Fero expands diabetes treatment Sucanon presence in the Middle East

Canada-based Fero Industries (OTCQB: FROI), the exclusive owner, producer and distributor of the type 2 diabetes treatment Sucanon, says it has entered into a distribution agreement with Premium Pharma. for the marketing and distribution of Sucanon in several countries in the Middle East region (Egypt, Saudi Arabia, United Arab Emirates, Bahrain, Kuwait, Qatar, Oman, Jordan, Lebanon, Iraq, Sudan and Libya). Sucanon is one of only three approved drugs in the multi-billion dollar market for a class of diabetic medications called "insulin sensitizers," the company notes.

The five-year distribution agreement calls for a minimum purchase of $13 million and gives Premium Pharma the exclusive right to market and sell Sucanon through its established distribution channels and will begin shortly the regulatory process with the Ministries of Health for the sale of Sucanon. Fero is also taking the necessary steps to comply with the US government for this agreement, and the companies expect to complete the licensing process and commence shipping of Sucanon within a year.

Commenting n the deal, Luis Lopez, president and chief operating office of Fero Industries, said: "Premium Pharma's regional business and consumer knowledge, along with their established pharmaceutical and health care products distribution network, makes them an ideal partner to expand this business model across the Middle East. This new agreement represents a major financial milestone for Fero, as it brings the total in minimum product to be purchased to $24 million for the region. We are working to expedite the necessary approvals from the various US government agencies and expect notification soon. This agreement validates Sucanon as a major new drug for type 2 diabetes."