Peptonic Medical (publ) (‘Peptonic’ or ‘the Company’) informs that the distribution agreement with Yuanjia Biotechnology Co., Ltd. concerning VagiVital® AktivGel for the Chinese market has been terminated.
The reason for the termination is a payment default where Yuanjia Biotechnology Co., Ltd. has failed to pay Peptonic Medical a total of EUR 406’. Half of the value for an order in November 2020 and subsequent shipment to China and the other half for an order in February 2021 where the goods is still in Finland. As a consequence q2 results will be negatively affected by SEK -1.4M.
– We have worked hard for a long period of time to find a solution with Yuanjia Biotechnology for settlement of the outstanding debt and to be able to move on with the development of our business in China. Unfortunately, this has not been possible whereby we now terminate the contract and seek legal advice to recover the outstanding payments, says Erik Sundquist CEO of Peptonic Medical.
A number of companies have expressed an interest in distributing VagiVital in China.
– The Chinese market is a very big undertaking for any company. A partner with strong financial platform, regulatory abilities, sales and distribution network is of essence. We will now assess the parties having expressed an interest in VagiVital®️ and initiate negotiations, says Erik Sundquist.
This disclosure contains information that PEPTONIC Medical AB is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 13-08-2021 15:31 CET.
Erik Sundquist, CEO
Telefon: + 46 722 49 90 43
About VagiVital® AktivGel
VagiVital® AktivGel is a patent pending hormone free self-care product for the treatment of vaginal atrophy and vaginal dryness. The product has been tested in randomised clinical studies (vaginal atrophy) with very positive results both for objective (vaginal pH and proportion of superficial cells in the vaginal mucosa) and subjective (most bothersome symptoms, such as vaginal dryness, vaginal irritation/itching, dyspareunia and dysuria) parameters. The magnitude of symptom relief is on par with that demonstrated with e.g. prescription estrogen based products on the market today. It was very well tolerated and caused no serious adverse effects.
VagiVital® AktivGel was launched in Sweden as a non-prescription self-care product in July 2018. In April 2021 VagiVital® Moisturizing V Cleanser was added under the VagiVital® brand. (see www.vagivital.com).
About Peptonic Medical AB
Peptonic Medical AB (publ) is an innovative biomedical company that conducts research, develops and sells products in the field of women’s health. Our vision is to offer safe and effective treatments for women-specific diseases, medical conditions and well being. Peptonic Medical launched VagiVital® AktivGel in July 2018. This is a hormone-free product for the treatment of vaginal atrophy and vaginal dryness. The company’s development program also includes Vagitocin® – a product that contains oxytocin for the treatment of vaginal atrophy. The development of Vagitocin® has been put on hold.
The company was founded in 2009 and the share has been traded since 2014 on Spotlight (www.spotlightstockmarket.com, short code: PMED) in Stockholm.
Since August 2020, Lune Group Oy Ltd. is a wholly owned subsidiary of Peptonic Medical. The company’s business concept is to lead a menstrual revolution in a positive spirit. By focusing on sustainable development, environmental issues and the promotion of sexual health, the company is evolving taking the lead as a green intimate care company. For more information about Lunette®, visit www.lunette.com.