Collaboration agreement with FMCG company in Functional Food discontinued
As earlier communicated, in late 2017 Probi signed a collaboration agreement with a global FMCG company (fast-moving consumer goods) concerning launch of a Functional Food product in the North American market.
Probi has been informed by the partner, that they after a strategic review of the product, has decided to discontinue the collaboration agreement. The product launch was scheduled for the second half of 2019.
"We are obviously disappointed that the collaboration is discontinued. There is a good working relationship and we will continue the dialogue with the partner regarding other potential business opportunities. The termination of the agreement results in a revision of our short-term growth outlook for Probi’s business area Functional Food. In parallel, Probi is working on projects with other partners in Functional Food that we plan to materialize in the future.”, says Probi’s CEO Tom Rönnlund.
Business area Functional Food had sales of SEK 37 million in 2018, accounting for approximately 6% of Probi's total sales revenues of SEK 604 million.
This information is information that Probi AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out below, at 12 April 2019 at 8.30 CET.
FOR FURTHER INFORMATION, CONTACT:
Tom Rönnlund, CEO: tel +46 46 286 89 40, e-mail: trd@probi.com
Henrik Lundkvist, CFO: tel +46 46 286 89 41, e-mail: henrik.lundkvist@probi.com
ABOUT PROBI
Probi AB is a Swedish publicly traded bioengineering company. The vision of Probi is to help people live healthier lives by delivering effective and well-documented probiotics, with proven health benefits based on scientific research. Founded by scientists in Sweden in 1991, Probi is a multinational company with four sites, active in more than 40 markets around the world and holding over 400 patents worldwide. In 2018, Probi had net sales of MSEK 604. The Probi share is listed on Nasdaq Stockholm, Mid Cap. Probi has approximately 4,000 shareholders. Read more at www.probi.com.
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