OptiBiotix Health plc (LON:OPTI) shares rose on Thursday following news the firm has signed a distribution agreement for its cholesterol and blood pressure reducing LPLDL bacteria strain in Greece and Cyprus.
The unnamed local partner for CholBiome was chosen for its customer network, which also covers the Middle East and its track record of promoting and developing products. It also has access to a number of international clinics.
Optibiotix has granted an exclusive three-year deal, which is subject to hitting certain sales targets, in return for local product registrations. No financial details were mentioned.
In September, the company inked a distribution contract for Bulgaria, while CholBiome is now on sale in the UK online.
“This agreement is a strategic step to build the distribution sales channel for CholBiome products in the European market and eliminates intermediates in the supply chain with a shorter route to market and higher value to OptiBiotix,” said OptiBiotix commercial director Per Rehné.
“The company has already placed an initial order to be used for pre-marketing activities and we expect further orders to support a consumer launch in the first-quarter of 2019."
In early morning trading, OptiBiotix shares were up 0.8% at 66.50p.
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