Phosphagenics to extend its technology into cosmetics
to enhance compounds, says it has signed an agreement with a major
cosmetics company to test the feasibility of its technology on
personal care formulations.
The company says that the Material Transfer Agreement will test the companies platform technology to determine how effective it is as a delivery vehicle for a variety of cosmetics compounds.
Company director Harry Rosen beleives that the agreement forms part of a worldwide interest in the technology that has until now focused on the pharmaceutical and nutraceutical industries.
Rosen says that the agreement with the global cosmetics players indicates that the technology is flexible and that it can be translated into a variety of other industries.
"This is a positive development for Phosphagenics," said Rosen. "To engage in compound testing with one of the world's leading cosmetic researcher and producer is a significant step forward and opens the door to further commercial partnerships in the cosmetic industry."
In recent months the company has signed development contracts with food giant Nestle and the world's leading transdermal delivery company, ALZA Corporation.
The company also announced last week that it had developed a means of successfully delivering insulin through the skin of humans - a breakthrough that could be potentially life changing for millions of individuals worldwide suffering from diabetes as a non-invasive alternative to injections.
Phosphagenics' technologies have been built around the development of phosphorylation, a process where the addition of a phosphate group can lead to the enhanced bioavailability, activity and safety of existing compounds as well as assisting in the production of delivery system platforms.
The company is listed on both the Australian and UK stock exchange and this week announced that in the six months up to June 30 it had a loss of $3.11m, compared to $1.96m losses in the corresponding period last year.
The company said that the result were due to significantly higher research and development costs and the construction of more production facilities as it continues to expand and forge new development agreements.
