Cosmos Health Signs Expanded Exclusive Distribution Agreement with Virax Biolabs for Avian Influenza Virus PCR Kits in Saudi Arabia, the UAE, Qatar, and Kuwait
Rhea-AI Summary
Cosmos Health (NASDAQ:COSM) has expanded its exclusive distribution agreement with Virax Biolabs for Avian Influenza Virus Real-Time PCR Kits to include Saudi Arabia, UAE, Qatar, and Kuwait. This expansion follows the previous agreement announced on January 13, 2025, which was to Oman and Bahrain. Under the new agreement, Cosmos Health gains authorization to import, sell, and distribute ViraxClear-branded kits throughout all GCC countries.
Positive
- Expanded market reach into four additional GCC countries
- Exclusive distribution rights secured for PCR testing kits
- Strategic expansion of healthcare product portfolio
Negative
- None.
Insights
This expanded distribution agreement marks a significant strategic expansion for COSM in the lucrative GCC healthcare market. The inclusion of Saudi Arabia, UAE, Qatar and Kuwait - beyond the initial Oman and Bahrain territories - represents access to substantially larger healthcare markets with combined healthcare spending exceeding
The timing is particularly strategic as GCC countries have been increasingly focused on strengthening their diagnostic capabilities following recent global health challenges. The Avian Influenza testing market in these regions has shown robust growth, driven by:
- Rising poultry production in Saudi Arabia and UAE, necessitating enhanced disease surveillance
- Growing healthcare infrastructure investments across GCC nations
- Increased focus on early detection and prevention of zoonotic diseases
For COSM, this agreement could serve as a valuable foundation for broader market penetration in the region. The GCC's healthcare markets are particularly attractive due to their:
- High per-capita healthcare spending
- Modern medical infrastructure
- Strong government support for healthcare initiatives
- Rapid adoption of new diagnostic technologies
While the immediate revenue impact may be modest given COSM's current market capitalization, the strategic value lies in establishing a stronger presence in these wealthy healthcare markets. This could pave the way for distributing additional products through the same channels, potentially creating a multiplier effect for future revenue growth.
CHICAGO, IL / ACCESS Newswire / January 23, 2025 / Cosmos Health Inc. ("Cosmos Health" or the "Company") (NASDAQ:COSM), a diversified, vertically integrated global healthcare group engaged in innovative R&D, owner of proprietary pharmaceutical and nutraceutical brands, manufacturer and distributor of healthcare products, and operator of a telehealth platform, announced today that it has entered into a supplemental exclusive distribution agreement with Virax Biolabs Group Limited (NASDAQ:VRAX) ("Virax") to distribute Virax-branded Avian Influenza Virus Real-Time PCR Kits across all remaining Gulf Cooperation Council (GCC) countries, including Saudi Arabia, the United Arab Emirates (UAE), Qatar, and Kuwait.
The previous exclusive distribution agreement, announced on January 13, 2025, was limited to Oman and Bahrain. Under the new agreement, Cosmos Health is now authorized to import, sell, and distribute ViraxClear-branded kits throughout all GCC countries.
Greg Siokas, CEO of Cosmos Health, stated: "We are delighted to deepen our collaboration with Virax and contribute to effective public health responses throughout all GCC countries."
About Cosmos Health Inc.
Cosmos Health Inc. (Nasdaq:COSM), incorporated in 2009 in Nevada, is a diversified, vertically integrated global healthcare group. The Company owns a portfolio of proprietary pharmaceutical and nutraceutical brands, including Sky Premium Life®, Mediterranation®, bio-bebe®, C-Sept® and C-Scrub®. Through its subsidiary Cana Laboratories S.A., licensed under European Good Manufacturing Practices (GMP) and certified by the European Medicines Agency (EMA), it manufactures pharmaceuticals, food supplements, cosmetics, biocides, and medical devices within the European Union. Cosmos Health also distributes a broad line of pharmaceuticals and parapharmaceuticals, including branded generics and OTC medications, to retail pharmacies and wholesale distributors through its subsidiaries in Greece and the UK. Furthermore, the Company has established R&D partnerships targeting major health disorders such as obesity, diabetes, and cancer, enhanced by artificial intelligence drug repurposing technologies, and focuses on the R&D of novel patented nutraceuticals, specialized root extracts, proprietary complex generics, and innovative OTC products. Cosmos Health has also entered the telehealth space through the acquisition of ZipDoctor, Inc., based in Texas, USA. With a global distribution platform, the Company is currently expanding throughout Europe, Asia, and North America, and has offices and distribution centers in Thessaloniki and Athens, Greece, and in Harlow, UK. More information is available at www.cosmoshealthinc.com, www.skypremiumlife.com, www.cana.gr, www.zipdoctor.co, as well as LinkedIn and X.
About Virax Biolabs
Virax Biolabs Group Limited is an innovative biotechnology company focused on the detection of immune responses to and diagnosis of viral diseases. Virax Biolabs Group Limited is currently developing T-Cell-based test technologies with the intention of providing an immunology profiling platform. T-Cell testing can be particularly effective in the diagnosis and therapeutics of post-viral syndromes such as Long COVID and other chronic conditions linked to immune dysregulation. For more information, please visit www.viraxbiolabs.com.
Forward-Looking Statements
With the exception of the historical information contained in this news release, the matters described herein, may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements preceded by, followed by, or that otherwise, include the words "believes," "expects," "anticipates," "intends," "projects," "estimates," "plans" and similar expressions or future or conditional verbs such as "will," "should," "would," "may" and "could", are generally forward-looking in nature and not historical facts, although not all forward-looking statements include the foregoing. These statements, involve unknown risks and uncertainties that may individually or materially impact the matters discussed, herein for a variety of reasons that are outside the control of the Company, including, but not limited to, the Company's ability to raise sufficient financing to implement its business plan, the impact of the COVID-19 pandemic and the war in Ukraine, on the Company's business, operations and the economy in general, and the Company's ability to successfully develop and commercialize its proprietary products and technologies. Readers are cautioned not to place undue reliance on these forward-looking statements, as actual results could differ materially from those described in the forward-looking statements contained herein. Readers are urged to read the risk factors set forth in the Company's filings with the SEC, which are available at the SEC's website (www.sec.gov). The Company disclaims any intention or obligation to update, or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Investor Relations Contact:
BDG Communications
cosm@bdgcommunications.com
+44 207 0971 653
SOURCE: Cosmos Health Inc.
View the original press release on ACCESS Newswire
FAQ
What countries are included in COSM's expanded distribution agreement with Virax Biolabs?
When did COSM announce its initial distribution agreement with Virax Biolabs?
What products will COSM distribute under the Virax Biolabs agreement?
What distribution rights does COSM have for Virax PCR kits in GCC countries?
