Nutrition 21 and Dong Sung Pharmaceuticals Enter into Distribution Agreement for Chromax and Diachrome
Nutrition 21 is a leading developer of nutritional products for cardiovascular health and diabetes. The market leader in nutritional chromium, Nutrition 21 currently holds 35 patents for nutrition products, 22 for chromium compounds and their uses. (Nutrition 21, Nutrition twenty-one, nutritional products, nutrition supplements, chromium picolinate, chromium, dietary supplement, weight management, cardiovascular health, diabetes, developer, manufacturer, research)
PURCHASE, NY, (PRWEB) September 16, 2005
Nutrition 21, Inc. (Nasdaq: NXXI), the leading developer and marketer of chromium-based nutritional supplements, announced today that it has entered into an exclusive distribution agreement with Dong Sung Pharmaceuticals Co. Ltd., a leading Seoul-based pharmaceutical company, for the sale of Chromax® and Diachrome® in the Republic of South Korea.
Under the agreement, Dong Sung is required to secure regulatory approval from the Korea Food and Drug Administration prior to selling or marketing the products. Nutrition 21 will support Dong Sung with the regulatory submission, including providing all relevant scientific data demonstrating the safety and efficacy of the brands. Dong SungÂ’s marketing strategy will rely heavily on its sales force of more than 100 representatives located throughout KoreaÂ’s 10 largest metropolitan areas who will detail physicians through pharmacies, clinics and hospitals.
“We are very excited about the opportunity to work with Nutrition 21 to bring their clinically substantiated products to the Korean market, where the increasing incidence of diabetes is a major public health concern,” said Mr. Y. S. Kim, Vice Chairman of Dong Sung Pharmaceuticals. According to the World Health Organization, in the year 2000 there were approximately 1.8 million people with diabetes in South Korea, with expectations of that number reaching more than 3.3 million by the year 2030.
“We are pleased to have reached an agreement with Dong Sung and are confident that we have selected a strategic partner with the experience and resources required to bring Chromax and Diachrome to the South Korean market,” said Gail Montgomery, president and CEO, Nutrition 21.
Nutrition 21Â’s primary marketing strategy is to establish demand for its consumer brands in the United States. However, the company has reported increasing interest in its products from prospective international marketing and distribution partners. Nutrition 21 is currently exploring possible strategic alliances with companies in Europe, India, Canada, Japan and other Southeast Asian countries.
About Nutrition 21
Nutrition 21 is a nutritional bioscience company and the maker of chromium-based supplements with health benefits substantiated by clinical research. The company markets Chromax® chromium picolinate, which is the most-studied form of the essential mineral chromium. The US Food and Drug Administration has recently allowed a qualified health claim for chromium picolinate that confirms that it is safe for use in people with insulin resistance and at possible risk for type 2 diabetes. The company also markets Diachrome®, a chromium picolinate and biotin supplement specifically formulated for people with diabetes. Nutrition 21 holds 36 patents for nutrition products and uses, 27 of which are for chromium compounds and their uses. More information is available at www. nutrition21.com.
About Dong Sung
Dong Sung is a publicly traded company based in Seoul, South Korea. Founded in 1957, the company develops, manufactures and sells pharmaceutical, cosmetic, nutrition and health products. More information is available at http://www. dongsung-pharm. co. kr/eng/index. html (http://www. dongsung-pharm. co. kr/eng/index. html).
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