CHICAGO - Cosmos Health Inc. (NASDAQ:COSM), a global healthcare group, announced Monday that it has broadened its exclusive distribution agreement with Virax Biolabs Group Limited (NASDAQ:VRAX) to include all Gulf Cooperation Council (GCC) countries. This expansion follows a previous agreement that covered only Oman and Bahrain. Virax, with a market capitalization of $9.29 million, maintains a strong financial position with a healthy current ratio of 11.58, indicating robust short-term liquidity.
Under the new arrangement, Cosmos Health will distribute Virax-branded Avian Influenza Virus Real-Time PCR Kits in Saudi Arabia, the United Arab Emirates, Qatar, and Kuwait. The kits are designed for the detection of Avian Influenza and are part of a broader effort to support public health initiatives across the GCC. According to InvestingPro data, Virax is projected to see revenue growth of over 50% in the current fiscal year, suggesting strong market potential for its diagnostic products.
Greg Siokas, CEO of Cosmos Health, expressed enthusiasm for the enhanced partnership, saying, "We are delighted to deepen our collaboration with Virax and contribute to effective public health responses throughout all GCC countries."
Cosmos Health, founded in 2009, operates a vertically integrated model encompassing R&D, manufacturing, and distribution of healthcare products. It has proprietary brands in pharmaceuticals and nutraceuticals and runs a telehealth platform through its subsidiary, ZipDoctor, Inc. The company’s manufacturing arm, Cana Laboratories S.A., is licensed under European Good Manufacturing Practices and certified by the European Medicines Agency.
Virax Biolabs is a biotechnology company focused on immune response detection and viral disease diagnosis, currently developing T-Cell-based test technologies.
The extension of the distribution agreement signifies Cosmos Health’s ongoing efforts to increase its presence in the healthcare market of the GCC region.
This news is based on a press release statement from Cosmos Health Inc.
In other recent news, Virax Biolabs Group Ltd has disclosed several key developments. The company announced its 2024 Annual General Meeting (AGM), where shareholders will vote on various proposals, including the approval of the 2024 Equity Incentive Plan. This plan is designed to offer long-term incentives to the company’s employees, consultants, officers, and directors.
In addition, Virax Biolabs has entered into a distribution agreement with Europa Biosite, aiming to commercialize Virax’s ImmuneSelect Research Use portfolio in the United Kingdom (TADAWUL:4280) and Ireland. This partnership is expected to enhance the company’s commercial presence in these regions, making ImmuneSelect more accessible to researchers and pharmaceutical companies.
Furthermore, Virax Biolabs has expanded the distribution of its RT PCR Mpox virus detection kits in Europe and the Gulf Cooperation Council. This follows a distribution agreement that enables the commercialization of the kits, which have a sensitivity of 96.7% and specificity of 93.72%, delivering results in under 70 minutes. The company has also introduced an Early Release Partnership Program for early access to the Mpox RT-PCR Detection kits. These developments underscore Virax Biolabs’ ongoing commitment to public health measures against viral outbreaks.
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