February 4, 2009
Skinvisible Signs Dermatology Agreement with RHEI Pharmaceuticals
New Partnership Introduces Invisicare to China
Las Vegas, Nevada & Plainsboro, New Jersey - February 4th, 2009 - Skinvisible, Inc. (SKVI:OTCBB), the developers of Invisicare, a patented polymer delivery system that provides life cycle management for topical products, and RHEI Pharmaceuticals NV, a Belgium based pharmaceutical company that in-licenses drugs for sale in China, today announced they have signed a first option agreement. This agreement gives RHEI the first option to license the exclusive rights for Skinvisible's dermatology products for the territory of China, Hong Kong and Taiwan. Specifically the agreement is for over-the-counter and prescription dermatology products formulated with Invisicare that have been approved in a reference country. Terms of the agreement were not disclosed. As part of the agreement, RHEI will augment its existing product lines by seeking approval and then marketing and manufacturing Skinvisible's Invisicare dermatology products in the approved territory.
The Chinese pharmaceutical market represents a huge opportunity with an estimated $22.6 billion spent on pharmaceutical drugs in 2007 and growing at an annual rate of nearly 20%. To address this huge growth, the Chinese government has implemented a more effective approval process, one that fits advantageously into the strategic plans of both Skinvisible and RHEI.
"Skinvisible looks forward to this collaboration with RHEI as we continue to implement our strategy to pursue an accelerated expansion worldwide of licensees for our dermatology formulations enhanced with Invisicare," said Mr. Terry Howlett, President and CEO of Skinvisible. "We are confident that RHEI can leverage its regulatory expertise, marketing capabilities and distribution channels to successfully commercialize Skinvisible products in the Chinese market. Additionally, we continue to focus on expanding our revenue base by negotiating other international partnerships and licence agreements."
"This partnership with Skinvisible allows RHEI to capitalize on the benefits of their Invisicare technology platform and will diversify the products offered by RHEI to the medical community," said Dr. Geert Cauwenbergh, Chairman and CEO of RHEI Pharmaceuticals. "Building on our demonstrated abilities at obtaining regulatory approvals and our experience in the Chinese healthcare market, our strategic investment in the development of an expanded dermatology product line formulated with Invisicare will be a great asset to our company and its bottom-line."
About Invisicare®
Invisicare is Skinvisible's patented polymer delivery system that offers life-cycle management and unique enhancements for topically delivered products. It is a combination of hydrophilic and hydrophobic polymers that hold active ingredients on the skin for extended periods of time resisting both wash off and perspiration. Invisicare can control the release of actives, reduce irritation and can eliminate some costly manufacturing processes. It is non-occlusive and allows for normal skin respiration while protecting against environmental irritants. www.invisicare.com
About Skinvisible Pharmaceuticals, Inc.
Skinvisible Pharmaceuticals is a research-and-development company whose primary business objective is to license its proprietary formulations with Invisicare to pharmaceutical and cosmeceutical companies as well as assisting companies in enhancing their existing skin care products. Skinvisible receives a combination of research and development fees, upfront license fees, and ongoing royalties for the life of the Invisicare patent. Skinvisible's value also lies in its ability to continually generate new IP on dermatology and medical products formulated with Invisicare. www.skinvisible.com
About RHEI Pharmaceuticals
RHEI Pharmaceuticals (RHEI) is a specialty pharmaceutical company focused on bringing core medicines from the U.S., Europe and Japan, into the fast-growing Chinese marketplace. RHEI in-licenses approved and late stage pharmaceutical products from these reference countries, and applies its development and regulatory expertise to bring these important therapies to China. RHEI's internal capabilities encompass business development, regulatory approval and clinical development- combining a western approach to pharmaceuticals with Chinese professionals that are highly experienced in the region. www.rheipharma.com
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 September 30, 2008).
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