EVE Health (ASX: EVE) is set to shift its strategic direction from functional foods to regulated health markets through the acquisition of biotech company Nextract for $3 million. This acquisition will bring Nextract’s oral delivery technologies, including its lead product, an alcohol-free, orally dissolvable film designed to address the US$5.3 billion global erectile dysfunction market. The film boasts a 15-minute therapeutic onset, offering a fast-acting solution. Nextract also has a product candidate targeting dysmenorrhoea (period pain), a US$10.9 billion global market.
EVE Health plans to integrate Nextract’s products rapidly, targeting a commercial launch in Australia before year-end via the Special Access Scheme and Authorised Prescriber pathways. The company also sees significant potential in the Middle East and North Africa, citing growing demand for accessible health products and cultural preference for alcohol-free formulations. This region is experiencing rising investment in pharmaceutical and wellness infrastructure. EVE Health expects the acquisition to enhance its technical capabilities in pharmaceutical formulation and solubility science, potentially aiding in Therapeutic Goods Administration approval for its Meluka Australia brand. As of the end of March, EVE had $300,000 cash on hand and had secured commitments to raise $1.5 million through a share placement and purchase plan.
