Total
0
Shares
EVE Investments (ASX:EVE) - Managing Director, Bill Fry - The Market Herald
Managing Director, Bill Fry
Source: Mitchell River Group
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • EVE Investments’ (EVE) Omni Innovation has entered a binding term sheet with Myopharm for rights to the company’s glycaemic control product for diabetes
  • The agreement grants Myopharm a 15-year licence for the manufacture, marketing and distribution of Omni’s foundation product, a clinically proven pre-meal glycaemic control product for type 2 diabetes and pre-type 2 diabetes
  • The agreement includes a mixture of upfront and deferred licencing fees, as well as ongoing royalties on product sales, with $70,000 already being received
  • Further initial licence fees of $565,000 are due in various instalments up to the end of January 2024
  • Myopharm will sell the product through a prescription channel in Australia and Europe, with the product expected to be launched in Australia this year
  • Eve Investment shares are up 11.1 per cent, trading at 1 cents


EVE Investments’ (EVE) Omni Innovation has entered a binding term sheet with Myopharm for rights to the company’s glycaemic control product for diabetes.

Omni Innovation is a medical technology company focused on medical nutrition, with a 38 per cent ownership by health, nutrition and wellness company, EVE Investments.

Specifically, Omni's latest deal with Myopharm, an unlisted Australian biotechnology company, grants them a 15-year licence for the manufacture, marketing and distribution of Omni’s foundation product, a clinically proven pre-meal glycaemic control product for type 2 diabetes and pre-type 2 diabetes.

The agreement will allow Myopharm to distribute the product throughout Australia, mainland China, U.K. and Europe, with the licence remaining exclusive, subject to meeting minimum annual royalty payments to Omni.

The agreement includes a mixture of upfront and deferred licencing fees, as well as ongoing royalties on product sales. $70,000 has already been received by the company, as well as $265,000 in equity.

Further cash payments, covering the initial licence fees, of $565,000 are due in various instalments up to the end of January 2024.

Myopharm will position the product to be sold through a prescription channel in Australia and Europe, with the product expected to be launched in Australia this year.

Omni is free to pursue other licencing arrangements, such as in the U.S. and India, where large populations are living with diabetes and pre-diabetes.

“The new licencing agreement for Omni Innovation’s pre-meal drink is very encouraging. We are excited to see Myopharm take on the licence in these territories and roll out its prescription channel model for this unique, scientifically validated product,” said Eve Investments Managing Director, Bill Fry.  

Eve Investment shares are up 11.1 per cent, trading at 1 cents at 10:20 am AEDT.

EVE by the numbers
More From The Market Herald
Fonterra (ASX:FSF) - CEO, Miles Hurrell - The Market Herald

" Fonterra (ASX:FSF) lifts milk price forecast

Fonterra (FSF) has lifted its forecasted price range for Farmgate milk due to strong demand.
Shine Justice (ASX:SHJ) - CEO and Managing Director, Simon Morrison - The Market Herald

" Shine Justice (ASX:SHJ) wins case against Johnson & Johnson after appeal dismissed

Legal services company Shine Justice (SHJ) has welcomed a ruling by the Full Court of the Federal Court of Australia.
Connexion Telematics (ASX:CXZ) confirms new CEO, bolsters board

" Murray River Organics (ASX:MRG) appoints Birol Akdogan as CEO

Murray River Organics (MRG) has appointed Birol Akdogan as its new Managing Director and CEO following a review by the company’s board.
Australian Primary Health (ASX:APH) - Co Founder & Executive Director, James Hood - The Market Herald

" Australian Primary Hemp’s (ASX:APH) mylk products to roll out in Coles (ASX:COL) stores

Australian Primary Hemp (APH) has secured a retail distribution agreement with Coles Supermarkets Australia (COL).