Result of AGM
RNS & Investor News
Exclusive Distribution Agreement for SlimBiome® Medical
17 March 2020
OptiBiotix Health plc (AIM: OPTI), a life sciences business developing compounds to tackle obesity, cardiovascular disease and diabetes, announces it has entered into a one year exclusive distribution agreement with Prosperous Pharma ("Prosperous").
Based in Lebanon, Prosperous is a licensed pharmaceutical distributor marketing medical devices, nutraceuticals and prescription medication to doctors, pharmacies and consumers https://www.prosperous-pharma.com.
The agreement grants Prosperous exclusive rights to distribute and commercialise OptiBiotix's SlimBiome® Medical to the Gulf Cooperation Council ("GCC") States and the Levant comprising the Kingdom of Saudi Arabia, Kuwait, Qatar, the Kingdom of Bahrain, the Sultanate of Oman, Jordan, Egypt, Lebanon and co-exclusive rights for the United Arab Emirates for an initial period of one year, to be extended if the conditions set in the business plan outlined in the contract are met. Market exclusivity is linked to minimum order quantities.
This agreement represents another strategic step to take OptiBiotix's SlimBiome® Medical to international markets and follows on from the announcement of the signature of distribution agreements for Greece, Cyprus (RNS: 4 December 2018) and Bulgaria (RNS: 9 April 2019) as well as the commercial launch to the UK (RNS: 24 April 2019) and European markets (RNS: 1 May 2019).
Mohammed Kadi, CEO of Prosperous Pharma said: "We are happy to be working with Optibiotix in marketing and distributing Slimbiome® Medical in the GCC States and Levant region. We believe this product will add value to our people's health. This region has one of the highest prevalence rates in obesity and other chronic diseases. We will leverage our experience in pharmaceutical marketing and access to distribution channels to deliver as much value as we can. This also aligns with our strategic goal to bring unique products backed up with science to our customers."
Dr. Fred Narbel, Managing Director of Optibiotix's prebiotics division, commented: "We are pleased to announce this exclusive distribution agreement with a well-established regional distributor. Gaining a foothold in the region is important because it comprises some of the wealthiest nations in the world on a per capita basis and three of the six GCC States are among the top 15 countries with the highest body mass index worldwide (Kuwait 3rd, Qatar 8th and the UAE 11th source: Quartz 2018). Importantly, we have structured the deal to allow for an immediate contribution to our bottom-line and whilst we have initiated work with Prosperous to register SlimBiome® Medical with local health authorities, we do not need to wait for the formal approval to start selling our medical device."
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
For further information, please contact:
|OptiBiotix Health plc||www.optibiotix.com|
|Stephen O'Hara, Chief Executive||Contact via Walbrook below|
|Cairn Financial Advisers LLP (NOMAD)|
|Liam Murray / Jo Turner / Ludovico Lazzaretti||Tel: 020 7213 0880|
|Geoff Nash / Kate Bannatyne (Corporate Finance)
Camille Gochez (Corporate Broking)
|Tel: 020 7220 0500|
|goetzpartner securities Limited||Tel: 020 3859 7725|
|Walbrook PR Ltd|
|Anna Dunphy||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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