KLOX Technologies announces the sale of its in-office whitening kit and teeth-whitening pen businesses to Valeant
KLOX Technologies announces the sale of its in-office whitening kit and teeth-whitening pen businesses to Valeant Pharmaceuticals International, Inc.
KLOX Technologies to focus its innovative biophotonic technology and resources on medically focused solutions in dermatology, tissue repair and dentistry
LAVAL, QC, Nov. 29, 2012 /CNW Telbec/ - KLOX Technologies Inc. ("KLOX" or the "Company") is pleased to announce that it has entered into an agreement for the sale (the "Sale") of its professional in-dentists-office whitening kit business as well as its teeth-whitening pen business ("Business") to Valeant Pharmaceuticals International, Inc. (NYSE/TSX: VRX), which will be managed by its dental affiliate OraPharma, Inc. ("Valeant"). As part of the Sale, KLOX is assigning to Valeant its rights in the Business. Valeant is planning to launch the products in the U.S. in early 2013 and is planning a smooth transition with existing partners. Financial terms include an upfront payment and a double-digit royalty stream based on product sales during the next 10 years.
"We are pleased to have concluded the transaction with Valeant, a highly regarded company. Valeant has conveyed its commitment towards taking our product lines to their full potential through their well-established commercial capabilities in the United States and around the world", said Dr. Lise Hébert, President & CEO of KLOX. "This is a very exciting opportunity for all of us and at KLOX we will continue building our value-creation strategy and invest in our innovation and development for the advancement of medical solutions in the fields of dermatology, dentistry and tissue repair. Our European registration trial to treat moderate-to-severe acne is scheduled to complete in a few weeks and the evaluation of the safety and efficacy of our devices to treat unresponsive chronic wounds in America and Europe is underway. The next 24 months will be important for KLOX in the delivery to the market of brand new solutions to address what still today remain unmet medical needs in the treatment of acne and the advanced wound care fields", she concluded.
"This acquisition is a very good strategic fit for Valeant and for OraPharma, as Valeant continues to enhance its commercial capabilities within the dental market segment," said Mr. Steven Sembler, Senior Vice-President at OraPharma. "KLOX has successfully developed and brought forward innovative technology and clinically meaningful products that represent a significant commercial opportunity in the whitening field in many geographies around the world. We immediately want to build upon those capabilities and use both our commercial organization and network of partners to leverage them into attractive product propositions and to create additional value for both patients and clinicians," he concluded.
About KLOX Technologies: Leveraging light-based biophotonic technologies KLOX is a privately-owned company focused on the development and commercialization of a unique, non-invasive biophotonic technology using a primary device consisting of a multiple LED lighting system that interacts with an oxygen-rich gel containing light-trapping molecules. KLOX's cosmetics and medical devices are destined for the rapidly growing aesthetics, dental, dermatological and medical markets. Its dentistry portfolio included innovative teeth whitening treatments like FAST&MILD™ and LifeSmile™. Treatments for periodontitis are also currently under development for medical applications.
About the Business FAST&MILD™: Effective, non-invasive and affordable FAST&MILD™ is positioned to rapidly take a strong foothold in the teeth whitening market. It is an advanced chair-side whitening system that uses biophotonic technology to whiten teeth naturally. This unique TRUE light activated system delivers result in as a little as 30 minutes, with virtually no sensitivity. The reduced treatment time translates into a gentler procedure providing you with a brilliant, healthy looking smile.
FAST&MILD™ is highly competitive compared to other teeth whitening products in the market today. From the dentist's perspective, it is capital efficient, with no capital investment required. The procedure can be completed in about half the time required for competitive products, allowing for increased efficiency in dentist's office.
LifeSmile™: a whitening pen with unique features LifeSmile™ by KLOX Technologies advanced teeth brightening pen is a revolutionary teeth whitening pen designed by dentists to quickly and effectively clean away surface stains from your teeth, at affordable prices. Conceived for life on the go, whitening your teeth has never been easier! LifeSmile™ is no bigger than a pen, its sleek compact design means it can go anywhere you do.
Medical segments In the dermatology segment, KLOX's skin rejuvenation product SKR-1 is in regulatory compliance in Canada, United States and Europe and is now ready to be fully commercialized. In addition, KLOX has also developed a promising Acne treatment system (AC-1), which is currently in a final registration trial towards approval in Europe. The trial is near completion with an encouraging safety profile and the data is planned for the first quarter of 2013.
Finally, KLOX is developing (WH-1), an innovative light-based treatment for the multi-billion dollar advanced wound care market. Its proprietary technology, which has been fundamentally designed to operate as a light enhancing technology, combines multi-LED light phototherapy effect, an externally applied oxidant and certain chromophores designed to enhance breakdown of oxidant as well as skin's light absorption. The system is being investigated to treat pressure sores, diabetic and venous leg ulcers with the goal to significantly accelerate healing in a favorable environment.
For further information on KLOX, please visit the Company's website: www.kloxtechnologies.com
About Valeant Pharmaceuticals International, Inc. Valeant Pharmaceuticals International, Inc. (NYSE/TSX: VRX) is a multinational specialty pharmaceutical company that develops, manufactures and markets a broad range of pharmaceutical products primarily in the areas of dermatology, neurology and branded generics. More information about Valeant Pharmaceuticals International, Inc. can be found at www.valeant.com
Forward Looking Statements Certain statements contained in this presentation, other than statements of fact that are independently verifiable at the date hereof, may constitute forward-looking statements. Examples of such forward-looking statements include those regarding cosmetics and medical devices and medical applications and clinical trials and the status and related results thereto, as well those regarding continuing and further development efforts. Such statements, based as they are on the current analysis and expectations of management, inherently involve numerous risks and uncertainties, known and unknown, many of which are beyond KLOX Technologies Inc.'s control. Such risks include but are not limited to: the impact of general economic conditions, general conditions in the medical, cosmetics and/or consumer goods industries, changes in the regulatory environment in the jurisdictions in which KLOX Technologies Inc. does business, financial and commercial markets volatility, fluctuations in costs, and changes to the competitive environment, as well as other risks. Consequently, actual future results may differ materially from the anticipated results expressed in the forward-looking statements. In the case of forward-looking statements regarding investigational product candidates and continuing and further development efforts, specific risks which could cause actual results to differ materially from KLOX Technologies Inc.'s current analysis and expectations include: failure to demonstrate the safety, tolerability and efficacy of our products, final and quality controlled verification of data and the related analyses, and the expense and uncertainty of obtaining regulatory approval.
Business, Consumer and Marketing Media: Roch Landriault NATIONAL Public Relations +1 (514) 843-2345
SOURCE: Klox Technologies Inc.
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CO: Klox Technologies Inc. ST: Quebec NI: MTC MNA
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