Australian drug delivery company, Phosphagenics (ASX:POH), has announced the signing of a non-exclusive license agreement with Rodan + Fields (R+F) for the use of TPM in proprietary personal care products in US, Canada, Australia, Japan and South Korea.
Under the terms of the agreement, R+F will be responsible for all development and commercialisation of TPM-based personal care products.
Phosphagenics will receive a one-time US$50,000 payment for granting R+F non-exclusive access to the TPM technology.
The parties have also executed a formal supply agreement enabling Phosphagenics to be the exclusive provider of TPM derived from either a natural or synthetic Vitamin E source on commercially attractive terms.
TPM, known as Targeted Penetration Matrix, is a delivery technology invented at Phosphagenics. According to the company, TPM has increased solubility within the skin compared to standard Vitamin E, and is able to diffuse more efficiently.
“R+F has spent some considerable time assessing TPM. We are thrilled to have passed the rigorous due diligence of yet another multinational company, and are excited to continue progressing the benefits of TPM in the personal care space," said Phosphagenics CEO, Dr Ross Murdoch.
"We see this relationship as having the potential to drive new products and add great value to both companies.”