Quick-Med Technologies, Inc. Announces Completion of Initial Phase of Cosmetic Development Program and Product Launch
(PRWEB) July 3, 2003
Quick-Med Technologies, Inc. (OTC Bulletin Board: QMDT) announced today that, working through its partner, the Collaborative Group Ltd. (Collaborative), it has completed the initial phase of its cosmetic product development program and has launched its first product — a high performance ingredient for cosmetic formulations. Based on demonstrated effectiveness over competing products, pre-marketing response from potential customers in the cosmetics industry has been very positive.
The product, which targets the anti-aging segment, is the first in a series that Quick-Med Technologies and the Collaborative venture intends to offer. Subsequent products will focus on other segments within the personal skin care market. The product line is formulated using a combination of Collaborative Groups advanced chemistries and formulation capabilities with Quick-Med Technologies MultiStat family of MMPI-related technologies. The resulting formulations synergistically blend a series of ingredients having scientifically proven benefits to produce significantly enhanced skin care products.
On schedule completion of R&D and this first product launch demonstrate that were on track in executing our cosmetics business plan stated Michael R. Granito, Chairman of Quick-Med Technologies, Inc. Weve worked hard to broaden our MMP Inhibition portfolio to the current MultiStat line and our shareholders should now benefit. Our cosmetics segment should provide a growing revenue stream starting in 2004.
Matrix Metalloproteinases (MMPs) are naturally occurring compounds that modern research has shown play a key role in skin appearance. Compounds that safely inhibit these effects, or MMPIs, can be topically applied to combat the adverse signs of aging. Many natural or synthetically manufactured substances act as MMPIs. The bioscience of MMPI research includes the identification of safe compounds that individually or in combination yield a specific beneficial outcome for skin appearance.
MultiStat is QMTs family of MMPI-related technologies consisting of over 10 patented compounds, patented formulae for the creation of new compounds, numerous use or method patents and other intellectual property or trade secrets involving the use of MMP Inhibition techniques in skin treatment. The Company actively expands the MultiStat line through internal research and development and licensing third party technology.
ABOUT THE COLLABORATIVE GROUP, LTD.
The Collaborative Group, Ltd. located in East Setauket, New York, is a leading bioscience company providing technologies, products and manufacturing to the biopharmaceutical and personal care industries. Collaborative Group began in the Incubator at the University at Stony Brook, New York. The Collaborative Group, Ltd. can be accessed through the Internet at http://www.collabo.com
ABOUT QUICK-MED TECHNOLOGIES, INC.
Quick-Med Technologies is a life sciences company focused in developing proprietary, broad-based technologies for consumer, industrial, and healthcare use, as well as for advanced military and civilian medical uses. The Companys two core products under development are (1) MultiStat, a family of advanced compounds shown to be effective in broad-based skin therapy applications, and (2) NIMBUS, a family of advanced polymers that can be used in a wide range of applications from advanced wound care to wood preservatives. Quick-Med Technologies is listed under the symbol QMDT on the OTC Bulletin Board. For additional information, visit Quick-Med Technologies website: http://www.quickmedtech.com or email: firstname.lastname@example.org
For further information, please contact Quick-Med Technologies, Inc.:
David S. Lerner — President
Michael J. Pitsokos — Corporate & Investor Relations (U.S.A)
Natasha A. Sorobey — Corporate & Investor Relations (Canada)
Forward-looking statements (statements which are not historical facts) in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. For this purpose, any statements contained in this release that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the generality of the foregoing, words such as may, will, to, expect, plan, believe, anticipate, intend, could, would, estimate, and/or continue or the negative or other variations thereof or comparable terminology is intended to identify forward-looking statements involve risks and uncertainties, including launch and approval of the potential products described herein and the Companys results of operations. The Company is also subject to other risks as detailed from time-to-time in the Companys SEC filings.