Nika Pharmaceuticals, Inc. (NIKA) Signed a Distribution Agreement for Nigeria

Rhea-AI Summary

Nika Pharmaceuticals (OTCMKTS: NIKA) has signed a distribution agreement for Nigeria with I.Conntact-Connect on June 11, 2024. This partnership targets a market of 229 million people with a 2.1% HIV prevalence rate. Under the agreement, NIKA will receive €1,980 per ITV-1 set, with two sets required per treatment, potentially generating €7.9 billion in revenue.

The deal aims to address Nigeria's HIV epidemic, where 190,950 new HIV/AIDS infections occur annually, including 41,000 cases among children with access to therapies. CEO Dimitar Savov announced plans to open a satellite office in Nigeria to serve as a hub for West Africa, emphasizing the country's strategic importance to NIKA.

Positive

• Signed distribution agreement for Nigeria, a market of 229 million people
• Potential revenue of €7.9 billion from ITV-1 treatment sales
• Addressing a significant HIV epidemic with 2.1% national prevalence
• Plans to open a satellite office in Nigeria as a West African hub

Negative

• None.

HENDERSON, Nev., July 18, 2024 (GLOBE NEWSWIRE) -- Nika Pharmaceuticals, Inc. (OTCMKTS: NIKA) announces the signing of a distribution agreement for the Republic of Nigeria.

The extensive negotiations with I.Conntact-Connect Limited finalized on June 11, 2024 and will allow NIKA to have a strong partner in a key market of 229 million people where recent estimates report a 2.1% national HIV prevalence (approximately 2 million people)¹. Under the agreement’s terms, NIKA will receive €1,980 per each set of ITV-1 with two sets necessary for each treatment, which could result in €7.9 billion revenue. More importantly, it will help the battle against a national HIV epidemic, in which 190,950 HIV/AIDS infections are registered each year, with 41,000 cases among children, most of whom do not have access to other therapies.²

NIKA’s CEO Dimitar Savov stated: “Since Nigeria is important for NIKA, in addition to the distribution agreement, we are preparing to open a satellite office there that will serve as a hub for the entire West Africa region.”

About Nika Pharmaceuticals, Inc.

Nika Pharmaceuticals, Inc. (NIKA) is a pharmaceutical company, specializing in the treatment of HIV/AIDS, Hepatitis B and C, Rheumatoid Arthritis, Cancer, Diabetes, and all diseases, for which strengthened cell immunity is of vital importance. NIKA's intellectual property includes six drugs in injection form – two of which have successfully undergone clinical trials with good treatment results – four drugs in tablet form, and eleven dietary supplements. NIKA’s goal is to not only achieve corporate profits, but to provide better and easier access to life-saving medicinal drugs and useful dietary supplements. Find more on www.nikapharmaceuticals.com.

Forward-looking Statement:

This press release contains forward-looking statements. Certain statements, other than purely historical information, including estimates, projections, statements relating to our business plans, objectives, and expected operating results, and the assumptions upon which those statements are based, are “forward-looking statements.” These forward-looking statements generally are identified by the words “believes,” “expects,” “anticipates,” “intends,” “strategy,” “plan,” “may,” “will,” “would,” “will likely result,” and similar expressions. Forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties which may cause actual results to differ materially. Our ability to predict results or the actual effect of future plans or strategies is inherently uncertain.

________________

¹ https://www.thelancet.com/journals/eclinm/article/PIIS2589-5370(23)00275-4/fulltext
² https://www.unicef.org/nigeria/health-hiv

FAQ

What distribution agreement did Nika Pharmaceuticals (NIKA) sign on June 11, 2024?

Nika Pharmaceuticals signed a distribution agreement with I.Conntact-Connect for the Republic of Nigeria on June 11, 2024.

How much revenue could NIKA potentially generate from the Nigeria distribution agreement?

NIKA could potentially generate €7.9 billion in revenue from the Nigeria distribution agreement, based on €1,980 per ITV-1 set with two sets required per treatment.

What is the HIV prevalence rate in Nigeria according to the NIKA press release?

According to the press release, Nigeria has a 2.1% national HIV prevalence rate, affecting approximately 2 million people.

What are NIKA's plans for expansion in West Africa?

NIKA plans to open a satellite office in Nigeria that will serve as a hub for the entire West Africa region.