Including intellectual property rights to Labskin and anti-acne compound SYN1113
Venn Life Sciences, a Clinical Research Organisation (CRO) based in Dublin, Ireland, has acquired the trading assets of dermatology company Evocutis, including the Labskin skin substitute, an alternative to animal testing for dermatology products.
Venn is acquiring from Evocutis the intellectual property rights to Labskin, the anti-acne compound SYN1113, and related equipment, for £210,000 in new ordinary shares in Venn.
LabSkin looks, feels and behaves like human skin and displays a similar barrier function. Since March 2013, it has been illegal to sell skincare or cosmetic products within the European Union that have been tested on animals. Venn's Board believes this has opened a significant market opportunity for LabSkin.
The deal includes the know-how to perform the specialised portfolio of contract research assays associated with Labskin, plus in vitro skin models, skin microbiology expertise and clinical trial support services focused entirely on dermatology.
Venn will out-license SYN1113 through its InnoVenn division.
Venn will pay £210,000, to be satisfied by new ordinary shares in the share capital of Venn, calculated in accordance with the disposal agreement; a royalty of 7.5% on gross sales of LabSkin for three years from the date of the acquisition; and a royalty of 25% on future sales of, or out-licensing agreements for, SYN1113.
The completion of the acquisition is expected on 13 March.
Tony Richardson, CEO of Venn, said the deal 'further enhances our credibility in the area of skin science'.
He added: 'In December 2013, we acquired CRM Clinical Trials, a CRO with a strong pedigree in the dermatology and skin science arena. The acquisition of these assets will allow us to deepen our capabilities in the skincare and cosmetic arena and position Venn as a key player in this sector.'