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news.Proteonomix, a biotechnology company, has announced that its wholly-owned subsidiary, Proteoderm, a provider of anti-aging solutions, and Sinoquest Investment have signed a letter of intent, whereby, under a definitive agreement to be consummated, Sinoquest will gain exclusive rights in China, Taiwan, and Hong Kong to purchase for distribution of Proteoderm's new stem cell-derived skin care products containing the bioactive protein matrix NC-138.
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The products include Proteoderm’s special high end formulation and an over-the-counter formulation, currently under development. Proteoderm intends to sell to Sinoquest the pre-mixed material in bulk and a license of its name and the right to use the material in Sinoquest’s own containers. Both companies expect to begin distribution in the first quarter of 2009.
Michael Cohen, president of Proteonomix, said: “After years of R&D, Proteoderm’s products are now ready for commercialization. Proteoderm is pleased to enter this letter of intent (LOI) with Sinoquest because of Sinoquest’s ownership interests in several distribution networks including channels for pharmaceutical and cosmetic products in China.”