Skinvisible Pharmaceuticals, Inc. has entered into a feasibility agreement with Novartis Pharma AG. Under the agreement Skinvisible will assess the technical feasibility of a topical formulation with an undisclosed compound utilizing its proprietary Invisicare® polymer delivery system. This formulation, if successful, would leverage Invisicare's proprietary main benefits by providing controlled release of the proprietary active ingredient.
The agreement includes the option for the two companies to enter into a future exclusive licensing agreement which would include a licensing fee and royalties based on sales.
"This agreement is a milestone agreement for Skinvisible as we leverage our Invisicare technology with a proprietary active ingredient from Novartis, one of the world's largest pharmaceutical companies," said Terry Howlett, President Skinvisible Pharmaceuticals, Inc. "It is important to us to pursue markets that can have a significant impact on our bottom-line."
Skinvisible is focused on specific development projects with international companies as well as supporting the current nine licensees, some of whom will be entering into the prescription market with their licensed Invisicare formulations in 2011. Skinvisible has also focused on maximizing its Invisicare technology by expanding its development capabilities into markets that will support sustainable long-term sales growth for the Company.
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