Cosmos Health Inc. (COSM), an integrated healthcare company, on Wednesday announced the signing of a three-year manufacturing contract between its subsidiary Cana Laboratories, and Verisfield Pharmaceuticals SA.
Shares fell by over 10% on Thursday.
Under the terms of the contract, Cana is expected to manufacture 1.3 million VASCLOR GEST (progesterone) 400 mg vaginal pessaries used for assisted reproduction treatments. The total output over the three-year contractual period is anticipated to be 3.9 million pessaries in boxes of 15 units.
The deal facilitates Cana's expansion into the field of women's health and reproductive medicine. The company stated that the agreement would serve the Europen market as facilities continue to be upgraded in accordance with good manufacturing practices (GMP) protocols.
With the agreement, Verisfield gains another product to market across Greece and Europe, adding to its health portfolio of over 60 pharmaceutical products in seven therapeutic areas.
COSM is currently trading at $0.20, down 10.84%.
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