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New partner for LPLDL® in Bulgaria
12 March 2020
OptiBiotix Health plc (AIM: OPTI), a life sciences business developing compounds to tackle obesity, cardiovascular disease and diabetes, announces that its wholly-owned subsidiary ProBiotix Health Ltd. ("ProBiotix"), has signed a licencing agreement with Velinoff Pharma Ltd ("Velinoff") for the distribution of ProBiotix's product CholBiome® and CholBiome®X3, which contains OptiBiotix's patented probiotic strain LPLDL®, in Bulgaria.
Under the terms of the agreement, Velinoff will promote the sale of CholBiome® and CholBiome®X3 containing LPLDL® under a non-exclusive licence to pharmacies, cardiologists, general practitioners, and cardiologic clinics in Bulgaria. Velinoff will have a dedicated team including a brand manager and three medical sales representatives along with an existing team of sales representatives promoting product sales. The agreement is based on minimum sales volumes.
This agreement replaces the agreement announced previously (RNS: 26 September 2018) with an unnamed distributor and eliminates an intermediary in the supply chain with a shorter route to market allowing closer partner working.
Velinoff is a pharmaceutical marketing company founded in 2018 as representatives of pharmaceutical companies active in the advanced areas of biotechnology, their main focus is biotechnological innovations and therapies, affecting both large populations and lifestyle diseases (e.g. cardiovascular, diabetes), as well as therapies aimed at overcoming individual conditions. The purpose of the company is to present the Bulgarian market with the most innovative pharmacological care products.
Steve Prescott, CEO of ProBiotix, commented: "We are pleased to announce the agreement with Velinoff which will strengthen LPLDL®'s presence in Bulgaria. Velinoff was chosen as our partner because they bring local expertise and a dedicated sales team to promote the sale of CholBiome® and CholBiome®X3 in the Bulgarian market. The change to this agreement removes a sales intermediary allowing us to better support Velinoff to grow sales. This is all part of the next phase of the business cycle as we renegotiate partner agreements and focus our efforts on building a profitable business."
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 / Ludovico Lazzaretti||Tel: 020 7213 0880|
|finnCap (Broker)||Tel: 020 7220 0500|
|Geoff Nash / Kate Bannatyne (Corporate Finance)
Camille Gochez (Corporate Broking)
|goetzpartners securities Limited||Tel: 020 3859 7725|
|Walbrook PR Ltd
|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.
Caution regarding forward looking statements
Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identiﬁed by their use of terms and phrases such as ''believe'', ''could'', "should" ''envisage'', ''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect", ''will'' or the negative of those, variations or comparable expressions, including references to assumptions. These forward looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements reﬂect the Directors' current beliefs and assumptions and are based on information currently available to the Directors.
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