LAS VEGAS, July 20, 2010 (GLOBE NEWSWIRE) -- Skinvisible, Inc.(OTCBB:SKVI), the developers of Invisicare, and RHEI Pharmaceuticals HK Ltd. , a Hong Kong-based pharmaceutical company and a subsidiary of Luxembourg-based Leeward Ventures SICAR SCA, have entered into an exclusive licensing agreement for the commercial/institutional rights for DermSafe(R) Hand Sanitizer for Europe and China. The agreement follows the previously announced July 13th licensing agreement with RHEI for three skincare products, including an adult incontinence cream, barrier cream, and super moisturizer.
The agreement includes licensing fees payable in milestones based on regulatory approval in Europe and China, anticipated to occur within twelve months or less. RHEI will pay Skinvisible a royalty on product sales and be responsible for seeking regulatory approval, manufacturing, and commercialization. Skinvisible retains rights to DermSafe for the retail/consumer markets within Europe and China. This agreement also provides Skinvisible with all data generated by RHEI to pursue regulatory approvals within the U.S. and internationally.
"These two new agreements with RHEI represent $1.5 million in licensing fees and on-going royalties on product sales for Skinvisible," stated Terry Howlett, President and CEO of Skinvisible. "This agreement provides another opportunity for RHEI to leverage its international affiliates with established client lists in Europe and China. It is an important step in accelerating the worldwide commercialization of Invisicare products, and represents the third DermSafe licensing agreement, with previous agreements covering Canada and South East Asia."
"There is a critical need for a safe and effective hand sanitizer made without alcohol for use in hospital and nursing homes," said Peter Vanderbruggen, Managing Director, Leeward Ventures SICAR SCA. "We have been very impressed with the clinical studies conducted on DermSafe on bacteria and viruses, including influenza A viruses, C difficile, and MRSA. We are excited to be working with Skinvisible to introduce this innovative product to our customer base, and to help protect healthcare professionals and their patients."
DermSafe is a unique, patented hand sanitizer, formulated with 4% chlorhexidine gluconate, an active ingredient used safely, internationally, as a pre-surgical scrub and in periodontal products.
DermSafe is made without alcohol, and is proven to kill both bacteria and viruses for up to four hours, even with hand washing.
About Skinvisible Pharmaceuticals, Inc.
Skinvisible is a research and development company that licenses its proprietary formulations made with Invisicare, its patented polymer delivery system that offers life-cycle management and unique enhancements for topically delivered products. Invisicare holds active ingredients on the skin for extended periods of time, resisting both wash off and perspiration, along with controlling the release of actives, and reducing irritation. Skinvisible receives a combination of research and development fees, license fees, and royalties for the life of the patent. Skinvisible's value also lies in its ability to continually generate new IP on topical products formulated with Invisicare. www.skinvisible.com
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About RHEI Pharmaceuticals
Rhei Pharmaceuticals Ltd. (RHEI) is a global pharmaceutical business development firm, with special focus on bringing core medicines from the U.S., Europe, and Japan into the fast-growing South-East Asian marketplace. They are experts in business development, regulatory approval, and clinical development, and have a management team that combines a Western approach to pharmaceuticals, with a long experience in Europe, North America, and South-East Asia. They use their development capabilities and network of preferred commercial partners to help other pharmaceutical companies introduce their products into specific, niche markets, such as the European institutional health care market, and the Chinese hospital market. RHEI is headquartered in Hong Kong, and has operations in Belgium, the US, and China.
This press release contains 'forward looking' statements within the meaning of Section 21A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbors created thereby. Such statements involve certain risks and uncertainties associated with an emerging company.
Actual results could differ materially from those projected in the forward looking statements as a result of risk factors discussed in Skinvisible, Inc. reports on file with the U.S. Securities and Exchange Commission (including, but not limited to, a report on Form 10Q for the quarter ending March 31, 2010).
CONTACT: Skinvisible Pharmaceuticals, Inc.