Tetra Bio-Pharma Inc. (OTCMKTS:TBPMF) announced that it has signed a co-development and distribution partnership with a major healthcare specialty distributor.
Tetra is a global leader in cannabinoid-based drug discovery and development. The company focuses on three main business pharmaceutical promotions, clinical research and retail commercialization of its products. Finalization of the term sheets follows Tetra’s letter of intent in September 2017 for co-development and distribution partnership with similar privately held company specializing in the healthcare market.
The company has grown its distribution network and now covers up to 7,000 healthcare specialized professionals with at least a 3,000 specialized healthcare businesses in Canada besides working with a worldwide network of partners.
The partnership highlights that both Tetra and its partner will agree to a clinical trial plan with Tetra owning and maintaining the right to use the information gathered from trials for its own regulatory and commercial efforts in its field of use. The partnership also requires Tetra to develop its line of private label products for its partner and the products will be distributed in the partner’s brand name.
Strategies to be enhanced
Once a regulatory framework will been set up by health Canada on the legalization of cannabis, Tetra and its partners have agreed to launch all its products at the same time so as to enable maximization both revenue and have greater marketing impacts. The sale will also include cannabinoid as well as non-cannabinoid-based products. The companies believe that this strategy will work out well for both the companies thereby being able to consolidate the awareness of its brands in the new product line.
According to Bernard Fortier, CEO of Tetra, said that the company was very pleased to append their signatures on the term sheet since this will solidify the elements of letters of intent signed in September. Further, the country is continually striving and working on a day to day basis to solidify and grow Tetra as a major player in the industry (cannabinoid Pharma), which is yet another great step in the direction.
The company was also excited to continue building on the momentum that it is having going forward in 2018.