LAS VEGAS, NV / ACCESSWIRE / October 22, 2019 / Skinvisible, Inc. ('Skinvisible') (OTCQB:SKVI), is pleased to announce that in conjunction with the mutual cancellation of the pending merger agreement with Quoin Pharmaceuticals, Inc. ('Quoin'), the parties have agreed to a product specific Licensing Agreement.
Skinvisible has signed an Exclusive Worldwide License Agreement with Quoin. Under the terms of this Agreement, Quoin will pay a $1 million licensing fee with $500,000 to be paid by December 31, 2019 and the balance by March 31, 2020. Skinvisible has granted to Quoin, an exclusive, royalty-bearing license to its technology for select Orphan Rare Skin Diseases and for the right to use its technology with a specific active ingredient to develop products which will target a number of CNS related indications. Quoin will be responsible for obtaining all FDA and other regulatory body approvals necessary to market the products in the US and other countries. Upon the successful completion of various clinical and regulatory milestones, Skinvisible is entitled to receive up to four milestone payments ranging from US$2.5 to $10 million each and may be entitled to additional sales milestones.
'After careful deliberation, both Skinvisible and Quoin came to recognize that remaining as independent companies and establishing this broad licensing partnership would unlock greater value for our shareholders. Quoin's commitment to using Skinvisible's Invisicare® technology as the delivery platform for these important products could potentially be extremely lucrative for Skinvisible,' said Terry Howlett, President and CEO, Skinvisible. 'We believe we have the IP necessary to maximize this opportunity with Quoin, and they anticipate moving quickly to initiate clinical development of a number of products.'
In conjunction with signing the License Agreement the parties have mutually agreed to terminate the Merger Agreement release each other and otherwise settle, compromise, dispose of, and release with finality, all claims, demands and causes of action, arising out of the Merger Agreement, the Lock-Up Agreements, the Parent Related Party Agreement and the Voting Agreement. Furthermore, neither party shall be liable to the other for any cost or contractual obligation, nor shall any break-up fee be due and owing by Skinvisible.
About Skinvisible Pharmaceuticals, Inc.
Skinvisible Pharmaceuticals 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 topical and transdermal delivered products. Invisicare holds active ingredients on the skin for extended periods of time, allowing for the controlled release of actives. www.skinvisible.com
About Quoin Pharmaceuticals, Inc.
Quoin is a privately held specialty pharmaceutical company with a portfolio of development stage products addressing major unmet medical needs in CNS and rare diseases. More information can be had at http://www.quoinpharma.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 including with respect to the possible development of any such products, the acceptance of any such products in the market place, the size of any such markets, the ability of any product candidates to be approved by the U.S. Food and Drug Administration among others. 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 period ending July 30, 2019). The Merger Agreement has been signed however the closing conditions need to be satisfied for the proposed Merger to close.
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SOURCE: Skinvisible Inc
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