Advitech entered into the agreement in January 2006, but it has not culminated in a definitive agreement because PhotoMedex was unable to meet the conditions. It has not specified what conditions these were.
Test markets are already running in the US, and negotiations are underway with other potential partners, with a view to securing a definitive agreement by first quarter 2007.
The Canadian company has also engaged the services of Joe Contorno, formerly of Doctor's Dermatological Formula, to assist in the discussions and follow market developments.
Definitive agreements are already in place in Canada and France, with Jamieson Laboratories and Cothera respectively, and an agreement in principle for Taiwan with Enbio-Life Biotechnology & Medical Co.
Advitech pays royalties on international sales of the sweet-whey derived nutraceutical to Jouan Biotechnologies. Following the conclusion of the initial three-year agreement, the company has negotiated a new agreement until 2013 with a reduced royalty fee percentage.
There is also the possibility of a license agreement extension until the expiry of the last foreign patent to the underlying technology.