Formulation and manufacturing update - spring 2019
Dear FreshMynd Investors and Friends,
I am writing to provide an update about the state of the business and outline plans for the year ahead. Your investment, finalized in early 2018, allowed us to make significant progress and we still have 1/2 the funds in the bank! We've spent 1/2 the money you invested so far on ingredient acquisition and inventory, packaging design, lining up 3rd party labs, and formulation lab costs. That said, we are disappointed with all the set-backs on formulation and hope to make big strides in the remaining of 2019.
Product
Formulation is still in the works. We are working hard at finishing product formulation for a delicious all-natural liquid supplement to combat ADHD symptoms without the side effects of medication. We hit some roadblocks in the commercialization efforts, which has been hugely frustrating for us. However, coming up with the proper formulation is a critical part of what we are trying to do, so it’s really important to take our time and do it right.
We've had some setbacks due to cost fluctuation. To eliminate this risk going forward, we switched out some of the ingredients to come to the right value / efficacy profile. We have also completed a first round of efficacy & taste likability testing with our target consumer - kids aged 8-15, as well as with adults. The consistency of the product is still too thick and the taste profile can be further optimized. More reformulation is underway. In this effort, we are working closely with our manufacturer’s in-house scientists as well as our scientific advisors and progress over the past few weeks has been encouraging.
We now have all the ingredients in stock at our manufacturer's in Omaha. We bought them in large enough quantities to do the product formulation as well as the first manufacturing run so as to get a better price on the raw ingredients.
Apart from the formulation issues I covered above, we've made good progress on a number of other areas. We have packaging design ready to go, we've chosen our bottle and packaging, and they're ready to go as well. We have an independent 3rd party lab ready to start the extensive testing that is required to bring a product like this to market such as shelf-stableness testing, heavy metals contamination testing, and more.
Several of our customers have also contacted us to request a CBD product. While the science is still unproven on the benefits of CBD in managing ADHD symptoms without serious side effects, there is an overwhelming amount of anecdotal evidence from parents who have tried it. As a result, we are evaluating the possibility of carrying a CBD product that meets our high standards - all natural, full-spectrum, no artificial colors or flavors. We are in talks with several manufacturers and hope to launch a CBD product within the next 6 months.
Objective for 2019
Once supplement formulation is complete, we'll focus on fulfilling the back-orders of our very patient customers who have already put in their purchase orders, then we'll start actively marketing the product. We estimate this will be in Q3-Q4 2019. I'll try to be better at providing more frequent updates moving forward.
Thank you for your meaningful support — and for believing in our vision to use all-natural supplements to help children with ADHD.
I am truly grateful to each and every one of you.
Seema