Exclusive sales and distribution agreement

RNS Number : 6489V

OptiBiotix Health PLC

15 December 2021

 

  OptiBiotix Health plc

("OptiBiotix" or the "Company" or the "Group")

Exclusive sales and distribution agreement with Nahdi Medical Co

One of the leading Saudi Arabian pharmacy chains

OptiBiotix Health plc (AIM: OPTI), a life sciences business developing unique science and human study-based compounds that modulate the microbiome to address metabolic syndrome and diabetes, systemic low-grade inflammation, obesity, cardiovascular disease, high cholesterol and to support healthy aging has signed an exclusive supply agreement with pharmacy chain Nahdi Medical Co. ("Nahdi") for the sales of its GoFigure and SlimBiome® Medical weight management product range in the Kingdom of Saudi Arabia ("KSA").

Nahdi owns the largest pharmacy network in the KSA with over 1100 pharmacy outlets countrywide. Nahdi's online platform, Nahdi Online, is one of the leading e-commerce pharmacy player across the six countries of the Gulf Cooperation Council (GCC) https://www.nahdionline.com/en/ .

The in-store launch is planned for H1 2022 and will progressively expand into Nadhi's pharmacy network and its online platform. The launch will initially include seven products encompassing OptiBiotix's direct-to-consumer (D2C) own brands Gofigure® and SlimBiome® Medical range of weight management products including multi award winning weight management ingredient SlimBiome ® . The initial product range launched will combine meal replacement shakes, bars and sachet options and once successful, will be expanded with additional product offerings.

As part of this launch the OptiBiotix products will be registered with the Saudi Food and Drug Authority (SFDA) which is of strategic importance to both Nahdi and OptiBiotix as it facilitates the registration processes in the other GCC countries ( Bahrain ,  Kuwait ,  Oman ,  Qatar and the  United Arab Emirates ).

Obesity is an area of urgent concern in the KSA as it is seen as one of the key health challenges for Saudis resulting in wider implications to the economy. A recent survey conducted by the World Obesity Federation revealed that almost 50% of the people in the KSA are overweight or living with obesity https://www.worldobesity.org/news/wof-mena-press-release .

This agreement is another example of OptiBiotix' strategy to expand the geographical footprint of its pro- and prebiotic products providing science backed solutions with leading brands in the health & wellness market.

René Kamminga, C EO of OptiBiotix Limited, commented : "We are very pleased to announce this sales and distribution agreement with Nahdi Medical, a leading pharmacy chain in the KSA. Our SlimBiome ® Medical and GoFigure® range of weight management products have been specifically formulated to support consumers aiming to reduce their weight, help them stick to their change in diet and improve their gut microbiome at the same time. 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 . 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."

This announcement contains information which, prior to its disclosure, was considered inside information for the purposes of the UK Market Abuse Regulation and the Directors of the Company are responsible for the release of this announcement.

For further information, please contact:

OptiBiotix Health plc		www.optibiotix.com
Stephen O'Hara, Chief Executive	Contact via Walbrook below
Cairn Financial Advisers LLP (NOMAD)		Tel: [phone]
Liam Murray / Jo Turner / Ludovico Lazzaretti
Cenkos Securities plc (Broker)		Tel: [phone]
Callum Davidson / Neil McDonald
Michael Johnson / Russell Kerr (Sales)
Walbrook PR Ltd		Mob: [phone]
Anna Dunphy

Caution regarding forward looking statements

Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identified by their use of terms and phrases such as ''believe'', ''could'', "should" ''envisage'', ''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect", ''will'' or the negative of those, variations or comparable expressions, including references to assumptions. These forward looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors.

 

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