Thursday 28th September 2017
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Promisia Integrative, which makes a dietary supplement for sore joints, announced it has appointed Rene de Wit as its new chief executive and said it is on the verge of launching its new product to treat osteoarthritis in dogs.
De Wit will take up the position on Oct. 9, replacing director Tom Brankin who has been acting managing director for the past six months. De Wit has experience in fast-moving consumer goods, food manufacturing, printing, packaging, import/export, financial services and logistics, Promisia said in a release to the NZX. His former roles include CEO or general manager positions with Watson & Son, Colorite Group, and Scalzo Food Industries.
The company's flagship product is Arthrem, a dietary supplement for joint support for humans. The proprietary extract made from the medicine herb Artemisia annua was originally tested as a malaria treatment in Papua New Guinea. It is grown for Promisia on a farm in Tanzania.
Brankin told BusinessDesk that the company is poised to launch its new product for dogs. Artevite will be sold through veterinary clinics, pet stores and online. The company has signed a marketing and distribution agreement with Brooklands Pet Products of New Plymouth which has an extensive countrywide marketing and distribution network. Brankin said the product is currently being packaged and should be at Brooklands next week.
In late August the company said sales in the six months to June 30 were $1.3 million, up 33 percent on the year, while the operating loss was slightly narrower at $349,000 versus a loss of $355,000 in the same period a year earlier.
The shares were up 3.6 percent at 2.9 cents and have fallen 8.9 percent over the past 12 months.
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