Creso Pharma Ltd (ASX:CPH, OTCQB:COPHF) has signed a Letter of Intent (LOI) with Providence Animal Health Korea Ltd to work towards the registration, import and commercialization of Creso’s anibidiol® product suite Pharma for the South Korean market.
Providence Animal Health Korea is a leading supplier of pet food products to the South Korean market. The group has an established customer base focused on the business-to-business (B2B) and business-to-business (B2C) verticals.
Through its B2B channels, it covers a number of veterinary clinics, veterinarians and animal health stores in South Korea, especially those focusing on high-end prescription diets and pet food. The group also has a strong consumer following through its established e-commerce channels.
South Korea offers an attractive animal health market with approximately 5.2 million dogs and over 2.3 million cats registered as pets.
Progress towards commercialization
Under the LOI, Creso Pharma and Providence Animal Health Korea will work to register, import and market Creso Pharma’s anibidiol® product line.
Subject to successful product registration and signing of a commercialization agreement, Creso hopes to see the anibidiol® range commercialized in South Korea in the first quarter of 2023.
Workflows for registration and storage of the anibidiol® range will progress at Providence Animal Health’s GMP certified pharmaceutical grade facility located in Anseong, Kyunggi-do.
The facility, used by Bayer and Pfizer for drug storage, is one of the most advanced in South Korea.
Juneyoung Park, CEO of Providence Animal Health Korea, said, “We are excited to launch Creso’s animal health line of anibidiol® in Korea.
“We have a substantial market of companion animals that need plant-based supplemental foods to support the management of stressful situations.”
Well-established health science network
William Lay, Managing Director and CEO of Creso Pharma, said: “Korea is of strategic importance to Creso Pharma, as the country offers another lucrative potential market and could allow the company to further expand in the region. Asia Pacific.
“It has a very strong signal effect for other Asian countries because of its well-established academic and university network that contributes to health science in animal health.
“We are very proud to work with Providence Animal Health Korea and look forward to advancing the required regulatory approvals, prior to commercialization. »