Start-up investor Eve Investments has an interesting medical portfolio in Australia: in May it was cannabis honey, yesterday their diabetes shake went to China.

One of Eve’s (ASX:EVE) investment vehicles, Omni Innovation, yesterday struck a deal to sell its pre-meal shakes for Type 2 and pre-Type 2 diabetes in China via ASX-listed distributor Eagle Health.

It may sound like a Belle Gibson-esque claim – a medical milkshake that can control diabetes. But ongoing studies by teams from Adelaide University and Curtin University suggest the vanilla and chocolate flavoured concoctions work.

The agreement is for a $1.5 million licensing fee, a $1 million payment after the agreement is signed, and a $500,000 payment once the shake is registered as medicinal food with the China Food and Drug Administration.

Eve’s other investment, a $1.49 million deal to buy 50 per cent of an organic essentials oils company from Jenbrook Ltd in NSW, includes a play on cannabis honey.

Director Bill Fry told Stockhead the appeal wasn’t the cannabis element — which is still being tested — but the medicinal benefits of the honey and the tea tree oil.

Eve completed a capital raising in early May for $1.1 million — but had no sales receipts in the quarter. It spent $916,000 in the period, leaving $260,000 in the bank at the end of June. Eve expects to spend $189,000 in the current quarter.

Eve’s shares have traded between 0.3c and 1.2c over the past year. Shares now trade at about 0.5c, valuing the company at $7.4 million.

Eagle Health Holdings, which makes protein powder and vitamins, listed in June and wants to capitalise on Australia’s clean image to distribute health products from this country in China.