LAS VEGAS, Oct. 14, 2010 (GLOBE NEWSWIRE) -- Skinvisible, Inc. (OTCBB:SKVI) (OTCQB:SKVI) is pleased to announce that RHEI Pharmaceuticals HK Ltd. (RHEI), a subsidiary of the Luxembourg-based Leeward Ventures SICAR SCA, has entered into an amended agreement that grants RHEI an expedited launch of DermSafe® Hand Sanitizer in Europe. RHEI has chosen to focus on DermSafe as their priority product after having established a straightforward path to European approval added to an increased interest for an alcohol-free hand sanitizer in that territory.
The amendment allows RHEI to apply the upfront license fee already paid to Skinvisible under a separate agreement for three skincare products to the license agreement for DermSafe Europe. The agreement for the three skincare products, which includes an adult incontinence cream, barrier cream and super moisturizer, remains in place and will now require the license fees to be paid upon launch. The DermSafe amendment also requires RHEI to pay an additional upfront license fee upon signing with the balance of the DermSafe Europe license fee to be paid on product launch, or no later than the first quarter of 2011. RHEI will also pay Skinvisible a royalty based on product sales and be responsible for seeking regulatory approval, importation or manufacturing sources and commercialization. Skinvisible retains rights to DermSafe for the retail/consumer markets within Europe. This amendment does not change the terms for DermSafe in China where the license fee is payable in milestones based on regulatory approval which is anticipated to occur by midyear 2011.
"We are pleased that RHEI will be accelerating the launch of DermSafe into the European commercial market," stated Terry Howlett, President and CEO of Skinvisible. "At a recent hand hygiene meeting sponsored by the University Hospital of Geneva along with the World Health Organization, Professor Didier Pittet stated that the European hand sanitizer market in healthcare alone was estimated at four times that of North America with sales of over $1.7 billion in 2007 and growing 25% annually." Mr. Howlett added, "We have the utmost confidence in RHEI's ability to commercialize DermSafe in Europe and based on these numbers, we believe that this amendment further demonstrates the significance of DermSafe to Skinvisible's bottom-line."
"We are dedicated to launching DermSafe into the European market as quickly as possible as the demand for an alcohol-free hand sanitizer for use in hospitals, nursing homes and food establishments continues to rise significantly each year," said Peter Vanderbruggen, Managing Director, Leeward Ventures SICAR SCA. "We will be introducing DermSafe this November in Germany at MEDICA, the world's largest trade show for the medical sector and we believe this will be the catalyst to the sale of DermSafe across Europe."
DermSafe is a unique, patent pending hand sanitizer formulated with 4% chlorhexidine gluconate and Invisicare, Skinvisible's proprietary polymer delivery system. 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.
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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 U.S. and China.
Forward-Looking Statements: 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 June 30, 2010).
CONTACT: Skinvisible Pharmaceuticals, Inc. Doreen McMorran 702-433-7154 info@skinvisible.com