CHICAGO, IL / ACCESSWIRE / December 20, 2023 / Cosmos Health Inc. ("Cosmos Health" or the "Company'') (NASDAQ:COSM), a diversified, vertically integrated global healthcare group engaged in innovative R&D, owner of proprietary pharmaceutical and nutraceutical brands, manufacturer and distributor of healthcare products, and operator of a telehealth platform, announced today that it has entered into a definitive agreement, subject to customary closing conditions, with a related party to acquire the license and rights for "DIABIT-IS X", a drug used in the treatment of type-2 diabetes.
DIABIT-IS X is one the first generics to be launched in Europe following the European patent expiration in June 2024 of the branded "Januvia" owned by Merck. Januvia, along with its sister drug Janumet, generated combined global sales of $4.5 billion in 2022, and is approaching the expiration of its primary patent, held by Merck. In this context, Cosmos Health, as one of the first movers through the acquisition of DIABIT-IS X, is well-positioned to capture a significant share of the European market.
DIABIT-IS X is a medicine that contains the active substance sitagliptin. It will be available in tablets to be used in patients with type-2 diabetes to improve the control of blood glucose (sugar) levels. Type-2 diabetes occurs when the pancreas doesn't produce enough insulin or the body doesn't use insulin properly. DIABIT-IS X, containing sitagliptin, inhibits the breakdown of incretin hormones which stimulate insulin production after meals. Sitagliptin boosts insulin when blood glucose is high and doesn't activate at normal blood sugar levels. It also helps reduce liver glucose production, assisting in blood glucose regulation for type-2 diabetes management.
Greg Siokas, Chief Executive Officer of Cosmos Health, stated: "We are expanding into new markets to enhance and diversify our revenue streams. We are pleased to announce a definitive agreement to acquire DIABIT-IS X, which positions Cosmos as one of the first companies to launch a generic Type-2 diabetes medicine in Europe. Considering the multi-billion-dollar market size, we anticipate generating substantial profits from this investment."
About Cosmos Health Inc.
Cosmos Health Inc. (Nasdaq:COSM), incorporated in 2009 in Chicago, Illinois, is a diversified, vertically integrated global healthcare group. The Company owns a portfolio of proprietary pharmaceutical and nutraceutical brands, including Sky Premium Life®, Mediterranation®, bio-bebe® and C-Sept®. Through its subsidiary Cana Laboratories S.A., licensed under European Good Manufacturing Practices (GMP) and certified by the European Medicines Agency, it manufactures pharmaceuticals, food supplements, cosmetics, biocides, and medical devices within the European Union. Cosmos Health also distributes a broad line of pharmaceuticals and parapharmaceuticals, including branded generics and OTC medications, to retail pharmacies and wholesale distributors through its subsidiaries in Greece and the UK. Furthermore, the Company has established R&D partnerships targeting major health disorders such as obesity, diabetes, and cancer, and focuses on the R&D of novel patented nutraceuticals, specialized root extracts, proprietary complex generics, and innovative OTC products. Cosmos Health has also entered the telehealth space through the acquisition of ZipDoctor, Inc., based in Texas, USA. With a global distribution platform, the Company is currently expanding throughout Europe, Asia, and North America, and has offices and distribution centers in Thessaloniki and Athens, Greece, and in Harlow, UK. More information is available at www.cosmoshealthinc.com, www.skypremiumlife.com, www.cana.gr, and www.zipdoctor.co, as well as LinkedIn and X.
Forward-Looking Statements
With the exception of the historical information contained in this news release, the matters described herein, may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements preceded by, followed by, or that otherwise, include the words "believes," "expects," "anticipates," "intends," "projects," "estimates," "plans" and similar expressions or future or conditional verbs such as "will," "should," "would," "may" and "could", are generally forward-looking in nature and not historical facts, although not all forward-looking statements include the foregoing. These statements, involve unknown risks and uncertainties that may individually or materially impact the matters discussed, herein for a variety of reasons that are outside the control of the Company, including, but not limited to, the Company's ability to raise sufficient financing to implement its business plan, the impact of the COVID-19 pandemic and the war in Ukraine, on the Company's business, operations and the economy in general, and the Company's ability to successfully develop and commercialize its proprietary products and technologies. Readers are cautioned not to place undue reliance on these forward- looking statements, as actual results could differ materially from those described in the forward-looking statements contained herein. Readers are urged to read the risk factors set forth in the Company's filings with the SEC, which are available at the SEC's website (www.sec.gov). The Company disclaims any intention or obligation to update, or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Investor Relations
Paul Lampoutis
Capital Link, Inc.
230 Park Avenue, Suite 1540
New York, N.Y. 10169
Tel.: (212) 661-7566
Fax: (212) 661-7526
E-Mail: Cosmoshealth@capitallink.com
SOURCE: Cosmos Health Inc.
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