| |
| Please Note - Streaming News is only available to subscribers to the Active Level and above |
|
|
|
Venture Life Group buys oncology support products from Helsinn Healthcare SA for £4.7 million
StockMarketWire.com
|
Manufacturer Venture Life Group (VLG) has acquired three oncology support products and their associated intellectual property and customer relationships from Helsinn Healthcare SA, in a move that is expected to immediately enhance earnings.
The three products are:
Gelclair - a muco-adhesive oral rinse gel used for the management of painful symptoms of oral mucositis (side effect of some cancer therapies). Gelclair is a registered medical device and is currently partnered in 40 countries.
Pomi-T - a Polyphenol rich mix of wholefoods used for the management of prostate specific antigen (PSA) levels in prostate cancer. Pomi-T is a registered food supplement and is currently partnered in 22 markets.
Xonrid - a hyaluronic acid based topical gel used for the prevention and treatment of radiation induced dermatitis. Xonrid is a registered medical device and currently partnered in 21 countries.
For the year ended 31 December 2020, the brands generated gross profit of £1.3 million on sales of £2.5 million.
Revenues for the 2020 financial year were impacted by the Covid pandemic which saw a reduction in oncology treatments due to lockdown, however, Venture Life said it expects the revenues of the Brands to benefit from the reducing effects of the pandemic and the increase of oncology treatments back to pre-Covid levels.
Venture Life CEO Jerry Randall said: I am delighted to announce another acquisition in pursuit of our progressive strategy to develop the group through selective acquisitions of exciting and immediately earnings enhancing assets.
Oncology support has been an area of interest in recent years for VLG as a potential growth area in an under-served market. Oncology patients and their healthcare practitioners look for products that provide effective relief from the painful side effects of oncology treatments.
The brands we are acquiring are well established brands, backed by good clinical data and already have meaningful revenues in many countries. We believe we can broaden the portfolio and offering, leveraging our in-house capabilities and expertise in medical devices and our geographic reach.
Gelclair is partnered in 40 countries already and we have existing relationships with some of its partners. There is the opportunity to further expand its geographic footprint and recently a new Japanese partner has achieved registration and is expected to launch the product in 2021. Pomi-T is less widely distributed, in 22 countries, as it was only launched in 2017, but again we believe there is a good opportunity to expand this interesting product further geographically.
The addition of the brands to the group brings meaningful additional revenue and profitability for the future.
At 1:55pm: (LON:VLG) Venture Life Group Plc share price was 0p at 86p
Story provided by StockMarketWire.com
|
|
|
|
|
|
