IDP Innovaderma Plc

TIDMIDP

RNS Number : 0538V

InnovaDerma PLC

25 January 2017

InnovaDerma PLC

("InnovaDerma" or the "Company")

Heads of Agreement with PROS International Company Ltd of Korea (PROS)

The Company announced on 26 January 2016 that it had entered into Heads of Agreement ("the HoA") with PROS International Company Ltd of Korea (PROS) in relation to an exclusive distribution agreement for InnovaDerma products in a territory that included S Korea, Japan, China and Russia. The Company wishes to make it clear that, in line with its prospectus dated 25 July 2016, the HoA was never advanced into a definitive contract between PROS and the Company. As a result the minimum revenues specified as expected to accrue from the anticipated agreement in 2016 have not been achieved. As indicated in previous announcements, InnovaDerma's product Skinny Tan is currently sold in Korea through Olive Young, which is distributed through PROS. The Company is currently in the process of negotiating a replacement heads of agreement with PROS to address the other countries specified in the HoA. The reference to the HoA has been amended in the Company's on-line presentation.

Further enquiries

 
 InnovaDerma 
  Haris Chaudhry/Joe Bayer      +61 (0)3 9111 0071 
---------------------------  ----------------------- 
 Sole broker 
  Hybridan LLP 
  Claire Noyce                  +44 (0)203 764 2341 
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 Cardew Group 
  Shan Shan Willenbrock 
  David Roach 
  Emma Ruttle                   + 44 (0)20 7930 0777 
---------------------------  ----------------------- 
 

About InnovaDerma:

InnovaDerma PLC (LSE: IDP) specializes in the research, manufacture and marketing of clinically proven products in hair loss, anti-ageing and beauty sectors. InnovaDerma has presence in the UK, US, Australia, New Zealand, Philippines, South Africa, Hong Kong and South Korea.

www.innovaderma.com

This information is provided by RNS

The company news service from the London Stock Exchange

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January 25, 2017 03:00 ET (08:00 GMT)

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