RE:RE:RE:RE:News!Sirona tried the same BS non-disclosure with R+F claiming confidentiality. I reported the co. to the BCSC and they forced Sirona to disclose in its fins.
September 18, 2019 –
Sirona Biochem Corp. is excited to announce that it has completed a definitive agreement with
Rodan + Fields, LLC , the leading skin care brand in the United States
[1], for the licensing and commercial sales of novel ingredient TFC-1067 to brighten and even skin tone. Rodan and Fields will be the first to market for a consumer product utilizing TFC-1067 in certain countries including United States.
Under the terms of the agreement, Sirona will receive an upfront and milestone payments as well as on-going revenue in return for the manufacture and supply of TFC-1067, a novel, new skin brightening ingredient, for use by Rodan + Fields on a non-exclusive basis and Rodan + Fields will launch a new product incorporating the ingredient. Further details of this agreement will remain confidential for strategic reasons. Both Sirona and Rodan + Fields look forward to a mutually beneficial long-term relationship.
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Manufacturing and Supply Agreement with Rodan & Fields, LLC (“R&F”)
On September 13, 2019, the Company entered into a manufacturing and supply agreement, pursuant to which the Company shall manufacture, test, label, package, store and supply R&F a minimum of 10 kilograms per year of skin lightening compound TFC-1067 for use in the United States, Canada, Australia and Japan for US$8,000 per kilogram beginning in 2020.
In consideration for these services, R&F shall also make the following license fee and milestone payments to the Company:
i. US$50,000 ($67,225) license fee on signing of the agreement (recorded as revenue in fiscal 2019 and receivable at October 31, 2019);
ii. US$50,000 milestone payment on the launch of the first finished skincare product which includes TFC-1067; and
iii. a US$50,000 milestone payment for each additional finished skincare product launched containing TFC-1067.
After receipt of an invoice, R&F will pay the Company within net 15 days -2% or 60 days.
This agreement runs for a five-year term, with R&F having the option to extend the term for an additional three years, and is cancellable upon R&F providing the Company 30 days’ written notice. On termination of the agreement, R&F will reimburse the Company for any materials unique to R&F and which remain in the Company’s possession.