ADVITECH ANNOUNCES UVA TEST RESULTS ON OLEOSOME-BASED SUNSCREEN FORMULATION
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TSX VENTURE EXCHANGE: AVI
QUEBEC CITY, Sept. 23 /CNW/ - Advitech Inc. ("Advitech" or the "Corporation") (TSX Venture Exchange: AVI) is pleased to announce today that a key UVA testing study has been completed on its oleosome-based sunscreen prototype formulation.
Previous evaluation of this prototype formulation at an independent lab demonstrated the ability of the Hydresia(R) oleosomes to enhance SPF-UVB ratings. In-vivo SPF results - obtained on a 20 person panel per the FDA final monograph method - yielded an SPF of 30+ for this formulation containing only 2.5% total sunscreen chromophore activity. This level of SPF-UVB protection would typically require well over 15% total chromophore in a traditional formulation matrix.
The in-vivo UVA study was performed via the widely-accepted Japan Cosmetic Industry Association (JCIA) method using the Persistent Pigment Darkening (PPD) response. The study results - obtained on the required 10 person panel - showed that the formulation containing 2% UVB absorber and 0.5% UVA absorber exhibited unexpectedly high UVA protection. A UVA-PF value of 10.7 was achieved with the PPD response compared to the JCIA standard containing over 8% total UVA/UVB chromophore that measured 4.3. This places the prototype formulation in the highest category of UVA protection possible for labeling purposes.
Suncare products that are intended to prevent sunburn or the short-term effects of sun exposure tend to focus on UVB, thus high SPF values are desired. However, protecting the skin against UVA light is equally, if not more important, as it is responsible for premature aging. UVA protection in sunscreen-focused products is critical and is becoming increasingly important as sun protection actives are added to various daily wear products such as skin lighteners, exfoliants, and moisturizers.
Results of the previous UVB and just-completed UVA testing demonstrate the ability of Hydresia(R) oleosome technology to enhance both the SPF and UVA-PA ratings of sunscreen product formulations. Dr. Jack Guth, Vice President R&D, notes that "the multi-functionality and aesthetic benefits of Hydresia(R) oleosome technology allows for its use not only in sunscreen products but also in a wide range of daily wear products requiring various levels of sun protection".
Change in Chief Financial Officer
In addition, Advitech is pleased to announce the appointment of Mr. Murray Bruce as Vice President and Chief Financial Officer of the Corporation effective September 22, 2010. Mr. Bruce will lead the financial management of Advitech as the Corporation continues to leverage and build on its technology platforms, following its acquisition of Botaneco Specialty Ingredients Inc. ("Botaneco") in November 2009.
Mr. Bruce succeeds Christian Wutzke who joined Advitech in March 2010 and served as the Corporation's Chief Financial Officer since April 2010, a period of significant change as the Corporation integrated its operations with Botaneco. Mr. Wutzke has stepped down as Chief Financial Officer on September 22, 2010 to pursue corporate development and corporate finance opportunities, and will continue to provide assistance to Advitech in these regards as called upon.
Murray Bruce brings over 15 years of professional experience, from increasingly senior positions of both private and publicly traded corporations. Prior to joining Advitech, Mr. Bruce was Vice President Finance of Hitachi ID Systems, Inc, part of the multinational Hitachi Corporation, where he led the financial affairs of the company focusing on financial reporting, compliance and management. Previously, Mr. Bruce held senior positions with QSound Labs Inc, Deloitte & Touche and Cambridge Laboratories Ltd, a U.K based pharmaceutical company. Murray Bruce is a Chartered Accountant, and has earned a BA(Hons) degree from the University of Northumbria and a Diploma in Company Direction from the Institute of Directors in the United Kingdom.
"We are pleased to welcome Murray to the management team. He brings a wealth of financial and industry experience that will be a tremendous contribution as Advitech continues to pursue its many growth opportunities," said Michael Stangel, President and CEO of Advitech. "We would like to express our appreciation for Chris Wutzke's dedicated service over the past several months, as he has provided sound financial leadership during this transformative period of the company's history. We look forward to his continued contribution to the company's growth and development."
About Advitech --------------
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(R), 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 NudremylTM 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.
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For further information: Michael Stangel, President and CEO, Advitech Inc., 418-948-4084, 215-604-0631, [email protected]
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