LAS VEGAS—Skinvisible Inc. and RHEI Pharmaceuticals, a Hong Kong-based pharmaceutical company and a subsidiary of the Luxembourg-based Leeward Ventures SICAR SCA, completed an exclusive license agreement granting RHEI the exclusive rights to three Skinvisible formulations developed using its patented Invisicare polymer delivery system.
The agreement specifies exclusivity for the products for the institutional/health care market and includes an adult incontinence cream, skin barrier cream and super moisturizer. The agreement specifies upfront license fees for the territories of Europe and China, and milestone payments based on approvals and launch dates for the United States. In addition, Skinvisible will receive royalties on sales of the products. RHEI will be responsible for regulatory filings, manufacturing and commercialization of the products. RHEI will leverage its affiliate BeoCare Group, a medical consumables manufacturer with facilities in the United States, Europe and China, to provide access to the institutional/health care markets through its established network of multi-national clients.
Additionally, RHEI will also sell to its affiliate, Senior Assist NV, one of the largest assisted living providers in Belgium, with a chain of 33 seniors' homes.
"We are excited about this important licensing agreement with RHEI, as they are in a prime position to capture significant market share and revenue from these products," said Terry Howlett, president and CEO of Skinvisible. "The annual institutional spending on incontinence products in the United States alone reaches $32+ million. RHEI is in a position to penetrate this market with their regulatory and commercialization experience and established client list."
"There is a growing need for more efficacious products to treat adult incontinence and skincare for the elderly," said Peter Vanderbruggen, managing director, Leeward Ventures SICAR SCA and president, BeoCare Group. "Skinvisible brings us products that can be leveraged by the three healthcare-related companies in our portfolio. We are pleased to collaborate with Skinvisible on the commercialization of these products, which represents a significant expansion of our current medical product lines."