Millennium Biotech and Provider Services extend deal

New Jersey-based Millennium Biotechnologies, a wholly-owned subsidiary of the Millennium Biotechnologies Group, says it is set to receive funding of $600,000 from its one-year product development agreement with fellow US firm Provider Services. Under the terms of the accord, which includes a $20.0 million five-year purchasing deal, the former will focus on the creation of a ready-to-drink nutrition product for patients in long-term care in the latter's facilities.

Mark Mirken, MB's chief operating officer, said that the agreement would allow the firm to employ its extensive clinical experience in cancer and HIV in addressing the nutritional challenges of long-term care. These thoughts were echoed by Provider Services' chief executive, Brian Colleran, who commented that "expanding our relationship with MBI and MBTG by funding the product development...will give us a significant cost savings and market advantage."