LONDON (ShareCast) - (Sharecast News) - Life sciences company OptiBiotix Health announced on Tuesday that its wholly-owned subsidiary ProBiotix Health has extended the territories of its original agreement with Seed Health, for the production, promotion, marketing and commercialisation of products containing 'LPLDL'.
The AIM-traded firm said the agreement would extend the territories from the United States, to include the countries within Europe, Oceania including Australia and New Zealand, and Asia excluding India.

It said the agreement was for the supply of LPLDL in Seed's 'DS-01' product, which is a multi-strain synbiotic product containing OptiBiotix's lactobacillus plantarum LPLDL product.

DS-O1 received US Food and Drug Administration (FDA) authorisation for an 'Investigational New Drug' in October of last year, for irritable bowel syndrome (IBS) applications.

Seed was co-founded by Raja Dhir and Ara Katz to pioneer the development of next-generation probiotic and live biotherapeutic applications, which recently closed a $40m series A funding round to fund new-category launches and international expansion.

The board said the agreement would support Seed's expansion plans for DS-01, and was another example of OptiBiotix's partners either extending their product range or, as in this case, taking existing products into new territories.

It said the extension would contribute to growing group recurring revenue, with the directors saying it demonstrated the effectiveness of the company's strategy of diversifying routes-to-market through multiple partnership agreements.

"We are pleased to strengthen our already strong relationship with Seed Health by agreeing this territory expansion for DS-01 to support their ambitious growth plans," said OptiBiotix chief executive officer Stephen O'Hara.

"This is another example of OptiBiotix's partners extending their product range or expanding existing products into new territories.

"This helps to grow the existing recurring revenue base and provides a solid foundation on which to build a valuable and sustainable business."

At 0925 BST, shares in OptiBiotix Health were down 0.93% at 53p.

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