OptiBiotix signs distribution agreement for Greece and Cyprus

22nd Nov 2018 16:00

(Sharecast News) - Life sciences business OptiBiotix Health has entered into a three-year distribution agreement with an unnamed company to exclusively distribute and commercialise its own-label 'CholBiome' products containing its cholesterol and blood pressure reducing 'LPLDL' strain in Greece and Cyprus.The AIM-traded firm said the other party was a "rapidly growing firm" with an established distribution network in Cyprus, Greece and the Middle East, and a track record in new product promotion and market development in pharmaceutical and foods supplement distribution directly to pharmacies.It said the company was associated with a number of international clinics, providing biological medicine therapies to individuals across the world.The agreement granted the unnamed company exclusive distribution in return for local product registration, and three years of sales targets to retain exclusivity.OptiBiotix said the agreement covered the CholBiome range, and followed its recent launch online in the UK and the announcement on 26 September of a CholBiome distribution agreement for Bulgaria.It was in line with its strategy to expand sales of OptiBiotix's own label CholBiome products into the European market.CholBiome products containing LPLDL have a "unique ability" to reduce both cholesterol and blood pressure providing a clinically-proven natural product to help reduce those cardiovascular risk factors, the board said in its statement.The company apparently required its identity and the terms of the agreement to remain confidential, to protect its commercial interests and launch plans, OptiBiotix explained."We are pleased to announce this agreement which extends the sales of our CholBiome products into Cyprus and Greece," said OptiBiotix commercial director Per Rehné."We chose the Company for its market access in Cyprus and Greece and solid track record for growing product sales."Rehné said the agreement was a strategic step to build the distribution sales channel for CholBiome products in the European market, and eliminated intermediates in the supply chain with shorter route-to-market and higher value to OptiBiotix."The company has already placed an initial order to be used for pre-marketing activities and we expect further orders to support a consumer launch in the first quarter of 2019."