Integrated health, nutrition and wellness company EVE Investments (ASX:EVE) has confirmed the pre-meal drink launch for diabetes sufferers is now underway under new licence agreement between Omni Innovation (38% EVE) and Myopharm Limited.
The company’s subsidiary Omni Innovation (38% owned by EVE) has entered into a binding Term Sheet agreement with Myopharm Limited, an unlisted Australian biotechnology company, for a 15-year licence for the manufacture, marketing and distribution of Omni Innovation’s foundation product, the clinically proven pre‐meal glycaemic control product for Type 2 diabetes and Pre‐Type 2 diabetes.
In Australia, there are approximately one million people living with Type 2 diabetes, with a further two million people with pre-diabetes. Omni Innovation’s pre-meal glycaemic product reduces the blood glucose spike that occurs after consuming a standard meal and in the long term improve overall glycaemic control (HbA1c levels), this provides a drug-free alternative to those seeking to manage their Type-2 diabetes or pre-diabetes.
Globally, Type 2 diabetes and pre-diabetes are amongst the fasting growing chronic medical conditions.
Since entering into the agreement earlier this year, Myopharm, supported by Omni Innovation, have been continuing to progress activities towards a consumer launch of Omni Innovation’s product with activities including brand development, packaging development and work to establish consumer pathways.
Under brand name, Omni-D the product was recently launched to participants at the Australasian Diabetes Congress, this step is in the leadup to a full consumer launch early in 2022 through healthcare and allied health network in Australia.
Omni Innovation has also licensed the product to Myopharm for China, Europe and the UK and these launched are also expected to follow later in 2022.
Omni Innovation has already received $0.5m in upfront consideration, with a further $0.4m to arrive in stages through to FY24. On-going royalties to Omni Innovation, with significant minimum annual payments to maintain exclusivity, are also payable under the agreement between the parties based off product sales in the territories.
Eve’s Managing Director, Bill Fry, said Omni Innovation continues to pursue licensing arrangements in other territories including the USA and India, both territories with large populations of those living with diabetes and pre-diabetes as well as being markets that Omni has patented its pre-meal drink technology.
He said Omni Innovation expects to leverage of a successful relaunch of the product by Myopharm in Australia, and the other territories it holds, to build further value through partnerships in other territories.
We’re very excited to see this this unique, scientifically validated product being launched by Myopharm and look forward the product being available in-store across pharmacy and other distribution networks,” Mr Fry said.