VDRM-ANNUAL REPORT shows 2 ADDITIOANL sources of i
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Posted On: 04/19/2017 1:38:24 PM
VDRM-ANNUAL REPORT shows 2 ADDITIOANL sources of income>>
On January 1, 2017, the Company entered into a licensing and distribution agreement with Biogenx, Inc. for
the purpose of commercializing and distributing a topical antibiotic product to be branded VitaStem. The product
will carry the Company’s tetracycline-based technology. This product will be separately registered with the FDA.
Pursuant to the agreement, the Company will receive 5% of the gross profit from VitaStem sales. For purposes of
the agreement, gross profit is defined as total revenues less cost of production, distribution and marketing. The
agreement will terminate on December 31, 2022 unless extended by both parties. Biogenx, Inc. has the right to
terminate the agreement early with two month notice if it deems the arrangement to not be financially viable.
On January 1, 2017, the Company entered into a licensing and distribution agreement with Vage Nigeria,
Ltd. for the purpose of commercializing and distributing a topical antibiotic product to be branded Dermafix. The
product will carry the Company’s tetracycline-based technology. This product will be separately registered with the
FDA. Pursuant to the agreement, the Company will receive 50% of the net sales from Dermafix. For purposes of the
agreement, net sales is defined as total revenues less cost of production, distribution and marketing (which includes
taxes, discounts, allowances, credits for returns, rebates, import duties and other governmental charges, freight and
transportation). The agreement will terminate on December 31, 2022 unless extended by both parties. Vage Nigeria,
Ltd. has the right to terminate the agreement early with two month notice if it deems the arrangement to not be
financially viable.
On January 1, 2017, the Company entered into a licensing and distribution agreement with Biogenx, Inc. for
the purpose of commercializing and distributing a topical antibiotic product to be branded VitaStem. The product
will carry the Company’s tetracycline-based technology. This product will be separately registered with the FDA.
Pursuant to the agreement, the Company will receive 5% of the gross profit from VitaStem sales. For purposes of
the agreement, gross profit is defined as total revenues less cost of production, distribution and marketing. The
agreement will terminate on December 31, 2022 unless extended by both parties. Biogenx, Inc. has the right to
terminate the agreement early with two month notice if it deems the arrangement to not be financially viable.
On January 1, 2017, the Company entered into a licensing and distribution agreement with Vage Nigeria,
Ltd. for the purpose of commercializing and distributing a topical antibiotic product to be branded Dermafix. The
product will carry the Company’s tetracycline-based technology. This product will be separately registered with the
FDA. Pursuant to the agreement, the Company will receive 50% of the net sales from Dermafix. For purposes of the
agreement, net sales is defined as total revenues less cost of production, distribution and marketing (which includes
taxes, discounts, allowances, credits for returns, rebates, import duties and other governmental charges, freight and
transportation). The agreement will terminate on December 31, 2022 unless extended by both parties. Vage Nigeria,
Ltd. has the right to terminate the agreement early with two month notice if it deems the arrangement to not be
financially viable.
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