Life sciences business () has secured a distributor in Greece and Cyprus for its SlimBiome Medical weight loss device.
The AIM-listed company said its partner 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. The unnamed distribution company is associated with a number of private clinics providing therapies to individuals across the world.
The agreement grants the distributor exclusive distribution rights in Greece and Cyprus and first right of refusal for the Gulf States in return for meeting annual sales targets to retain exclusivity.
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.
Stephen O’Hara, the chief executive of OptiBiotix, said the company was pleased to announce this exclusive distribution deal so soon after achieving medical device registration and a 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,” O’Hara said.
“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,” O’Hara said.
“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,” he added.
— elrico (@LEMMINGINVESTOR) November 23, 2018