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Appointment of CEO for ProBiotix Health Ltd
28 May 2019
OptiBiotix Health plc (AIM: OPTI), a life sciences business developing compounds to tackle obesity, high cholesterol, diabetes and skin care, announces the appointment of Stephen Prescott as Chief Executive Officer (CEO) of its wholly-owned subsidiary, ProBiotix Health Ltd ("ProBiotix").
ProBiotix was created to develop science based healthy bacteria called probiotics to reduce cardiovascular risk. Independent clinical studies have shown its LPLDL® probiotic can reduce key cardiovascular risk markers such as total cholesterol, LDL ("bad") cholesterol, and blood pressure by up to 36.7%, 13.9% and 5.1% respectively. Since launching its CholBiome® products containing LPLDL® in May 2017, ProBiotix has signed over 23 agreements and its products are now commercialised in 23 countries. LPLDL® was designated Generally Recognized As Safe ("GRAS") by an independent Expert GRAS Panel in the United States in February 2019, which extends its applications from use as a supplement to use as a functional ingredient in a wide range of food, dairy, and beverage products in the USA.
Stephen is joining ProBiotix from a position as Vice President of Marketing and Applications from Probi AB ("Probi"), a Swedish probiotic company which had annualised sales of SEK604m in 2018. Prior to joining Probi, Stephen spent four years as Global Probiotic Product Manager at Dupont where he had global P&L responsibility for a $300 million per year business. Previously, Stephen worked for Johnson Matthey Pharmaceuticals (2008-2010) and Pfizer (1999-2008), one of the world's largest pharmaceutical companies. Stephen brings extensive experience of commercialising probiotics in international markets, a wide network of industry contacts, and a strong track record of rapidly growing sales.
Stephen will be based in the USA as part of a strategic step to extend the market opportunity for LPLDL® within the US probiotic supplement, food and dairy markets. The USA is one of the largest and fastest growing probiotic markets in the developed world with supplements sales of $2.06 bn in 2016 and growing at 55% per annum, and food and beverage products $5bn per annum*.
(*Market data from 'TRENDS, INNOVATIONS AND OPPORTUNITIES DRIVING THE GLOBAL PROBIOTICS MARKET' (Euromonitor International June 2017)
Stephen O'Hara, CEO of OptiBiotix, commented: "Stephen's experience and track record of growing probiotic sales in international markets brings specialist commercial and industry expertise to OptiBiotix's wholly owned probiotic subsidiary, ProBiotix Health Ltd. His network of contacts provides access to international markets which we hope will continue to drive revenue growth of LPLDL® in supplement, food, and pharmaceutical products around the world. We are delighted that Stephen has joined ProBiotix Health at such an exciting stage of its development and hope that under his leadership it can grow to become a substantive and valuable business in the years ahead."
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
For further information, please contact:
|OptiBiotix Health Plc
Stephen O'Hara, Chief Executive
Contact via Walbrook below
|Cairn Financial Advisers LLP (NOMAD)|
|Liam Murray / Jo Turner||Tel: 020 7213 0880|
|Geoff Nash / Scott Mathieson / Kate Bannatyne (Corporate Finance)
Camille Gochez (Corporate Broking)
|Tel: 020 7220 0500|
|Walbrook PR Ltd
|Tel: 020 7933 8780 or [email protected]
Mob: 07876 741 001
About OptiBiotix - www.optibiotix.com
OptiBiotix Health plc (AIM: OPTI), which was formed in March 2012, brings science to the development of compounds which modify the human microbiome - the collective genome of the microbes in the body - in order to prevent and manage human disease and promote wellness.
OptiBiotix has an extensive R&D program working with leading academics in the development of microbial strains, compounds, and formulations which are used as active ingredients and supplements. More than twenty international food and healthcare supplement companies have signed agreements with OptiBiotix to incorporate their human microbiome modulators into a wide range of food products and drinks.
OptiBiotix is also developing its own range of consumer supplements and health products. The Company´s current areas of focus include obesity, cardiovascular health, and diabetes.
OptiBiotix Health secures significant exclusive licence agreement for OptiBiome
Stephen O'Hara | 01 Apr 2020