2024
https://static1.squarespace.com/static/61afcced0c5c4933710bcb09/t/65c2712a0668b64b02d59abb/1707241771774/PetVivo+Holdings_Investor+Presentation+2-1-2024.pdf