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TSX VENTURE EXCHANGE: AVI
QUEBEC CITY, June 28 /CNW/ - Advitech Inc. ("Advitech" or the "Corporation") (TSX Venture Exchange: AVI) is pleased to announce today that its oleosome based sunscreen formulation, in a recent sunscreen panel test, exhibited far higher in-vivo SPF values(30+) than was expected. The 20 person panel (which is required by the FDA before an SPF value can be claimed) builds on previous work carried out with smaller panels. The prototype formulation which tested at SPF30+, contained a total of 2.5% active ingredients and represents significant potential cost savings compared to marketed formulations of similar SPF 30 rating, which typically contain much higher actives levels (15-20%). Dr. Jack Guth, Vice President R&D notes that "because the larger panel size allows us to meet the requirements of the FDA sunscreen monograph, finished goods manufacturers can now market our oleosome based sunscreen formulation and claim SPF 30 protection". In addition to potential cost savings, there may be safety implications to using formulations with reduced actives.
Stock Option Grant
Advitech also announces that, pursuant to the Corporation's stock option plan, it has granted 100,000 stock options to an employee as of April 12, 2010 and a further 100,000 stock options to a director as of June 1, 2010. These options have an exercise price of $0.10 per share and may be exercised during a period of five (5) years from the date of grant. These grants of options are subject to appropriate regulatory approvals.
Advitech, which includes its subsidiary Botaneco Specialty Ingredients Inc. since November 20, 2009, is a health sciences and technology company developing, manufacturing and marketing proprietary natural ingredients and formulations for oral and topical applications that have been clinically proven to be safe and effective for improving skin health and well being. The Corporation's products are based on three technological platforms which are: i) a superior multi-functional emulsification delivery system derived from plant seed oleosomes for formulation application in the topical cosmetic, OTC, Rx and natural personal care specialty ingredient markets, ii) XP-828L for immune mediated inflammatory disorders, and iii) IM for anti-aging and wound healing. Advitech produces Hydresia(TM), a natural plant derived specialty ingredient which offers immediate moisturization advantages, formulating cost savings and excellent product aesthetics in a variety of product applications, Dermylex(R) for the treatment of mild-to-moderate psoriasis, and Nudremyl(TM) which acts on skin reconstruction, cellular regeneration and skin structure. More information is available and can be accessed at www.advitech.com and www.botaneco.ca.
This press release contains forward-looking statements, which reflect the Corporation's current expectations regarding future events. The forward-looking statements involve risks and uncertainties. Actual results could differ materially from those projected herein.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE ADVITECH INC.
For further information: For further information: Michael Stangel, President and CEO, Advitech Inc., 418-948-4084, 215-604-0631, firstname.lastname@example.org