Flex Pharma Inc., a startup biotechnology company, is developing treatments for muscle cramps and spasms associated with neurological diseases like multiple sclerosis, or MS.
But while it proceeds with clinical trials of drugs under development, it’s already generating sales of an over-the-counter product, called Hotshot, that it sells to professional and college sports teams, individual athletes and consumers.
Hotshot—a specially formulated drink designed to prevent muscle cramps during extreme physical activity—is sold primarily through a Flex Pharma e-commerce site, TeamHotshot.com, and retailer e-commerce sites.
The first sales came in last year, after Flex Pharma launched TeamHotspot.com in June. The company compiled just under $1 million in revenue for the year, including $299,000 in the fourth quarter ended Dec. 31.
The company expects to grow sales at a faster rate this year, riding the benefits of a refreshed e-commerce site with “more modern styling, new content, testimonials, improved navigation and greater branding,” chief operating officer Kathie Lindemann said on a conference call with stock analysts yesterday, according to a transcript from Seeking Alpha. With e-commerce generating the “majority of our revenue,” she added, “we expect these improvements to drive engagement, customer interaction and conversion to help grow the business.”
Sign up for a free subscription to B2BecNews, a twice-weekly newsletter that covers technology and business trends in the growing B2B e-commerce industry. B2BecNews is published by Vertical Web Media LLC, which also publishes the monthly business magazine Internet Retailer. Follow B2BecNews editor Paul Demery on Twitter @pdemery.
Follow us on LinkedIn and be the first to know when new B2BecNews content is published.Favorite