OptiBiotix Health has signed a three year distribution agreement with an established company to exclusively distribute and commercialize its CE marked medical device, SlimBiome Medical, in Greece and Cyprus.
The Company has an established distribution network in Cyprus, Greece and the Middle East and a track record in taking new products to market direct to pharmacies through its established distribution network. The Company is associated with a number of private clinics providing therapies to individuals across the world.
The agreement grants the Company exclusive distribution in Greece and Cyprus and first right of refusal for the Gulf States in return for meeting annual sales targets to retain exclusivity.
This agreement follows on from the announcement that SlimBiome was granted medical device status and a CE mark (RNS: 27 November 2018) and the appointment of Nutrilinea S.R.L as a manufacturer (RNS: 29 November 2018). SlimBiome Medical is clinically proven in a number of clinical studies to promote weight loss and will be sold as 30 single dose sachets to pharmacies and clinics in Greece and Cyprus.
The Company requires its identity and the terms of the agreement to remain confidential to protect its commercial interests and launch plans therefore no further details can be disclosed. A further announcement will be made in due course.
OptiBiotix CEO Stephen OHara said: “We are pleased to announce this exclusive distribution deal so soon after achieving medical device registration and CE mark for SlimBiome. Even more encouraging is that the Company has placed an early order and expects to make further orders to support a consumer launch in early 2019.
“We are delighted at the high level of interest we have received in SlimBiome from an industry which recognises the value of protective patents and trademarks, two industry awards, clinical studies demonstrating safety and efficacy, and now a medical device registration and CE mark.
“These all provide clear differentiation from other weight loss products increasing the likelihood of commercial success. We hope we can continue to convert this interest into substantial revenues in the months and years ahead as we build the sales network for SlimBiome Medical across Europe and beyond.”
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
Source: Company Press Release