The product will be launched immediately in more than 20,000 retail outlets under the trademark Coldizin24, at a very low risk for Scandinavian Clinical Nutrition (SCN), and with potential to reach a total of 60,000 stores.
The partnership provides Inverness Medical a right of first refusal for products and technologies licensed to Scandinavian Clinical Nutrition developed by Karolinska Institutet, the Swedish institution that awards the Nobel Prize in physiology or medicine. To maintain exclusivity, Inverness has to sell at least 1.2 million units during the first year.
SCN has formed a 10-year, $10 million research agreement with Karolinska Institutet through a network of excellence, which will serve to benefit Inverness Medical, which also maintains a strong focus on the research, development and distribution of new products.
Thomas Christensen, CEO of SCN, said: “By launching Coldizin24 with a prominent partner such as Inverness Medical, we will build our own brand on the US market for cold products, which has an annual turnover of $5.3 billion. We estimate the value of the agreement to at least SEK30 to 40 million in net sales.”