Quick-Med
Technolgies Inc. Announces Distribution Agreement with the Collaborative
Group
Agreement
reinforces Quick-Med’s strategy for accessing key markets.
Gainesville,
FL. – September 9, 2002
Quick-Med Technologies, Inc. (OTCBB: QMDT) announced today that it has
entered an exclusive multi-year agreement with The Collaborative Group,
Ltd. (“Collaborative Group”) to distribute its anti-aging
compound, Ilomastat, for use in cosmetics and other personal care markets.
Ilomastat is an important
compound that should play a key role in many aspects of skin therapy.
It is a highly successful member of a class of compounds called Matrix
Metallaproteinase Inhibitors that modern research has shown to be an integral
factor of skin cell biology. Quick-Med Technologies, Inc. (“Quick-Med”)
has an exclusive license on all topical uses of Ilomastat.
Quick-Med is commercializing
Ilomastat for both cosmetic and medical applications.
“The agreement
with Collaborative marks a milestone in our pursuing the cosmetics and
personal care markets”, said Michael Granito, chairman of Quick-Med
Technologies. “The Collaborative Group is the premier specialty
chemical company supplying the cosmetics industry with active ingredients
and advanced formulations for their products. We are thrilled to be working
with them.”
The agreement with
Collaborative Group calls for the companies to jointly develop advanced
formulations of Ilomastat as an active ingredient in a range of cosmetic
and topical personal care products. Collaborative Group then has 5-year
world-wide distribution rights.
Revenues to Quick-Med
during the first 6 to 12 month development phase of the agreement are
expected to be modest, and primarily in the form of up-front license fees.
Revenues are expected to start building in the second half of 2003 or
early 2004 and accelerate thereafter.
“Collaborative
brings deep skill and experience in this space and is an ideal partner”,
said David Lerner, president of Quick-Med Technologies. “This is
an excellent example of our strategy of developing the technology to the
right point and then partnering with a major firm to commercialize.”
“Ilomastat will
improve the performance of any topical anti-aging treatment,” said
Dr. James Hayward, CEO of Collaborative Group. “We expect this will
become the gold standard of performance ingredients in this category.”
The skin care market
is the fastest-growing personal-care segment globally, valued at US$34.1
billion in 2001. The greatest demand within the skin care category is
for anti-aging and anti-wrinkle products according to Datamonitor.
About
The Collaborative Group, Ltd.
The Collaborative Group, Ltd. located in East Setauket, New York, is a
bioscience company providing technologies, products and manufacturing
to the biopharmaceutic and personal care industries. Collaborative Group
began in the Incubator at the University at Stony Brook, New York. The
Collaborative Group, Ltd. can be accessed through the Internet at www.collabo.com
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