Advitech Inc. ("Advitech" or the "Corporation") (TSX VENTURE: AVI) today announced that it has reached an agreement in principle with Maxi HealthCare Indonesia, ("Maxi HealthCare"), setting forth the proposed scope of a marketing and distribution agreement for Dermylex(TM). Located in Jakarta, Indonesia, Maxi HealthCare is a corporation that markets nutraceutical and pharmaceutical products focusing on dermatological applications in Indonesia. This agreement concerns the Indonesian market, Indonesia being the fourth most populated country in the world with its 210 million populations.
Maxi HealthCare has agreed to pay an undisclosed amount as of April 2007 to secure its exclusivity in the negotiation process finalizing a marketing and distribution contract. Under the Contract Maxi HealthCare will receive from Advitech the exclusive rights for Indonesia to market Dermylex(TM), Advitech's clinically-proven bioactive ingredient for the treatment of mild to moderate psoriasis. This five-year contract will provide Minimum Purchase Requirements to be met by Maxi HealthCare. Other terms and conditions of the agreement were not disclosed.
Commenting on the news, Mr Renaud Beauchesne, CEO of Advitech, said: "We are very pleased with this agreement because it provides Advitech with its third partnership in Asia. New market reports on psoriasis are showing an increasing incidence of the disease in these countries". Mrs Boya Arsila Sunarjo, MBA, general manager of Maxi HealthCare, added "We are seeking to build on this partnership with Advitech and, our sales force covers 90% of the 500 dermatologists practicing in Indonesia, we are confident that we shall create the demand and the right network for Dermylex(TM)."
Annual General Meeting
The Annual General Meeting of Advitech will take place on May 9, 2007, in Quebec City at 4:00 p.m., at Hotel Germain des Pres, 1200, Germain-des-Pres avenue, Quebec City (Quebec).
About Advitech Inc.
Advitech is a health sciences and technology company with a mission to discover and commercialize proprietary and evidence-based natural health products. Effective and safe, these products play a role in the prevention of Immune-Mediated Inflammatory Disorders (IMID), such as psoriasis and inflammatory bowel disease. Advitech's common shares are listed on the TSX Venture Exchange under the symbol AVI. The number of common shares outstanding is 64,881,718.
About Maxi HealthCare Indonesia
Maxi HealthCare Indonesia is a company specialized in the promotion and distribution of dermatological and pharmaceutical products. Its Management Team has been involved in the pharmaceutical business since 1969. It has introduced and distributed over 220 different products in Indonesia. Maxi HealthCare's sales force covers directly the majority of the dermatologists practicing in Indonesia.
Dermylex(TM) developed by Advitech, is an oral natural health product relieving mild-to-moderate psoriasis symptoms. Two clinical trials, one of them multi-center, double-blind and placebo-controlled, for 112 days and on 84 patients, clinically proved the efficacy and safety of Dermylex(TM) for that type of psoriasis. Dermylex(TM) is currently available in Canada. For more information, please visit the www.dermylex.ca website.
This press release contains forward-looking statements which reflect the Company's current expectations regarding future events. The forward-looking statements involve risks and uncertainties. Actual results could differ materially from those projected herein.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.