NEW YORK, July 18, 2013 /PRNewswire/ -- Aquavit Pharmaceuticals, Inc. announces it has signed a definitive licensing agreement with U-Bio Med Inc., a medical technology device company in South Korea, for the worldwide commercialization of the company's microneedle device technology.
The definitive agreement, signed on July 14, 2013, provides Aquavit Pharmaceuticals a perpetual exclusive right to license, sub-license, improve and/or commercialize the patented microneedle technology and all of its derivatives. The companies have not disclosed the deal amount.
"Dr. Eum is an exceptional scientist. The technology will accelerate our consorted development towards disruptive innovation in drug delivery," said Sobin Chang, Aquavit's Chief Executive Officer.
Aquavit will own all intellectual property pertaining to further development of Aquavit's pipeline products. The company has begun the registration process with the FDA and CE for specialized use.
"In addition to the patented delivery mechanism of the needles, we are using pure gold to ensure quality and safety," said Dr. Nyun-Sik Eum, CEO of U-Bio Med.
AQT-001 has been FDA registered and will be commercially available in US and globally shortly. The technology will address the unmet needs of the 11 billion dollar medical aesthetics market and the 30 billion dollar vitamin and mineral market.
"It is an innovative delivery system for botulinum toxins and dermal fillers. I use it with Botox, hyaluronic acid-based fillers and vitamin combinations," said Dr. David Shafer, Chief Medical Technology Officer.
About U-Bio Med Inc.
U-Bio Med (Ubiquitous Bio Medical Equipment) is a Korean company that specializes in the development and manufacturing of precise test equipment, bio-sensor based optical systems and practical medical devices.
About Aquavit Pharmaceuticals, Inc.
Aquavit Pharmaceuticals is a multi-specialty healthcare company focused on discovering, developing and commercializing innovative pharmaceuticals, medical device, and health technologies. For more information, visit www.aquavitpharma.com or contact Anne Hargreaves at 212-210-9272.
SOURCE Aquavit Pharmaceuticals, Inc.