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Jenex Signs Licensing Agreement for Therapik Product in Asia
The Jenex Corporation (TSX-V: JEN, Frankfurt: JNX) announces today that it has signed an exclusive multi-year agreement with Daeyang E&C of Korea, to manufacture and market Jenex’s patented Therapik® thermal therapy device in Asia. The Therapik® product is clinically proven and approved to provide relief of the pain and itch resulting from insect stings and bites. The agreement was facilitated by Competitive Technologies Inc. (Amex: CTT), through a strategic partnership announced May 17, 2004 which allows CTT the right to negotiate exclusive licenses, on behalf of Jenex, to manufacture and market the Therapik® product in Asia and Western Europe. The Daeyang agreement includes South Korea, Peoples Republic of China, Japan, India and eighteen other Asian countries. This agreement will also offer Jenex the opportunity to acquire low cost quality product from Daeyang for distribution in other markets. The agreement provides for commercialization and recurring royalty fees for both Jenex and CTT.
The Therapik® device, approved by the U.S. Food and Drug Administration and the Canadian Therapeutic Products Programme is protected by patents in fifteen countries.
CTT’s VP Asia Business Development, Seung B. Oh said “This agreement resulted from the high-level interest produced for the Therapik® device from Korean companies during our recent presentation at the Korean technology forum. We believe Jenex’s medical device technology and Daeyang’s proven marketing, manufacturing and regulatory expertise will firmly establish Therapik®’s position in Asia.”
Michael Jenkins, President & CEO of Jenex said “This is an important step towards accomplishing our world-wide licensing objectives for products developed from our Thermal Therapy technology. Our Therapik® product offers significant volume opportunities and revenue potential for Jenex. Daeyang E&C is a world class Korean public company and is highly recognized for their manufacturing and marketing capabilities in Asian markets. We are very pleased to have Daeyang as our Asian partner”.
The Therapik® thermal therapy device is small, portable, hand-held and battery-powered. It delivers heat to a localized area of the body in order to relieve pain associated with stings from species that deliver thermolabile venom. Up to 20,000 species of insects and sea creatures are known to have thermolabile venom that may be destroyed by the application of heat. The most common sources of painful venomous stings are hymenopterous insects such as wasps, bees, and hornets, and sea creatures such as jellyfish, weaver fish and scorpion fish. The pain from such stings is produced by the release of histamines by cells in the organism that has been stung. Prompt destruction or inactivation of the venom interrupts the release of histamine, thus preventing or relieving the discomfort of the sting. In addition, the soothing heat also provides effective relief from the itching and irritation due to flea and mosquito bites and contact with stinging nettles.
About Daeyang E&C
Daeyang E&C is a publicly traded company in Korea and the market leader in its unique product segments. The company manufactures and markets various personal devices for medical and educational purposes. Daeyang E&C is able to access multiple business fields through the resources available from its affiliate Daeyang Venture Capital Ltd., also of Korea. Visit Daeyang’s website: http://www.dyenc.co.kr/
About Competitive Technologies Inc.
Competitive Technologies, established in 1968, is a full service technology transfer and licensing provider focused on the technology needs of its customers and transforming those requirements into commercially viable solutions. CTT is a global leader in identifying, developing and commercializing innovative technologies in life, digital, nano, and physical sciences developed by universities, companies and inventors. The global market for technology transfer services is estimated at $150 billion annually. CTT maximized the value of intellectual assets for the benefit of its customers, clients and shareholders. Visit CTT’s website: http://www.competitivetech.net/
About The Jenex Corporation Headquartered in Burlington, Ontario, the Corporation owns a patented Thermal Therapy technology. Patents in fifteen countries, including the United States, Canada, Australia, and the E.E.C protect the technology. The first device developed from this technology was the Therapik® product, for insect stings and bites. Therapik® is approved by the U.S. FDA and the Canadian Therapeutic Products Programme. The second device, interceptCS is the first product proven and approved to prevent cold sores. Jenex has clearance to market the cold sore device in Canada with its approved claim, “For prevention and relief of the symptoms of herpes labialis (cold sores), such as blistering, lesions, inflammation, and discomfort. Also helps alleviate the embarrassment that is typically associated with herpes labialis (cold sore) outbreaks”. The Corporation is preparing for the launch of interceptCS in the Canadian market in late 2004. Regulatory approvals are being pursued for USA, Europe and Australia. The HSV-1 virus that causes cold sores, is endemic in North America, and is estimated to affect 80% of the population. As the only product clinically proven to prevent the outbreak of cold sores, the Corporation's thermal therapy product has the potential to dominate a large and underdeveloped market. More information about the Corporation can be found at: www.jenexcorp.com.
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