Thank you very much for your ongoing and loyal support of MitoQ; it is very much appreciated.
I am pleased to advise that global interest in MitoQ continues to grow at pace. To date there has been more than US$65m invested in MitoQ research worldwide; and currently, we are supporting 142 research laboratories around the world, who are working on further evaluating the impact of MitoQ across a range of health conditions. This work is accelerating our knowledge of the health and aging benefits of MitoQ and will further contribute to a deeper understanding of the importance of mitochondria to health and well-being.
Alongside this ever-increasing focus on research, I am delighted to announce a significant re-brand of our products, effective from March 4th, 2019. MitoQ is emerging as a global leader in cellular health and we have taken the opportunity to modernize our visual identity, with a fresh, vibrant logo and upgraded packaging. Our new branding will lift the web and shelf presence for MitoQ products, ensuring MitoQ will attract even more customer attention.
I also want to advise you about changes we are making to our current price structures. For the last seven years, other than for tax and exchange rate fluctuations, we have maintained the same pricing level. At the same time, we have continued to invest heavily in research, new product development and our greater awareness for our brand. However, during this time, the cost of our primary raw ingredient has doubled. We remain 100% committed to our cause of transforming human well-being, by combining our breakthrough mitochondrial science with premium quality products; but it is no longer sustainable for us to continue investing in our mission, whilst simultaneously absorbing this increase in costs. Accordingly, we have decided to make a small increase to our pricing levels, which will become effective from 4th March, 2019.
Many of our customers tell us that MitoQ continues to deliver life-changing results and we strive to give more people the opportunity to experience the benefits of our breakthrough science. To ensure that our products are of the highest quality and efficacy, we must be committed to an ongoing investment in research and product development.
2019 is set to be a very exciting year for MitoQ: we have new research to publish, new products to launch and new markets to serve. The MitoQ Tribe continues to grow and we remain completely focused on supporting your health and well-being. I am very grateful that you have chosen to be part of this journey with us.