UK-based life sciences business OptiBiotix Health said that its unit ProBiotix Health has signed a licensing agreement with Bulgarian pharmaceutical marketing company Velinoff Pharma for distribution of several of its products in Bulgaria.
Velinoff will promote the sale of CholBiome and CholBiomeX3, which contain OptiBiotix’s patented probiotic strain LPLDL, under a non-exclusive licence to pharmacies, cardiologists, general practitioners, and cardiologic clinics in Bulgaria.
Velinoff will have a dedicated team, including a brand manager and three medical sales representatives, along with an existing team of sales representatives promoting product sales. The agreement is based on minimum sales volumes.
“The change to this agreement removes a sales intermediary allowing us to better support Velinoff to grow sales. This is all part of the next phase of the business cycle as we renegotiate partner agreements and focus our efforts on building a profitable business,” Steve Prescott, CEO of ProBiotix, commented.
Velinoff is a pharmaceutical marketing company founded in 2018 as a representative of pharmaceutical companies active in the advanced areas of biotechnology, mainly focusing on diabetes and cardiovascular diseases.