ASX and AIM listed Phosphagenics Limited ("Phosphagenics") today announced the signing of a Letter of Intent to supply its patented Vitamin E phosphate (Phospha E) to the leading Australian company Swisse Vitamins Pty Ltd ("Swisse Vitamins"), for sale and promotion in the dietary supplement market in Australia.
Phosphagenics' Managing Director Ian Pattison said he was looking forward to a successful partnership with Swisse Vitamins.
"This is a significant commercial milestone for Phosphagenics, as well as being excellent news for Australian consumers who will be able to take advantage of the health benefits of our new product," said Dr Pattison.
Phospha E is a new patented form of Vitamin E providing rapid absorption, anti-inflammatory activity and regulated anti-oxidant protection. Phosphagenics recently announced positive results for Phospha E in animal trials showing its potential to reduce the factors that increase the risk of cardiovascular disease.
Swisse Vitamins, Australia's No.1 selling brand of multivitamins for women and men, is renowned for its passion for consumers' health and investing heavily in medical research.
Swisse Vitamins is one of the only multivitamins in the world that has proven benefits based on randomised, placebo controlled, double blind clinical studies - the most rigorous of scientific evidence.
Swisse Vitamins Managing Director Michael Saba said both consumers and consequently shareholders can expect some great benefits.
"This new, scientifically proven, Phospha E is a bio-tech breakthrough. It's the only patented Vitamin E phosphate that has remarkable anti-inflammatory action and antioxidant protection. The potential benefits for cardiovascular health and disease prevention are endless," said Mr. Saba
Swisse Vitamins will be granted a 12 month exclusive agreement to sell Phospha E under their brand name. The primary territory will be Australia with other countries also to be considered.
Under the deal, Swisse Vitamins will sell the Phospha E under its label to the dietary supplement market. It will be formulated into its flagship Swisse Vitamins Men's and Women's Ultivite Multivitamins Antioxidants and as a stand alone soft gel capsule.
Dr Pattison said Phosphagenics currently has commercial arrangements for sale of its dietary supplement product in North America and its personal care product globally. The agreement with Swisse Vitamins is a further step in extending the market coverage and increasing Phosphagenics' global share of the growing industry.