First Invisicare Delivery Technology Product from Skinvisible (OTCMKTS:SKVI) Gets U.S. FDA Acceptance of Investigational New Drug
Skinvisible Inc. (OTCMKTS:SKVI) announced on June 6, 2022, that its licensee Quoin Pharmaceuticals, Inc. has got the U.S. FDA acceptance of its Investigational New Drug (IND) application for its licensed formulation. It utilizes Skinvisible’s Invisicare proprietary drug delivery technology.
Market Stats
On Monday, SKVI stock gained 7.69% to $0.14 with more than 5.4K shares, compared to its average volume of 1.2k shares. The stock moved within a range of $0.1400 – 0.1500 after opening trading at $0.14.
The topical formulation – QRX003 – was developed to combat Nethertons Syndrome, a debilitating hereditary disorder that affects the skin, hair, and the immune system. As of now, there is no approved treatment or cure, for this condition.
Quion has been granted an exclusive, royalty-bearing license to its technology to be used in select Orphan Rare Skin Diseases. Skinvisible has also given Quion the right to use its proprietary formula, along with its technology to develop products for targeting several rare skin-related indications.
Obtaining approvals from FDA and other regulatory bodies, required for marketing products in the US and other countries, is being handled by Quoin. Once the different clinical and regulatory milestones have been achieved, Skinvisible is will receive a whopping $5 million payment and ongoing royalties from sales!
Terry Howlett, President, and CEO, Skinvisible, says that this is the first IND approval by the FDA with the Invisicare technology as the delivery platform. It will help to realize their goal of developing topical therapeutics for a number of key indications.
Key Quote
“This is the first IND approval by the FDA which includes our Invisicare technology as the delivery platform, and it further reinforces our vision of developing topical therapeutics for a number of key indications. It is an important milestone for Skinvisible and could potentially lead to other indications receiving approval,” said Terry Howlett, President and CEO, Skinvisible.
Traders Corner
SKVI stock is trading above the 10-Day and 20-Day Moving averages of $0.13 and $0.13 respectively. However, the stock is trading below the 200-Day moving average of $0.14.
