OptiBiotix Health PLC (AIM:OPTI) said it signed an exclusive supply agreement with Nahdi Medical Co that will see its GoFigure and SlimBiome Medical weight management products sold in Saudi Arabia (KSA).
Nahdi owns the largest pharmacy network in the Kingdom and has a significant presence online across the six countries of the Gulf Cooperation Council.
A store launch of an initial seven products from the OptiBiotix range is planned for the first half of next year, followed by a ‘progressive’ roll-out across the chain and online envisaged.
“We are very pleased that Nahdi selected our science-backed, differentiated range of products as the primary choice to offer its consumers to help address the rising rates of obesity seen across the KSA,” said René Kamminga, chief executive of listed company’s subsidiary, OptiBiotix Limited.
“This is the third agreement with a large partner in as many weeks, each with similar revenue potential which we believe will make a significant contribution to OptiBiotix's growing revenue in the years ahead."
Obesity is an area of urgent concern in the KSA as it is seen as one of the key health challenges for Saudis, the company said. This is underlined by a survey by the World Obesity Federation that revealed almost 50% of the people in the Kingdom are overweight or living with obesity.
OptiBiotix is a pioneer of compounds that modulate the human microbiome, a bacterial ecosystem found ostensibly in the gut but also on the skin. Its products emanate from scientific research and human-based studies.
As well as weight management, its innovations have been designed and developed to address metabolic syndrome and diabetes, systemic low-grade inflammation, cardiovascular disease, high cholesterol and to support healthy ageing.