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Life sciences group OptiBiotix Health (LON:OPTI) has granted an option over its cholesterol reducing product to an unnamed multinational company.
The cholesterol and diabetes specialist has created a supplement which, in laboratory testing, showed a reduction in cholesterol of between 71% and 82%.
Unlike other products on the market, including low fat butter spread Benecol, which blocks cholesterol that has been ingested, this new supplement can also reduce the amount of cholesterol produced by the body.
Stephen O’Hara, chief executive, said: “They [the supplements] work by stopping the body from producing its own cholesterol, which is about three quarters of the cholesterol we have in our body, and it also works by absorbing some of the cholesterol that is ingested.”
He dismissed comparisons to Benecol but did note: “With Benecol, there is an £80mln contract. If we can get something in this area it could be quite lucrative.”
No details about the agreement or the other company involved were released other than it gives it an option to enter into a definitive agreement after a trial.
O’Hara said: “We are pleased to announce the signing of our first agreement with a global partner for our cholesterol reducing product.
“We believe that OptiBiotix's strong science base together with our partners brand portfolio and global reach will help both companies improve the health and well-being of people around the world."
The study, which started in January, is expected to be completed by the end of July with results announced by the end of September.