Cosmos Health Secures Exclusivity Agreement with Virax Biolabs to Distribute mpox PCR Kits across the GCC, including the UAE, Saudi Arabia, Bahrain, Kuwait, Oman, and Qatar

Rhea-AI Summary

Cosmos Health (NASDAQ:COSM) has expanded its exclusive distribution agreement with Virax Biolabs (NASDAQ:VRAX) to commercialize mpox virus real-time PCR detection kits in Gulf Cooperation Council (GCC) countries. This extension builds upon their previous agreement for Greece, Cyprus, and non-exclusive distribution across Europe. The kits, CE-marked and MHRA-authorized, offer 96.7% sensitivity and 93.72% specificity, delivering results in under 70 minutes.

The agreement comes in response to the WHO's declaration of mpox as a public health emergency in August 2024, with cases spreading beyond Africa to Europe and Asia. Cosmos Health aims to support governments and public health authorities in Europe and the Gulf by enhancing preparedness and ensuring rapid detection of mpox cases.

Positive

• Exclusive distribution rights secured for mpox PCR kits in GCC countries
• Expansion of existing agreement with Virax Biolabs, potentially increasing market reach
• High sensitivity (96.7%) and specificity (93.72%) of the mpox detection kits
• CE-marked and MHRA-authorized kits, ensuring regulatory compliance
• Rapid test results in under 70 minutes, enhancing diagnostic efficiency

Negative

• Dependence on Virax Biolabs for product supply
• Potential competition from other diagnostic test providers in the market
• Success relies on the continued spread and concern over mpox virus

CHICAGO, IL / ACCESSWIRE / September 16, 2024 / 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 an extension of its existing exclusive distribution agreement with Virax Biolabs (NASDAQ: VRAX) to commercialize mpox virus real-time PCR detection kits in countries within the Gulf Cooperation Council ("GCC"). It had previously signed an agreement for exclusive distribution in Greece and Cyprus, as well as for non-exclusive distribution throughout Europe.

Under the agreement, Cosmos Health is now also authorized to import, sell, and distribute Virax-branded mpox Virus Nucleic Acid Detection Kits throughout the GCC, including Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.

The RT-PCR mpox virus detection kits are CE-marked for sale in Europe and authorized by the UK's Medicines and Healthcare products Regulatory Agency (MHRA). These tests offer a sensitivity of 96.7% and a specificity of 93.72%, providing results in under 70 minutes.

On August 14, 2024, Dr. Tedros Adhanom Ghebreyesus, Director-General of the World Health Organization (WHO), declared the rise of mpox cases in the Democratic Republic of the Congo and other African nations a public health emergency of international concern under the International Health Regulations. Since then, mpox has spread beyond Africa, with confirmed cases in Europe and Asia, signaling growing global concern.

Greg Siokas, CEO of Cosmos Health, stated: " We are excited to strengthen our partnership with Virax to help curb the spread of mpox. With strong demand for detection kits, we are well-positioned to support governments and public health authorities in Europe and the Gulf countries by enhancing preparedness, planning, and awareness, ensuring rapid detection and an effective response."

James Foster, CEO of Virax Biolabs, stated: "We are thrilled to deepen our partnership with Cosmos. This exclusive agreement extends our geographic reach, equipping more healthcare professionals with vital tools to diagnose and manage the spread of the mpox virus. We look forward to collaborating closely with Cosmos and leveraging its robust distribution network."

About Virax Biolabs Group Limited

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.

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® and C-Sept®. 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.

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 accesswire.com

FAQ

What new markets has Cosmos Health (COSM) secured for mpox PCR kit distribution?

Cosmos Health has secured exclusive distribution rights for mpox PCR kits in Gulf Cooperation Council (GCC) countries, including Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.

What are the performance metrics of the mpox PCR kits distributed by Cosmos Health (COSM)?

The mpox PCR kits distributed by Cosmos Health offer a sensitivity of 96.7% and a specificity of 93.72%, providing results in under 70 minutes.

When did the WHO declare mpox a public health emergency, leading to increased demand for Cosmos Health's (COSM) PCR kits?

On August 14, 2024, the WHO declared the rise of mpox cases a public health emergency of international concern, potentially increasing demand for Cosmos Health's PCR kits.

What regulatory approvals do the mpox PCR kits distributed by Cosmos Health (COSM) have?

The mpox PCR kits distributed by Cosmos Health are CE-marked for sale in Europe and authorized by the UK's Medicines and Healthcare products Regulatory Agency (MHRA).