Skin care firm Freedom2 merges with eFoodSafety
A specialist in tattoo inks, Freedom2 announced last year that it was working on a host of skin care applications for its Particle Encapsulation Delivery System (PEDS) and expects to bring in more than $1bn with the technology.
Raising funds for development plans
Merging with eFoodSafety.com will make it easier to raise capital to fund the development of products from this encapsulation technology, said Martin Schmieg, the current president and CEO of Freedom2.
Schmieg, who will become Chairman and CEO of the new company, told CosmeticsDesign.com that the current financial situation had made it hard to raise private capital.
The company head also said eFoodSafety.com, which specializes in nutraceutical products, complements Freedom2’s product range, especially in the region of dermatology and cosmetics.
The firm has plans underfoot to launch a number of new products in 2009 and 2010 using the PEDS technology, under which ingredients are encapsulated in microscopic polymer beads that can vary in size and construction because of the type of polymer used.
Planned product launches for cosmetic industry
For the cosmetics industry the company is working on a sun-block solution, NBlock, which encapsulates titanium dioxide in microscopic polymer beads to prevent the compound from penetrating the skin's surface.
The firm is also working on Clear, a new facial rejuvenation product using a version of PEDS, which aims to soften fine lines and wrinkles around the eyes and lips. The product is expected to become available in 2009 through cosmetic aestheticians.
Details of the merger
Under the merger agreement, Freedom2 will obtain a 20 percent share in the newly combined company that will trade as eFoodSafety.com.
The company will move its principal executive offices to Freedom2’s current corporate headquarters and manufacturing facility in Cherry Hill, New Jersey.
