Plandai Biotechnology Inc (OTCMKTS:PLPL), better known for producing Phytofare catechin complex has announced about Ultimate Sports Nutrition’s new product developmental initiative. As per the reports, USN is developing and investigating a new line of products for New Zealand and Australian markets. The product contains the green tea catechin-based Phytofare ingredient, produced by Plandai.
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Both Plandai and USN had signed an agreement in the past which makes it mandatory for the latter to use Plandai’s product for all the green tea related business in South Africa and Europe. After a pleasant experience during the initial period, both the companies have decided to extend this agreement. According to newly defined terms, Plandai will allow its partner to use company’s green tea ingredient Phytofare with other companies in its circle.
USN will try out this initiative in New Zealand and Australia at first and take further steps based on the response received in these two markets. Also, it will help the company to analyze if the extension of relationship with Plandai can give any fruitful results in the course of time or not. The senior management of Plandai is excited by this initiative and hopes that it will bring favorable results for both the companies.
Meanwhile Ritter Pharmaceuticals Inc (NASDAQ:RTTR) has decided to register its presence at the 3rd Microbiome R&D Business Collaboration Forum, which is being organized on September 10-11, 2015. According to reports, Michael Step, Chief Executive Officer, Ritter Pharmaceuticals, will represent the company at this event taking place in San Diego, CA.
Another well-known biotech company Cidara Therapeutics Inc (NASDAQ:CDTX) recently announced its financial results for 2Q2015. As per the reports, the total cash and cash equivalents of Cidara Therapeutics as of June 30 were $122.3 million against $58.3 million as of March 31, 2015. Although Cidara performed well in terms of operations, net loss for 2Q2015 amounted to $6.4 million.