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InnovaDerma in talks with PROS over replacement HoA

By BFN News | 09:11 AM | Wednesday 25 January, 2017


InnovaDerma is negotiating a replacement heads of agreement with PROS International Company Ltd of Korea. InnovaDerma entered into a heads of agreement with PROS in January 2016 for an exclusive distribution agreement for InnovaDerma products in a territory that included South Korea, Japan, China and Russia. InnovaDerma said the HoA was never advanced into a definitive contract and the minimum revenues specified as expected to accrue from the anticipated agreement in 2016 have not been achieved. InnovaDerma said: "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." At 9:11am: (LON:IDP) Innovaderma Plc share price was -15p at 129.5p Story provided by StockMarketWire.com

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