ProBiotix Health (AQSE:PBX) said it has entered an exclusive partnership with Bioksan to supply its LPLDL® strain for Spain and Portugal as part of a reformulation of Lipok® that replaces red yeast rice.
The move is pitched as a pre-emptive play against potential European restrictions on Monacolin K from red yeast rice, with ProBiotix noting more than 40 brands could need reformulation and an estimated affected consumer market of about €130 million a year and a longer-term replacement opportunity of up to €26 million a year for its YourBiotix turnkey solutions containing LPLDL®.
Under the agreement, ProBiotix will supply the patented probiotic as the anchor ingredient while Bioksan, a 2014-founded Spanish nutraceutical developer, distributor and B recognised by the Financial Times, undertakes product reformulation and local market distribution.
"We are delighted to be working with an early adopter like Bioksan and pleased they have chosen to include LPLDL® in Lipok following a reformulation targeted at cholesterol reduction," said Steen Andersen, CEO of ProBiotix Health.
ProBiotix said Bioksan is among the first to reformulate with LPLDL® and that several additional projects are underway in other EU countries.
