The Company intend to file a registration for an investigative material-like IPOXYN™ for veterinary applications under a proposed a proposed trade name OXYFEX™. We are unaware of any drug currently on the market for animals that can deliver oxygen, and there is only limited "blood banking" for animals despite a constant need. OXYFEX™ could serve as the only available oxygen delivery mechanism for animals suffering ischemic or traumatic and surgical blood loss events. We anticipate to commence in the marketing OXYFEX™, which we view as a potentially lucrative market in 2019. We anticipate that there are at least 15,000 small animal veterinary practices in the U.S., another 4,000 mixed animal practices treating small and large animals in the U.S. and approximately 22,000 small animal practices in Europe.
The FDA Center for Veterinary Medicine approved a bio-similar product to OXYFEX™ named Oxyglobin® in 1998 and the European Commission approved Oxyglobin® in 1999, in both cases for the treatment of canine anemia, regardless of the cause of the anemia. Since Oxyglobin® is no longer available, we believe that the potential veterinary market for OXYFEX™ in the U.S., EU and Japan could exceed $250 million in sales annually within five years after introduction. In addition, China as an emerging veterinary market with collateral market extensions such as The Shanghai Forum into Central Asian as well as BRICS Forum for the world's most populous countries provide exciting market horizons for the product.