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OptiBiotix signs supply deal with Saudi Arabia chemist chain
15th Dec 2021 14:45
(Sharecast News) - Life sciences company OptiBiotix Health has signed an exclusive supply agreement with pharmacy chain Nahdi Medical, it announced on Wednesday, for the sales of its 'GoFigure' and 'SlimBiome Medical' weight management products in Saudi Arabia.
The AIM-traded firm said Nahdi owns the country's largest pharmacy network, with more than 1,100 chemists nationwide.
Its online platform, Nahdi Online, was described as "one of the leading" e-commerce pharmacy platforms across the six countries of the Gulf Cooperation Council.
The company said the in-store launch was planned for the first half of 2022, and would progressively expand into Nadhi's pharmacy network and its online platform.
It said the launch would initially include seven products encompassing OptiBiotix's direct-to-consumer own brands Gofigure and SlimBiome Medical weight management products.
The initial product range launched would combine meal replacement shakes, bars and sachet options, and once successful, would be expanded with additional product offerings.
As part of the launch, the OptiBiotix products would be registered with the Saudi Food and Drug Authority (SFDA), which the company said was of "strategic importance" to both Nahdi and OptiBiotix as it would facilitate the registration processes in other GCC jurisdictions including Bahrain, Kuwait, Oman, Qatar and the United Arab Emirates.
OptiBiotix said obesity was an "area of urgent concern" in Saudi Arabia as it was seen as one of the key health challenges for Saudis, resulting in wider implications to the economy.
A recent survey conducted by the World Obesity Federation found that almost 50% of the country's population was overweight, or living with obesity.
"We are very pleased to announce this sales and distribution agreement with Nahdi Medical, a leading pharmacy chain in the Kingdom of Saudi Arabia," said OptiBiotix Limited chief executive officer René Kamminga.
"Our SlimBiome Medical and GoFigure range of weight management products have been specifically formulated to support consumers aiming to reduce their weight, help them stick to their change in diet and improve their gut microbiome at the same time."
Kamminga said the company was "pleased" that Nahdi chose the OptiBiotix range of products as its "primary choice" in addressing the rising rates of obesity seen in Saudi Arabia.
"This is the third agreement with a large partner in as many weeks, each with similar revenue potential which we believe will make a significant contribution to OptiBiotix's growing revenue in the years ahead."
At 1001 GMT, shares in OptiBiotix Health were up 2.44% at 42p.
The AIM-traded firm said Nahdi owns the country's largest pharmacy network, with more than 1,100 chemists nationwide.
Its online platform, Nahdi Online, was described as "one of the leading" e-commerce pharmacy platforms across the six countries of the Gulf Cooperation Council.
The company said the in-store launch was planned for the first half of 2022, and would progressively expand into Nadhi's pharmacy network and its online platform.
It said the launch would initially include seven products encompassing OptiBiotix's direct-to-consumer own brands Gofigure and SlimBiome Medical weight management products.
The initial product range launched would combine meal replacement shakes, bars and sachet options, and once successful, would be expanded with additional product offerings.
As part of the launch, the OptiBiotix products would be registered with the Saudi Food and Drug Authority (SFDA), which the company said was of "strategic importance" to both Nahdi and OptiBiotix as it would facilitate the registration processes in other GCC jurisdictions including Bahrain, Kuwait, Oman, Qatar and the United Arab Emirates.
OptiBiotix said obesity was an "area of urgent concern" in Saudi Arabia as it was seen as one of the key health challenges for Saudis, resulting in wider implications to the economy.
A recent survey conducted by the World Obesity Federation found that almost 50% of the country's population was overweight, or living with obesity.
"We are very pleased to announce this sales and distribution agreement with Nahdi Medical, a leading pharmacy chain in the Kingdom of Saudi Arabia," said OptiBiotix Limited chief executive officer René Kamminga.
"Our SlimBiome Medical and GoFigure range of weight management products have been specifically formulated to support consumers aiming to reduce their weight, help them stick to their change in diet and improve their gut microbiome at the same time."
Kamminga said the company was "pleased" that Nahdi chose the OptiBiotix range of products as its "primary choice" in addressing the rising rates of obesity seen in Saudi Arabia.
"This is the third agreement with a large partner in as many weeks, each with similar revenue potential which we believe will make a significant contribution to OptiBiotix's growing revenue in the years ahead."
At 1001 GMT, shares in OptiBiotix Health were up 2.44% at 42p.