LAS VEGAS, July 18, 2011 (GLOBE NEWSWIRE) -- Skinvisible Pharmaceuticals, Inc. (OTCQB:SKVI) is pleased to announce that its licensee, Women's Choice Pharmaceuticals LLC, a specialty pharmaceutical company based in Gilbert, Arizona, has launched ProCort®, Skinvisible's first prescription product in the United States. ProCort® is a topical treatment for hemorrhoids formulated with Skinvisible's patented polymer delivery system Invisicare®. Invisicare enhances the delivery of active ingredients by controlling the release and provides superior binding properties. ProCort® is made of a combination of hydrocortisone acetate and pramoxine hydrochloride. ProCort®, launched this week, is a prescription product focused on the women's health market.
Women's Choice Pharmaceuticals has been granted the exclusive rights to commercialize Skinvisible's product within the United States. Skinvisible has received a development fee and now will receive a license fee paid in milestones plus on-going royalties based on product sales. Women's Choice Pharmaceuticals' revenue forecast for ProCort is $20 million by its third year.
According to the U.S. Department of Health, hemorrhoids are most common among adults over 45 and in pregnant women. They state that approximately 75 percent of people will have hemorrhoids at some point in their lives. The U.S. hemorrhoid market, estimated at $85 million in 2006, is growing by approximately 1 million new cases diagnosed every year.
"ProCort® is Skinvisible's first prescription product launched in the United States and we are very confident Women's Choice Pharmaceuticals will gain market share quickly, as it has with its other product launches," said Mr. Terry Howlett, President and CEO. "This is an example of how Skinvisible's Invisicare technology can meet the growing need for patent-protected options for pharmaceutical companies in dermatology and other markets."
Women's Choice Pharmaceuticals is an innovative specialty pharmaceutical company whose primary focus is to provide high quality prescription products to healthcare providers in the United States. Their nationwide sales target more than 30,000 OB/GYNS and selected other medical specialties. Their managed markets division will target PBM's, HMO, GPO, CMS and other managed care organizations ensuring their products are covered under drug benefit plans. (www.wcpharma.com)
About Skinvisible Pharmaceuticals, Inc
Skinvisible Pharmaceuticals is a research-and-development company that licenses its proprietary formulations made with Invisicare, its patented polymer delivery system that offers life-cycle management and unique enhancements for topically delivered products. Invisicare holds active ingredients on the skin for extended periods of time resisting both wash off and perspiration along with controlling the release of actives and reducing irritation. Skinvisible receives a combination of research and development fees, upfront license fees, and ongoing royalties for the life of the Invisicare patent. Skinvisible's value also lies in its ability to continually generate new IP on topical products formulated with Invisicare. www.skinvisible.com and www.invisicare.com.
The Skinvisible, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7744
Forward-Looking Statements: This press release contains 'forward-looking' statements within the meaning of Section 21A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and is subject to the safe harbors created thereby. Such statements involve certain risks and uncertainties associated with an emerging company. Actual results could differ materially from those projected in the forward-looking statements as a result of risk factors discussed in Skinvisible, Inc. reports on file with the U.S. Securities and Exchange Commission (including, but not limited to, a report on Form 10K for the quarter ending March 31, 2011).