QUEBEC — July 31 — Advitech Inc. (“Advitech”) (TSX Venture Exchange: AVI) is pleased to announce that it has executed a formal licensing agreement ("Agreement") granting Diversified Natural Products Canada Inc. (“DNP”) the license to develop and commercialize Advitech’s XP-828L Technology platform for Inflammatory Bowel Diseases (IBD).
According to the agreement terms, DNP will further develop Advitech’s successful XP-828L technology platform, for the specific area of Inflammatory Bowel Diseases (IBD), in order to create an end product, no later than December 2009. Furthermore DNP will promote and advertise the end products through its worldwide network. DNP has agreed to pay a non-disclosed amount at the signature and the total expenses of a pre-clinical study to be jointly carried out by the R&D staff of both companies. Also the license considers a supply agreement between Advitech and DNP for the IBD product, developed by Advitech.
“It is an important milestone that has been achieved by this agreement since it validates Advitech’s unique and patent-pending technology platform, which is very successful with Dermylex™, and now it will be further developed for commercialization with DNP’s knowledge and expertise, for Inflammatory Bowel Diseases (IBD)”, commented Mr. Renaud Beauchesne, president and chief executive officer at Advitech.
Dr. Christina Juneau, Vice-President Research and Development at Advitech added “Advitech’s proprietary patent-pending platform, XP-828L, is a unique technology for the extraction of growth factors and other active proteins from whey and milk. This has been demonstrated and scientifically validated through clinical studies. Dermylex™ is our leading product resulting from the XP-828L platform, which is rapidly gaining market acceptance for psoriasis sufferers. Now we are applying this successful technology to the IBD conditions in pre-clinical works and we look forward to the results”.
About Diversified Natural Products Inc. http://www.dnpworld.com
DNP is a bio-based technology company. They are in the business of developing natural and green products for manufacturers and for everyday living. DNP’s products are derived from renewable resources. For their customers, they develop effective, useful products that are healthy, safe and environmentally friendly. In addition to its natural health division, which develops and commercializes patent protected natural ingredients for chronic conditions, DNP has a bio-based organic acids division, which produces products such as succinct acid that can be used as substitutes to petroleum based chemicals in the plastic and solvent markets.
About Advitech Inc. www.advitech.com
Advitech is a health sciences and technology company with a mission to discover and commercialize proprietary and evidence-based natural health products. Effective and safe, these products play a role in the prevention of Immune-Mediated Inflammatory Disorders, such as psoriasis and inflammatory bowel disease.
About IDB (Inflammatory Bowel Disease)
Inflammatory bowel disease, or IBD, describes two similar yet distinct conditions called Crohn's disease and ulcerative colitis. These diseases affect the digestive system and cause the intestinal tissue to become inflamed, form sores and bleed easily. Symptoms include abdominal pain, cramping, fatigue and diarrhea.
About Dermylex™ www.dermylex.com
Dermylex™ developed by Advitech, is an oral natural health product relieving mild-to-moderate psoriasis symptoms. Two clinical trials, one of them multi-center, double-blind and placebo-controlled, for 112 days and on 84 patients, clinically proved the efficacy and safety of Dermylex™ for that type of psoriasis. Dermylex™ is currently available in Canada.
This press release contains forward-looking statements which reflect the Company's current expectations regarding future events. The forward-looking statements involve risks and uncertainties. Actual results could differ materially from those projected herein. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
For further information, please contact:
Renaud Beauchesne, MBA
418-686-7498, ext. 228
| Serge Comeau |