6th Dec 2019 11:56
(Alliance News) - OptiBiotix Health PLC on Friday said it has signed three new exclusive distribution agreements for its GoFigure and SlimBiome weight loss products covering Poland, Malaysia, and Singapore.
Shares in OptiBiotix were down 4.3% at 48.80 pence in London in late morning trade.
One is with Extensor and covers SlimBiome in Poland. Extensor is already OptiBiotix's exclusive partner in Poland for the distribution of GoFigure in Poland but now has the rights to distribute SlimBiome as well for a 12-month period. This exclusivity period for SlimBiome in Poland may be further extended based on performance review.
Another agreement is with Epic Ingredients Sdn Bhd for the distribution of SlimBiome in Malaysia and Singapore. This exclusivity is subject to minimum order quantities and a requirement to place the first order within four months of signing the deal.
Finally, Supplemed Solution Sdn Bhd, an Epic Ingredients subsidiary, has obtained the right to distribute OptiBiotix's own label GoFigure weight management products in Malaysia and Singapore. As with the Epic Ingredients deal, Supplemed must place an order within four months of signing the deal and meet minimum order quantities.
OptiBiotix Managing Director Fred Narbel said: "We are pleased to announce this extension of our partnership with Extensor to service the Polish market. They have proven to be a very reliable commercial partner and have recently placed a second order for GoFigure branded products to replenish their stocks. This agreement recognises the early success of Extensor in selling GoFigure products in Poland and extends the agreement to SlimBiome as an ingredient to support further sale growth.
"We are also pleased with our partnerships with Epic Ingredients and their subsidiary Supplemed to service the Malaysian and Singaporean markets. These are important as they show the value of the awards the company has won over the past two years. It is important to note that these three agreements are for an initial period of one year and include sales targets to retain exclusivity."
By Anna Farley; [email protected]
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