Mr. Christopher Hopton reports
SIRONA BIOCHEM RECEIVES UP-FRONT PAYMENT FOR RIGHT OF FIRST REFUSAL CONTRACT FOR SKIN LIGHTENER TFC-1067
Sirona Biochem Corp. has signed a right of first refusal (ROFR) agreement with an industry-leading, skin care company to license Sirona's skin lightener, TFC-1067. The company is a leader in North American skin care sales with rapidly growing international sales channels.
The skin care company has completed extensive due diligence on TFC-1067. This includes both the data package provided by Sirona as well as their independent research and analysis on the compound. This work is contributing to the goal of an international commercial launch of what the company is proving will be both a safe and effective skin lightener in an industry where other compounds typically suffer from either poor efficacy or toxicity issues.
The ROFR agreement, which includes all territories except China, states that upon receipt of the clinical trial report from dermatologist Dr. Zoe Draelos, the company will have 30 days to review the data. At that time, the company will notify Sirona of their intent to conclude a licensing agreement. At their request, the company's identity and the detailed agreement will remain confidential until a definitive agreement is executed.
Sirona has received an upfront payment for the acceptance of the ROFR.
"We are very pleased to have established this arrangement. A great deal of time and resources have been invested by both Sirona and the skin care company working on the advancement of TFC-1067 with the goal of an international commercial launch," reports Dr. Howard Verrico, chief executive officer of Sirona. "In order to protect the company and justify their ongoing efforts, the ROFR was a necessary step in advance of our clinical trial results, as these results are also greatly anticipated by other major skin care companies. This is an exciting time for Sirona's team here in Canada as well as our scientific team in France and marks another milestone towards commercially launching a disruptive new skin lightening ingredient in this $20-billion (U.S.) global skin lightening market (1)."
About Dr. Zoe Draelos
Dr. Draelos is a clinical and research dermatologist based in High Point, N.C. Dr. Draelos, supported by a team of highly skilled scientists, is the head of the Dermatology Consulting Services (DCS) research organization, aimed at facilitating research, consulting and communication services to the pharmaceutical and cosmetic industries. The clinical trial centre runs assessments on different skin, hair and nail conditions, such as acne, psoriasis, hair loss and aging.
With over 30 years of experience, Dr. Draelos has been recognized many times over the years for her cutting-edge research, including the lifetime achievement award from Health Beauty America and the Society of Cosmetic Chemists. A pioneer in the field of cosmetic dermatology, Dr. Draelos continues to work with lead cosmetic and pharmaceutical companies as well as furthering her own research in the dermatology space.
Dr. Draelos was a past vice-president of the American Academy of Dermatology and is a consulting professor of dermatology at Duke University. She has authored over 300 articles, eight books and has shared her expertise across different media.
About Sirona Biochem Corp.
Sirona Biochem is a cosmetic ingredient and drug discovery company with a proprietary platform technology. Sirona specializes in stabilizing carbohydrate molecules with the goal of improving efficacy and safety. New compounds are patented for maximum revenue potential.
Sirona's compounds are licensed to leading companies around the world in return for licensing fees, milestone fees and continuing royalty payments.
(1) M.R. Fact (July, 2018) retrieved from Globe Newswire.
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