Under the terms of the agreement, Oculus received an undisclosed upfront payment, and will receive multiple clinically based payments upon achievement of several development and regulatory milestones for both acne and secondary indications, as well as future escalating double-digit royalties on net sales of products. The agreement also memorializes the intent for future joint development of additional dermatological products and indications.
"This agreement reflects the AmDerma/Quinnova commitment to the future of dermatology. Microcyn® compounds have the potential to bring about significant advancement in the treatment of skin diseases which affect millions of patients, without adding to the growing problem of antibiotic resistance or steroid overuse," said
AmDerma will be responsible for the development costs for the acne formulation as well as other dermatological compounds.
"Oculus is thrilled to expand the scope of our existing partnership with Quinnova and its parent company, AmDerma. Quinnova is doing an exceptional job with the commercial launch of the Atrapro product, and we are confident they are the right partner to commercialize this technology in acne and other dermatological indications," said
Oculus will hold a conference call on
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Except for historical information herein, matters set forth in this press release are forward-looking within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including statements about the Company's commercial and technology progress and future financial performance. These forward-looking statements are identified by the use of words such as "licensing," "will receive," and "intent," among others. Forward-looking statements in this press release are subject to certain risks and uncertainties inherent in the Company's business that could cause actual results to vary, including such risks that regulatory clinical and guideline developments may change, scientific data may not be sufficient to meet regulatory standards or receipt of required regulatory clearances or approvals, clinical results may not be replicated in actual patient
settings, protection offered by the Company's patents and patent applications may be challenged, invalidated or circumvented by its competitors, the available market for the Company's products will not be as large as expected, the Company's products will not be able to penetrate one or more targeted markets, revenues will not be sufficient to fund further development and clinical studies, the Company may not meet its future capital needs, and its ability to obtain additional funding, as well as uncertainties relative to varying product formulations and a multitude of diverse regulatory and marketing requirements in different countries and municipalities, and other risks detailed from time to time in the Company's filings with the
Oculus and Microcyn® are trademarks or registered trademarks of
Oculus Innovative Sciences, Inc. Dan McFaddenDirector of Marketing/Communications (425) 753-2105 email@example.com
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