Venture Life gains FDA Approval
FDA approval to manufacture OTC drug products for the US market
Long-term distribution agreement for UltraDEX in France
Venture Life Group plc (AIM: VLG), the international consumer self-care group focused on developing, manufacturing and commercialising products for the ageing population, announces its development and manufacturing facility has gained US FDA approval for the manufacture of over the counter (“OTC”) drug products for the US market. Separately, it has signed a long-term distribution agreement for UltraDEX in France.
Biokosmes S.r.l. (“Biokosmes”), the Company’s manufacturing facility based in Italy, has successfully passed an inspection by the US FDA which means it is now, for the first time, approved to develop and manufacture OTC drug products for sale and marketing in the USA. This means a completely new regulatory category of products that can be manufactured at Biokosmes. Venture Life now has the opportunity to provide this new service to its existing customers, as well as new customers, and it will also allow the Company to develop its own OTC drug products in due course for the US market.
In addition, the Company has signed a long-term distribution agreement for UltraDEX with leading French company La Brosse et Dupont SAS. Founded in 1932, the company is a former subsidiary of LVMH Moet Hennessy Louis Vuitton S.E. It serves customers through large and medium commercial outlets throughout France and has market leading products within the oral healthcare space. UltraDEX will be added to their branded portfolio and the launch in France will take place in Q1 2018.
Jerry Randall, Chief Executive Officer of Venture Life, said:
“Gaining the US FDA approval of our facility for the manufacture of OTC drugs is a significant new growth opportunity for the Company both with our existing and potential new partners and it also enables us to develop our own such products for the US market. Also, securing a partner for UltraDEX in France means that we have now extended the distribution of the UltraDEX products into four of the ‘big five’ EU countries, increasing our European coverage for this important Venture Life brand. These two significant achievements are expected to deliver future growth and value enhancement for the Group.”