Personal health care company Integumen announced on Wednesday that it has signed a worldwide patent licence agreement with Dr Gary Hack for his co-rights to various patents and knowledge related to enhancing and extending the cosmetic benefits of botulinum toxin (Botox) treatments, as well as dermal fillers and rosacea, known as the 'Botox Booster intellectual property'.
The AIM-traded firm said Botox Booster IP was an "innovative and valuable" new addition to its patent portfolio, and complementary to the Visible Youth Professional product line.
Visible Youth is Integumen's a range of consumer and professional cosmeceutical products;
The patents of Botox Booster IP included the use of Hyaluronic acid and bioactive glass powders to "enhance and extend" the beneficial cosmetic effects of certain non-surgical dermal interventions.
Integumen said the global market for facial aesthetics was forecast to reach $4.7bn in 2018, of which the US was expected to contribute more than$2bn.
Under the agreement, Integumen was due to pay an initial non-refundable consideration of $7,500 on or prior to 21 October, and would be liable to make additional milestone payments of up to $17,500 based on the issuance of patents in the US and Europe and the first sale or licensing of a product based on the Botox Booster IP.
In addition, Dr Hack would receive royalty payments of 0.75% of the net sales of licensed products marketed directly by integumen, or 5% of all monies received by Integumen from the sub-licensing of the IP, including any upfront payments, milestones and royalties.
"This licence completes our rights to the Botox Booster IP and represents an exciting new addition to our patent portfolio and the Visible Youth Professional product line," said Integumen CEO Declan Service.
"Initial test evaluations have provided encouraging results and we will be looking to take this technology to proof of concept stage in the near future.
"We look forward to collaborating with Dr Hack on this innovative opportunity."
Service said Integumen planned to seek development and marketing partners to take the product beyond the proof of concept stage and to launch the Visible Youth Professional line in a "substantial and growing" market.
"We have also recently completed formulation and stability work for the first six Visible Youth consumer products and look forward to their launch in the European Union, the US and internationally."