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LONDON (Alliance News) - OptiBiotix Health PLC on Tuesday said it has entered into a three-year deal with an undisclosed company to distribute and commercialise SlimBiome Medical in Bulgaria.
SlimBiome is used for weight loss and is expected be sold as 30 single dose sachets to pharmacies and wholesalers in Bulgaria.
The life sciences company said the new partner has an established track record of taking new products to market directly through pharmacies and wholesalers, via its a distribution network in Bulgaria.
The agreement grants the unnamed firm exclusive distribution in Bulgaria in return for meeting annual sales targets to retain exclusivity.
This agreement follows on from the announcement that SlimBiome was granted medical device status and a CE mark and the appointment of Nutrilinea Srl as a manufacturer.
"We are pleased to announce this exclusive distribution deal after achieving medical device registration and CE mark for SlimBiome in 2018," said Managing Director of Optibiotix's Prebiotics division Fred Narbel.
"We hope we can continue to convert this interest into substantial revenues in the months and years ahead as we build the sales network for SlimBiome across Europe and beyond," added Narbel.
Optibiotix shares were trading 1.2% lower on Tuesday at 82.00 pence each.