A subsidiary of Invion (ASX:IVX), EpiTech Dermal Science, has signed an R&D services agreement with a leading China-based pharmaceutical group in the skin repair and treatment market.
Under the agreement, EpiTech will be paid an upfront fee of $250,000 plus ongoing R&D services fees to manage the research, development and production specifications for the supply of dermatological ingredients.
The ingredients will be used in the formulation of dermatology products to be manufactured by Pavay Biotech.
The parties are still negotiating the manufacturing and supply agreement.
Shares in Invion (ASX:IVX) closed flat at 1.2 cents on Friday.