Last checked at 23 Apr 2014 07:00
Venture Life Group PLC
New Distribution Agreement signed with New Partner in Kingdom of Saudi Arabia for four new products
Bracknell, UK - 23 April 2014 - Venture Life (AIM: VLG) announces that it has signed a new distribution agreement for four of its branded products with DEEF Pharmaceuticals covering the Saudi Arabian market. Venture Life now has three partners with distribution rights for the Kingdom of Saudi Arabia (KSA) covering ten of its products.
The products covered under the new distribution agreement are Procto-eze™ for the treatment of haemorrhoids, Immobilice™, for the treatment and prevention of head lice, as well as two products in the Guma-eze™ range that ease gum pain.
Under the terms of the agreement, DEEF Pharmaceuticals has exclusive distribution rights for these products for 5 years in the market, is obliged to purchase annual minimum product volumes and will be responsible for funding and managing all on-going marketing expenses in KSA. DEEF Pharmaceuticals is part of the Banaja Group of companies, which has a sales force that accesses pharmacies as well as other channels. Banaja was founded in 1944 and has a diversified therapeutic product portfolio including Rx, OTC and lifestyle products. It sells products in the KSA territory for many well known partners including GSK, Roche, Pfizer, Sanofi, Actavis and Omega Pharma amongst others.
The Company expects that these products will be launched into the market towards the end of Q4 this year or beginning of Q1 2015, once registration is completed.
Jerry Randall, Chief Executive Officer of Venture Life, commented:
"This new distribution agreement reflects our stated strategy as an international consumer selfcare business of extending our penetration into growth markets with our strong portfolio of products and enlarging our partner base. I am delighted as this is our first deal on products from the portfolio of the Biokosmes business that we merged with in late March 2014, tangibly demonstrating early synergies from the merger."
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Enquiries
Venture Life Group PLC
Jerry Randall, Chief Executive Officer
James Hunter, Chief Financial Officer +44 1344 742870
JW Communications
Julia Wilson +44 7818 430877
Square1 Consulting
David Bick/Mark Longson +44 207 929 5599
Charles Stanley Securities: (Nominated Adviser) Phil Davies +44 207 649 6000
Notes to Editors:
About Venture Life
Venture Life is based in the UK and focused on developing products that are self-medicated in the home by the ageing population. The Company's products are currently sold or partnered in over 40 countries and currently include:
· Food supplements to help lower LDL cholesterol and to improve brain function and memory;
· dermo-cosmetics and cosmetics for addressing the signs of skin ageing and hair loss, and
· medical devices for improving conditions such as minor aches and pains, dry eyes and itchy skin.
The Company has a healthy development pipeline including products in areas such as diabetes, cardiovascular health, obesity, cognitive function and skin ageing. Products coming from the pipeline will have intellectual property protection and will be supported by independent clinical evidence of efficacy.
The Company's commercial strategy is focused on developing and commercialising innovative products, which are sold into pharmacies by its international network of distribution partners.
The Company's product development strategy is focused on delivering products that:
· Are consumer-facing and are attractive to distribution partners and pharmacies,
· Are safe and efficacious and satisfy significant unmet or poorly met market needs, and
· Are supported by objective clinical data that validate the Company's products and differentiate them from the competition.