Immuron Limited (ASX:IMC) has entered into an agreement with DB Pharm Korea Co. for the sale of its travel sickness remedy Travelan® in South Korea.
Under the agreement DB Pharm Korea is granted exclusive rights to market, distribute, and sell Travelan® in South Korea, and requires DB Pharm Korea to comply with specified annual minimum order obligations.
DB Pharm Korea is also required to attain regulatory approval from the Korean Food and Drug Administration for the sale of Travelan® as an over-the-counter drug in South Korea.
An application for this is currently being prepared and approval is expected within 12 months.
DB Pharm intends to market Travelan® nationwide through pharmacies, targeting both overseas travellers, especially to south-east Asian countries including China, and local patients suffering from travellers' diarrhoea.
Travelan® is clinically-proven to prevent the main cause of travellers’ diarrhoea, with 90% efficacy.
According to the World Tourism Organization, diarrheal illness is by far the most common health impairment associated with international tourism in terms of frequency and economic impact.
Fifty million people travel each year from developed countries to developing countries, and up to 50% of these travellers report being affected by the condition during the first two weeks of their stay.
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