Long term distribution agreements for Venture Life products
Venture Life Group plc (AIM: VLG), the international consumer self-care group focused on developing, manufacturing and commercialising products for the ageing population, announces the signing of new long-term distribution agreements for its UltraDEX® range and Myco-ClearTM range of products. In addition, sales data for the Company’s Lubatti range in China for July 2017 shows record monthly sales since launch in January 2016.
UltraDEX – success continues
Venture Life has partnered with Polipharama Benessere Srl (‘Polifarma’) a well-established pharmaceutical sales company to market and sell the Company’s UltraDEX oral healthcare product range in Italy. Polipharma is a well-known distribution company in Italy selling into both the dental and pharmacy channel, and they plan to launch the UltraDEX range in the Italian market early next year.
This partnership marks the continued international expansion of UltraDEX brand, which has now been partnered in nine new markets since being acquired by Venture Life in 2016, seven of which are in Europe, including Italy and Spain. The Company’s goal is to gain established distribution partnerships for UltraDEX in 30 markets by 2020, and remains on target to achieve this.
In the 12 July 2017 trading update, we reported that record monthly gross sales for the UltraDEX brand were achieved in June 2017. The brand continues to grow in the UK, with many new store listings taking place since then.
In addition, the Company announces the first group of long-term distribution agreements for its new in-house developed product Myco-Clear, a topical treatment for fungal nail infections. Signed distribution agreements now cover marketing in Egypt, Kingdom of Saudia Arabia & UAE through United Health, our new partner, and within Bulgaria through Ecopharm, which is already an existing important partner for three of our existing products. Myco-Clear has been developed to deal with both the aesthetic issue of the condition and the underlying infection, Onychomycosis (fungal nail infection), which causes discoloured, misshapen nails on both the hands and feet, and is the subject of a patent application. This product brings innovative design to an area where some current products often have low levels of efficacy. As announced previously, Myco-Clear is now approved as a Class IIa Medical Device in Europe and following that approval, the Company’s clinical programme is now well underway to strengthen the package of data around this product.
Lubatti China update
Following the launch of Lubatti, our luxury skincare range, in China in January 2016, our long-term partner Gialen has continued to invest in both sales and marketing in order to grow the brand in that region. This continued effort by Gialen has seen the monthly sales figures for the Chinese market continue their upward trend and July 2017 saw it reach its highest level since launch. The continued growth of Lubatti in China has resulted in a number of re-orders for the product in 2017, and more details on the successful roll-out of this range will be provided in the Company’s half-year results on 21 September 2017.
Commenting, Chief Executive Officer, Jerry Randall, said: “Appointing a partner for UltraDEX in another of Europe’s major markets demonstrates the continued growth and expansion of the brand that we had expected. Discussions continue in many other countries, including within Europe and we expect to deliver more news in this regard in the near term. I am also delighted to see the first deals completed on Myco-Clear, ahead of the completion of our clinical trials, demonstrating the strong demand for this product; finally the continued upwards trajectory of Lubatti in China is very pleasing and testament to the strength and investment of our partner Gialen, who we now understand have opened their 2,000th store in China. The continued commercial success across our portfolio continues the momentum seen in the first half of 2017.”