Dr. Howard Verrico reports
SIRONA BIOCHEM SIGNS DEFINITIVE LICENSE & SUPPLY AGREEMENT WITH SKINCARE INDUSTRY LEADER RODAN + FIELDS
Sirona Biochem Corp. has completed a definitive agreement with Rodan + Fields LLC, the leading skin care brand in the United States, for the licensing and commercial sales of novel ingredient TFC-1067 to brighten and even skin tone. Rodan + Fields will be the first to market for a consumer product utilizing TFC-1067 in certain countries including United States.
Under the terms of the agreement, Sirona will receive an upfront and milestone payments as well as continuing revenue in return for the manufacture and supply of TFC-1067, a novel, new skin brightening ingredient, for use by Rodan + Fields on a non-exclusive basis and Rodan + Fields will launch a new product incorporating the ingredient. Further details of this agreement will remain confidential for strategic reasons. Both Sirona and Rodan + Fields look forward to a mutually beneficial long-term relationship.
"Sirona's board concluded that working on a non-exclusive basis will enable us to advance, in parallel, on multiple global partnerships. We are therefore continuing active partnering discussions regarding TFC-1067. Ultimately, we will achieve maximum commercial value by penetrating the numerous sales channels and territories available. This will enable us to capture a larger portion of the global skin lightening market with TFC-1067," reported Dr. Howard Verrico, chief executive officer of Sirona Biochem.
The agreement also establishes regular meetings between Sirona's and Rodan + Field's scientists to explore future collaborations on new consumer products. This brings together the full spectrum of expertise to take early-stage concept through to an innovative formulated product worthy of the Rodan + Fields skin care philosophy.
Contract research organization (CRO) Roowin has developed a chemical process required for large-scale manufacturing of TFC-1067 and has now been instructed by Sirona to begin manufacturing to fill anticipated orders for the product launch.
"The commercial validation of our platform technology represents a major milestone for Sirona's team. This agreement marks a first step in the introduction of TFC-1067 into key markets and the launch of TFC-1067 into the global market," added Dr. Verrico. "We have worked through extensive due diligence and built a good relationship with Rodan + Fields. We are very pleased to be working with the number one skin care brand in the U.S. for the launch of our innovative and superior skin brightening compound, TFC-1067. Moreover, we are looking forward to update our shareholders about our progress in China in due course."
"As a company committed to innovation, Rodan + Fields continually seeks out novel and groundbreaking technologies. We're excited to partner with Sirona to commercialize this highly novel new molecule in an up-and-coming product release and deliver the well-validated benefits to our consumer base," said Dr. Simon Craw, senior director, research and development, business development, at Rodan + Fields. "Developing long-term strategic relationships with biotech companies is part of Rodan + Fields's DNA, and in Sirona we see an innovation-focused company we can work closely with over the next several years." Dr. Craw continued.
About Sirona Biochem Corp.
Sirona Biochem is a cosmetic ingredient and drug discovery company with a proprietary platform technology.
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