- 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.