OptiBiotix Health PLC (LON:OPTI) has signed a licensing agreement for its cholesterol-lowering products in Bulgaria.
Velinoff Pharma will promote and distribute the CholBiome and CholBiomeX3 brands, which contain the company’s LPLDL probiotic bacteria strain. It will target pharmacies, cardiologists, GPs and cardiology clinics.
The products will have a dedicated team, including a brand manager and three medical sales representatives along with an existing team of sales representatives, OptiBiotix said.
Steve Prescott, chief executive of the company’s ProBiotix business, added: “Velinoff was chosen as our partner because they bring local expertise and a dedicated sales team to promote the sale of CholBiome and CholBiome X3in the Bulgarian market.”
The deal replaces a previous tie-up with an unnamed distributor and “eliminates an intermediary in the supply chain with a shorter route to market allowing closer partner working”, OptiBiotix said.
“This is all part of the next phase of the business cycle as we renegotiate partner agreements and focus our efforts on building a profitable business,” CEO Prescott said.