HAMILTON, BERMUDA / ACCESSWIRE / October 25, 2021 / Altamira Therapeutics Ltd. (NASDAQ:CYTO), a company dedicated to addressing unmet medical needs through RNA therapeutics, allergy and viral infection protection, and inner ear therapeutics, announced today that it has signed a letter of understanding ("LOU") for the marketing and distribution of Bentrio™, its nasal spray for protection against airborne viruses and allergens, with Wellesta Holdings Pte Ltd, Singapore ("Wellesta") in India, Indonesia, Malaysia, Singapore, Taiwan and Vietnam (the "Territories"). Pursuant to the LOU, Wellesta will seek to register Bentrio™ in the Territories and then, 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," commented Thomas Meyer, Altamira Therapeutics' founder, Chairman and CEO. "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. Subject to successful registrations and ramp-ups by our distribution partners, we believe that our Bentrio™ revenues from the covered Asian markets alone should be between US$5 million and US$10 million in 2022."
Based on ongoing discussions and leads, 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.
Bentrio™ (AM-301) is a drug-free nasal spray intended for personal protection against airborne viruses and allergens. Upon application into the nose, Bentrio™ forms a protective gel layer on the nasal mucosa. This thin film is designed to prevent the contact of viruses or allergens with cells; in addition, the composition serves to bind such particles and help with their discharge and to humidify the nasal mucosa. Together, this is designed to reduce the risk of upper respiratory tract viral infections and promote alleviation of allergic symptoms. In human nasal epithelium cells infected by SARS-CoV-2, Bentrio™ was shown to reduce the infectious viral load by more than 99% when used for prevention. Further, Bentrio™ was effective in slowing the growth of the viral titer when treatment started only 24 or 30 hours after infection. In allergy, a clinical investigation in a pollen challenge chamber demonstrated a significant reduction in the main symptoms of allergic rhinitis with the protective effect setting in rapidly and lasting for 4 hours.
About Wellesta Holdings
Wellesta is a fast growing health care company headquartered in Singapore with a direct market presence in Southeast Asia and India. Founded in 2019 by two executives with more than 70 years of cumulated experience in leading multinational companies (MNCs) in health care, the company has since grown to more than 500 employees. With strong and MNC proven leadership teams both at headquarters and in each country, Wellesta is marketing and distributing a broad range of pharmaceuticals, nutraceuticals, OTC products and medical devices from multinational companies as well as own brands. Additional information can be found on the company's website www.wellesta.com.
About Altamira Therapeutics
Altamira Therapeutics is dedicated to developing therapeutics that address important unmet medical needs. The Company is currently active in three areas: the development of RNA therapeutics for extrahepatic therapeutic targets (OligoPhore™ / SemaPhore™ platforms; preclinical), nasal sprays for protection against airborne viruses and allergens (Bentrio™; commercial) or the treatment of vertigo (AM-125; Phase 2), and the development of therapeutics for intratympanic treatment of tinnitus or hearing loss (Keyzilen® and Sonsuvi®, Phase 3). The Company was founded in 2003 and is headquartered in Hamilton, Bermuda with its main operations in Basel, Switzerland. The shares of Altamira Therapeutics Ltd. trade on the NASDAQ Capital Market under the symbol "CYTO."
This press release may contain statements that constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are statements other than historical facts and may include statements that address future operating, financial or business performance or Altamira Therapeutics' strategies or expectations. In some cases, you can identify these statements by forward-looking words such as "may", "might", "will", "should", "expects", "plans", "anticipates", "believes", "estimates", "predicts", "projects", "potential", "outlook" or "continue", or the negative of these terms or other comparable terminology. Forward-looking statements are based on management's current expectations and beliefs and involve significant risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those contemplated by these statements. These risks and uncertainties include, but are not limited to, the approval and timing of commercialization of AM-301, Altamira Therapeutics' need for and ability to raise substantial additional funding to continue the development of its product candidates, the timing and conduct of clinical trials of Altamira Therapeutics' product candidates, the clinical utility of Altamira Therapeutics' product candidates, the timing or likelihood of regulatory filings and approvals, Altamira Therapeutics' intellectual property position and Altamira Therapeutics' financial position, including the impact of any future acquisitions, dispositions, partnerships, license transactions or changes to Altamira Therapeutics' capital structure, including future securities offerings. These risks and uncertainties also include, but are not limited to, those described under the caption "Risk Factors" in Altamira Therapeutics' Annual Report on Form 20-F for the year ended December 31, 2020, and in Altamira Therapeutics' other filings with the SEC, which are available free of charge on the Securities Exchange Commission's website at: www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated. All forward-looking statements and all subsequent written and oral forward-looking statements attributable to Altamira Therapeutics or to persons acting on behalf of Altamira Therapeutics are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and Altamira Therapeutics does not undertake any obligation to update them in light of new information, future developments or otherwise, except as may be required under applicable law.
SOURCE: Altamira Therapeutics Ltd.
View source version on accesswire.com: