Specialty pharmaceutical firm Viaderma Inc (OTCMKTS:VDRM) has disclosed that it has hired a medical insurance expert with a view to having its topical antibiotic ointment VitaStem approved by health insurers for reimbursement. The topical antibiotic ointment has already been registered by the U.S. Food and Drug Administration. ViaDerma has previously enjoyed success working with the particular medical insurance consultant and this has seen the firm managing to generate approximately $70 million yearly following the approval of a pre-natal vitamin for reimbursement by health insurers.
The distribution, sales and marketing partner of ViaDerma, Biogenx, has already started selling VitaStem at a retail price of $79. The manufacturing process has been streamlined by ViaDerma and VitaStem’s third production run is expected to start soon. And as interest in VitaStem continues to rise, ViaDerma is set to increase monthly output.
CBD Topical Serum
Additionally ViaDerma has a distribution and licensing agreement with Canadian partners with a view to producing CBD Topical Serum. The product has an absorption rate of 92% and is used to alleviate skin conditions such as Rosacea, Eczema, Psoriasis and Chronic Dry Skin. Other benefits of the serum include the fact that it act as an anti-bacterial and anti-inflammatory agent. Topical Serum also offers relief for those suffering from chronic pain as well as overall healing properties that come about when the skin absorbs the product.
The serum is expected to hit the shelves in this year’s first quarter and has been forecast to generate sales of approximately $2 million per year. Topical Serum will be distributed to more than 400 retail outlets located in Canada.
In 2018 ViaDerma also plans to expand its portfolio of intellectual property and also take advantage of the growth opportunities provided by a changing regulatory environment.
“We are extremely excited over our recent progress and are looking forward to having a breakout year in 2018. The State of California’s recent legalization of recreational cannabis has opened up many opportunities for us,” said ViaDerma’s president, Christopher Otiko.
In Thursday’s trading session shares of Viaderma Inc edged downwards by 3.23% to close the day’s trading session at $0.015 per share.