New distribution deal to help spur major hiring for PanTheryx

BOULDER — A new multi-country distribution deal with global pharmaceutical company Dr. Reddy’s Laboratories Ltd. (NYSE: RDY) is expected to help Boulder-based PanTheryx Inc., nearly triple in size over the next 12 months, as the 16-person company goes to market with a nutritional powder aimed at treating infectious diarrhea.

PanTheryx CEO Mark Braman said he expects to add 25 to 30 employees over the next 12 months.

“We’re going to start seeing that growth kick off in the fourth quarter of this year,” Braman said.

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Under the new deal, Dr. Reddy’s will distribute PanTheryx’s DiaResQ in India, Nepal, Russia, Myanmar, Vietnam, Ukraine, Sri Lanka, Kazakhstan, Belarus, Jamaica and select Latin American markets. Infectious diarrhea, according to 2013 World Health Organization figures, turns up in 1.7 billion cases annually in children under the age of 5. Nearly 760,000 of those children die, with 220,000 of the deaths occurring in India.

Braman said the deals with Dr. Reddy’s for the various countries feature a mix of five- and 10-year terms, with options to renew.

“It’s obviously a big validator of the product and the solution that it provides,” Braman said. “We’re super-excited about what it could mean going forward.”

Braman declined to disclose the dollar size of the deal, but it will mark some of PanTheryx’s first revenue. The company also recently launched in the United States in Passport Health clinics, which offer advice, immunizations, vaccinations and travel insurance for those traveling abroad.

Founded in 2007, PanTheryx spent the first couple of years of its existence exploring multiple areas of nutritional intervention. But since late 2009, the company has been squarely focused on addressing infectious diseases, in particular diarrhea. In addition to children, he said the company will move into the adult segment as well. PanTheryx is also doing clinical research on its powder for use in livestock. Research on the product for pets will begin later this year.

The company has raised $14.5 million in funding to date, Braman said, with another round likely coming this year.