(Sharecast News) - Life sciences company OptiBiotix Health has extended the terms of its original exclusive licence agreement for 'OptiBiome' with OptiPharm, it said on Wednesday, which was initially announced on 31 March.
The AIM-traded firm said the terms of the exclusive licence agreement signed in March granted OptiPharm exclusive use of the OptiBiome trademark in Australia, parts of Asia, New Zealand, the Middle East, the Gulf states and North America.
It said the extension of terms now included Europe, with market exclusivity still linked to minimum order quantities.
OptiBiotix described OptiPharm as a privately owned Australian company, which has been operating for 24 years and specialises in weight management, nutrition and infant formula.
It said its products were produced in "state-of-the-art" Australian manufacturing facilities that are 'Good Manufacturing Practice' (GMP) qualified and 'Hazard Analysis and Critical Control Point' (HACCP) certified.
OptiPharm's flagship brand , Optislim, is the number one weight management brand in the Australian market, incorporating shakes, soups and bars available as total or partial meal replacements.
Optislim is used by consumers in Australia, New Zealand, China, shortly the Middle East and the United Arab Emirates, and was set for release throughout south east Asia, North America and Europe.
"We will shortly be releasing a new range of Optislim products which will include OptiBiotix's patented ingredient for weight management, and are delighted that OptiBiotix has agreed to an extension of terms that provides unrestricted access to additional international markets," said OptiPharm managing director Garry McDonald.
Dr Fred Narbel, managing director of OptiBiotix's prebiotics division, added that the company was "very pleased" with the extension of terms for OptiPharm, adding that it strengthened the commercial relationship between both companies.
"It is also another important commercial step in bringing OptiBiotix's patented and award-winning, scientifically formulated functional ingredients to global markets with Australia's number one weight management brand."
At 1307 BST, shares in OptiBiotix Health were down 3.27% at 53.2p.
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