Oban, Scotland - August 4th 2008 – Marine biotechnology company Aquapharm Biodiscovery Ltd and Croda International Plc today announced the signing of a collaboration and license agreement. The three year collaboration will provide Croda with an exclusive license to novel marine derived natural products identified through the collaboration from strains from Aquapharm’s proprietary microbial library for use in topical cosmetic applications in skin and hair care.
Under the agreement Aquapharm will use its proprietary assays to screen its library of marine microbes for the discovery and generation of novel cosmetic ingredients for skin and hair care applications. In return, Aquapharm will receive funding from Croda to conduct this research along with milestone payments and royalties on commercialisation of any resulting products. Further financial details of the agreement were not disclosed.
Dr. Andrew Mearns Spragg, CEO of Aquapharm said, “We are very pleased to have entered into this collaboration with Croda, a leading player in the supply of specialty chemicals into the personal care market. This collaboration further demonstrates our leading position in developing new products from marine organisms and the breath of applications of our library. We look forward to working together with Croda to identify novel and natural cosmetic ingredients from our marine library.”
Dr Keith Layden, President, Croda Enterprise Technology added, “The collaboration with Aquapharm is a key part of our strategy in developing novel, sustainable solutions for the personal care industry. We are delighted to be working with the team at Aquapharm and anticipate the relationship will generate significant value for both companies.”
About Aquapharm Biodiscovery Ltd.
Aquapharm, founded in 2000, is a leading marine biotechnology company based at the European Centre for Marine Biotechnology in Oban, Scotland. Aquapharm is developing new biologically active products from the untapped biological potential of marine microbes. The company has a substantial collection of marine bacteria & fungi obtained from samples collected from diverse marine habitats, including the arctic and the deep sea. It uses these to develop new biologically active products for pharmaceutical, nutraceutical, personal care and industrial applications. Aquapharm’s patented technology base has the ability to manipulate marine microbial communities to stimulate the development and production of new molecules of pharmaceutical potential.
About Croda International Plc
A global leader in specialty chemicals, Croda is the name behind some of the world’s biggest brands. Environmentally aware and inspired by nature, the Company is at the cutting edge of a diverse range of markets with over 4,000 employees in 35 countries. Croda’s products are sold mainly to industry, so its name is not widely known to the general public. Nevertheless, Croda plays an important part in the natural cosmetic ingredients market with many cosmetic and toiletry preparations incorporating Croda’s natural-based specialties.