OptiBiotix Health on Friday extended a supply agreement to broaden the supply of cholesterol-lowering capsules into Germany and several other countries.
The updated three-year agreement signed by fully-owned subsidiary ProBiotix Health will give HLH BioPharma Vertriebs exclusive licence to produce, package and commercialise a customised capsular product containing OptiBiotix's cholesterol reducing LPLDL strain in Germany, as well a non-exclusive license to produce, package and commercialise products containing the same strain in Austria, Switzerland and the United Arab Emirates.
The agreement also contains a commitment to double order volumes each year for the next three years in order to maintain exclusivity, which a statement from OptiBiotix said reflects the growing confidence from HLH in the science and effectiveness of its products.
Stephen O'Hara, chief executive of OptiBiotix, said: “We are pleased to announce this extension of terms and territory with HLH who are one of Europe's leading suppliers of probiotics to the pharmacy market. The agreement recognises the success of HLH in building sales of its LPLDL containing Lactobact brand in Germany and extends the terms and territory to support further sale growth.”
The AIM traded company said HLH has over 20 years of experience in the distribution of probiotic and natural products under the brand name Lactobact.
“This is another step in extending the geographical reach of LPLDL as it builds recurring revenue streams and increases brand recognition, and the value of its products. This is part of a strategy which allows OptiBiotix to present customised product solutions through its partners to consumer health, pharmaceutical and retail companies around the world.”
OptiBiotix Health's shares were up 2% to 85.4p by late afternoon on Friday.