VRI receives TGA approval

Western Australian probiotics company VRI BioMedical (ASX: VRI) has received Therapeutic Goods Administration (TGA) approval for its gastrointestinal product, Progastrim.

The company is in discussions with potential marketing and distribution partners and expects that the therapeutic product could be launched in Australia by early next year, said executive chairman Leon Ivory. "What we've been waiting for is TGA approval," Ivory said.

Clinical trials have shown that Progastrim, a probiotic formulation based on a proprietary bacterial strain called Lactobacillus fermentum, can safely be used to manage and treat gastrointestinal disturbances including diarrhoea and irritable bowel syndrome. The probiotic also enhances immune system function.

While VRI's first product, ProBio PCC also targets gastrointestinal health, Ivory said that the TGA approved Progastrim provides a step up from the nutraceutical market. ProBio PCC will be marketed in a number of countries by US natural health company Pharmanex, and launches the product in the US on November 6.

Ivory said that the approval of Progastrim was validation of the company's clinical approach to the development of its probiotic products, headed by Prof Patricia Conway, who is a leader in probiotic research.

The market for probiotic capsules in Australia currently exceeds $10 million, according to Ivory. Anti-diarrhoeal products sold in Australian pharmacies last year came to more than $26 million, and this figure did not include products sold in other venues such as groceries and health food stores.