OptiBiotix Health PLC (LON:OPTI) said it has signed an agreement that will see the medical formulation of its weight loss product sold in some of the world’s richest countries.
The group has inked a one-year deal with Lebanon-based Prosperous Pharma, a pharmaceutical distributor that also supplies nutraceuticals to doctors, pharmacies and consumers.
It will have exclusive rights over OptiBiotix's SlimBiome Medical for the Gulf Cooperation Council States and the Levant.
This covers Saudi Arabia, Kuwait, Qatar, Bahrain, Oman, Jordan, Egypt, Lebanon and “co-exclusive rights” for the United Arab Emirates and follows similar tie-ups in Greece, Cyprus and Bulgaria along with launches in the UK and mainland Europe.
Commercial details weren’t provided; however, OptiBiotix said market exclusivity was linked to minimum order quantities.
“Gaining a foothold in the region is important because it comprises some of the wealthiest nations in the world on a per capita basis and three of the six GCC States are among the top fifteen countries with the highest body mass index worldwide,” said Dr Fred Narbel, managing director of the British firm’s prebiotics division.
“Importantly, we have structured the deal to allow for an immediate contribution to our bottom-line and whilst we have initiated work with Prosperous to register SlimBiome Medical with local health authorities, we do not need to wait for the formal approval to start selling our medical device."