VANCOUVER, BC / ACCESSWIRE / June 15, 2020 / (CSE:OVAT) - Ovation Science Inc. ("Ovation" or the "Company") is pleased to announce it has signed a revised agreement for additional rights for its DermSafe hand sanitizer (the "License Renewal Agreement") under the terms of the original License Agreement with Skinvisible Pharmaceuticals, Inc., previously announced February 13, 2020. The License Renewal Agreement provides Ovation with immediate additional rights which will assist in the sales and marketing of the product internationally.
The original License Agreement provided Ovation with the exclusive worldwide rights to DermSafe hand sanitizer for an initial period of three years with renewal rights. The License Renewal Agreement extends the License Agreement indefinitely, (subject only to the royalty), for payment in advance of the renewal fee of USD $100,000. In addition to the extension, Ovation will also be transferred the following rights:
- Two (2) Health Canada Drug Identification Numbers - 02310589 and 02355558
- DermSafe trademark;
- DermSafe clinical data; and
- The right to patent DermSafe in countries where not currently patented.
"We felt it was important that we expedite our agreement for DermSafe so that Ovation has possession of all of the rights and approvals that are in place but not yet identified under the Ovation name. Shortly all Health Canada records will be updated and Ovation will be identified as the owner of the two Drug Identification Numbers (DINs) as well as being on Health Canada's approval of DermSafe under "Disinfectants and hand sanitizers accepted under COVID-19 interim measure", said Terry Howlett, President of Ovation.
The License Renewal Agreement was approved by Ovation's directors with Terry Howlett and Doreen McMorran abstained from voting to approve the License Renewal Agreement due to their disclosable interest in the transaction contemplated with Skinvisible Pharmaceuticals, Inc. as they are significant shareholders and creditors of Skinvisible and Mr. Howlett is also the President and a director.
For information about Ovation Science products visit https://ovationscience.com/products/.
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About Ovation Science Inc.
Ovation Science Inc. is a research and development company that develops topical and transdermal consumer products including DermSafe, all made with patented Invisicare® skin delivery technology. The technology enhances the delivery of ingredients to and through the skin and is protected by patents in eleven countries. With over twenty years of topical and transdermal drug delivery experience in the pharmaceutical market, Ovation's management and science team have created a unique pipeline of over twenty-five patent-protected medical / wellness topical and transdermal products along with a line of anti-aging / beauty formulas. Ovation earns revenues from licensing and development fees, royalties, the sale of Invisicare to its licensees and now revenue from its own product sales. Ovation has offices in Vancouver, BC Canada and Las Vegas, Nevada, USA. Ovation trades on the CSE under the symbol OVAT. Visit our website www.ovationscience.com.
Statements have not been evaluated by the Food and Drug Administration or Health Canada. These products are not intended to diagnose, treat, cure, or prevent any disease. Ovation does not sell or distribute any products that are in violation of the United States Controlled Substances Act (US.CSA).
Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
Contacts:
INVESTOR RELATIONS:
Sebastian Kunyz: [email protected] Phone: 604-684-6730 or 866-684-6730
FOR BUSINESS DEVELOPMENT & CORPORATE INQUIRIES:
Doreen McMorran: [email protected] Phone: 604.283.0903 ext. 4
SOURCE: Ovation Science Inc.