The agreement includes licensing of the dermatology compounds in the US and India, with a first right of refusal for all member states of the European Union, Canada, Brazil and Japan.
AmDerma will be responsible for the development costs for the acne formulation as well as other dermatological compounds. Oculus retains all rights for the rest of the world.
Oculus founder and president Hoji Alimi said, "Quinnova is doing an exceptional job with the commercial launch of the Atrapro product, and we are confident they are the right partner to commercialize this technology in acne and other dermatological indications."
Oculus earned an undisclosed upfront payment, and is eligible to receive multiple clinically based payments upon achievement of development and regulatory milestones for both acne and secondary indications, in addition to future escalating double-digit royalties on net sales of products.