The Next Science Ltd (ASX: NXS) share price is roaring higher today despite the ASX being deep in the red.
At the time of writing, the medical technology company's shares are fetching at 89 cents a pop, up 8.54%.
In contrast, the All Ordinaries Index (ASX: XAO) is trading at 7,318.5 points, down 1.46%.
Next Science expands 'commercial footprint'
Investors are buying up the Next Science share price after the company revealed a positive update to the market.
In its release, Next Science advised it has signed a multi-year distribution agreement with Oraderm Pharmaceuticals to sell BlastX.
Located in Cremone, Victoria, Oraderm Pharmaceuticals is a medical sales joint venture between Douglas Pharmaceuticals and Arrotex Pharmaceuticals.
Under the deal, Oraderm will have exclusive rights across Australia and New Zealand for the sale and marketing of BlastX. However, this will be a dual Next ScieUnce/Oraderm labelled version.
Next Science is expected to receive a portion of revenues based on an agreed unit price and a minimum quantity per order.
The agreement will run for a period of five years but can be extended for another three years.
Oraderm's initial focus in Australia will be hospitals, nursing homes, dermatologists and over-the-counter pharmacy sales.
In New Zealand, Oraderm will concentrate on wound care in hospitals and other clinical settings accommodating varied distribution solutions.
Next Science is scheduled to deliver training to the distributor's sales force teams in late June. Commercial sales in Australia and New Zealand are expected to commence during the second half of 2022.
Next Science managing director, Judith Mitchell commented:
We are delighted to expand our commercial footprint for BlastX in Australia and New Zealand through Oraderm.
Oraderm is a well-known brand within the healthcare industry with a track record of success in bringing new products to market. This partnership enhances our ability to offer our proven wound care product to healthcare professionals and patients in Australia and New Zealand as we continue to pursue our mission to heal patients and save lives worldwide by reducing the impacts of biofilms on human health.
Next Science share price summary
Over the past 12 months, the Next Science share price has continued to tread lower to post a loss of 46%.
It's worth noting that the company's share price hit a fresh 52-week low of 79.5 cents in late April.
Based on valuation grounds, Next Science presides a market capitalisation of roughly $177.74 million.
