25 Jan 2017 08:00
InnovaDerma PLC
("InnovaDerma" or the "Company")
Heads of Agreement with PROS International Company Ltd of Korea (PROS)
The Company announced on 26 January 2016 that it had entered into Heads of Agreement ("the HoA") with PROS International Company Ltd of Korea (PROS) in relation to an exclusive distribution agreement for InnovaDerma products in a territory that included S Korea, Japan, China and Russia. The Company wishes to make it clear that, in line with its prospectus dated 25 July 2016, the HoA was never advanced into a definitive contract between PROS and the Company. As a result the minimum revenues specified as expected to accrue from the anticipated agreement in 2016 have not been achieved. As indicated in previous announcements, InnovaDerma's product Skinny Tan is currently sold in Korea through Olive Young, which is distributed through PROS. The Company is currently in the process of negotiating a replacement heads of agreement with PROS to address the other countries specified in the HoA. The reference to the HoA has been amended in the Company's on-line presentation.
Further enquiries
InnovaDerma Haris Chaudhry/Joe Bayer
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+61 (0)3 9111 0071 |
Sole broker Hybridan LLP Claire Noyce
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+44 (0)203 764 2341 |
Cardew Group Shan Shan Willenbrock David Roach Emma Ruttle
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+ 44 (0)20 7930 0777 |
About InnovaDerma:
InnovaDerma PLC (LSE: IDP) specializes in the research, manufacture and marketing of clinically proven products in hair loss, anti-ageing and beauty sectors. InnovaDerma has presence in the UK, US, Australia, New Zealand, Philippines, South Africa, Hong Kong and South Korea.
www.innovaderma.com