Some juicy tidbits from today's 10-K in regards to Biosurface:
Product Development
We also plan to develop additional products under the Visible Youth trademark, which may include Visible Youth Brightening/Lightening Moisturizer and Serum, Visible Youth BioGlass Mask, Visible Youth Neck Zone Gel, Visible Youth + SPF 30. We would anticipate launching two to three additional formulations per year after the re-launch of the Visible Youth Brand.
The Company is in discussions with several parties to acquire certain technology assets, including patents and patent applications, products and active ingredients, which are complementary to and synergistic with our existing patents, patent applications, current and future products and have the potential to expand and increase the attractiveness of our Visible Youth product lines to potential development and marketing partners.
The Company is also evaluating a number of other technologies and products under collaborations with other companies and universities which we would seek to develop and market either as cosmecueticals or as medical devices depending on regulatory requirements. The Company plans to seek development partners and/or additional funding at the appropriate time to develop some or all its development candidates using its HA delivery technology.
Markets
In March 2016, the Company’s Board of Directors announced that having considered its options it had decided to take a low risk approach to the market launch of its products and not to seek to build its own US consumer marketing structure but to utilize the services of marketing partners with established and proven infrastructures. In the opinion of the Board this will enable the Company to bring the products to market quicker and at less cost and risk to shareholders. Implicit in this was the realization that the Company neither had the personnel resources or financial resources to fully commercialize its technology and products on its own. Consequently, the Company started to seek wider strategic collaboration partners as well as marketing and licensing partners.
Marketing Strategy and Distribution Methods
Management is currently pursuing a wider strategic collaboration under a plan of reorganisation to enable the commercialisation of its technologies and products. In the event that this collaboration does not progress management will evaluate alternative options and structures to enable the Company to commercialize it technologies and products. These range from Licensing and marketing arrangements to alternative strategic collaborations and the sale of its assets.
NOTE 4. GOING CONCERN
On July 7, 2016, the Company and Biosurface Limited (“Biosurface”) entered into a non-binding term sheet in respect of a strategic collaboration and an option agreement (the “Option Agreement”). The Company also issued to Biosurface a secured promissory note in the amount of $100,000 (the “Note”).
The Option Agreement grants Biosurface an option to acquire substantially all of the Company’s assets under a plan of reorganization (the “Option”). The consideration payable upon exercise of the Option is a sum equal to £3,030,000 ($3,912,033 ) comprised of £2,760,000 ( $3,563,436 ) in shares of Biosurface, less all sums due and owing under the Note, and the assumption of certain liabilities of the Company to the value of £270,000 ($348,597 ). The Option expires on July 31, 2016 and the US$100,000 was received by the Company on July 12, 2016.
Under the Note, Biosurface agreed to loan the Company US$100,000 conditional upon the Company entering into the Option Agreement and entering into good faith negotiations with a view to entering into a strategic collaboration via an asset purchase agreement (the “APA”). See Note 12: Subsequent Events.
NOTE 4. GOING CONCERN (continued)
Management is consequently focused on concluding the APA prior to July 31, 2016.
...interesting things coming this week!!! $EHSK
"One of the funny things about the stock market is that every time one person buys, another sells, and both think they are astute." - William Feather.
