Altamira Therapeutics (NASDAQ:CYTO) signed a letter of understanding (LOU) with Singapore’s Wellesta Holdings for the marketing and distribution of Bentrio, its nasal spray for protection against airborne viruses and allergens, in India, Indonesia, Malaysia, Singapore, Taiwan and Vietnam.
Under the accord, Wellesta will seek to register Bentrio in the six countries and, subject to entering into a definitive marketing and distribution agreement, start promoting and selling the product in those markets.
“This LOU with Wellesta for Bentrio comes on the heels of our executing similar agreements with distributors in Thailand and the Philippines, greatly extending our commercial presence in this dynamic world region,” Thomas Meyer, founder, chairman and CEO of Altamira, said in a statement.
“Wellesta has achieved rapid growth and great success in building a high-quality portfolio of health care products for distribution in South East Asia and India, and we very much look forward to working with its team,” he added.
Subject to successful registrations and ramp-ups by its distribution partners, Altamira believes that its Bentrio revenues from the covered Asian markets alone should be between $5-million and $10-million in 2022, Mr. Meyer said.
Based on ongoing discussions and leads, Mr. Meyer said Altamira expects to expand the geographic footprint for Bentrio further through agreements with additional distributors in the Asia-Pacific region as well as in other world regions.