Quick-Med says that the patent, which was developed by the university as a cosmetic treatments for a variety of skin conditions, mainly age-related, will add significantly to its existing MultiStat technology.
The company has added the University of Michigan patent to its portfolio in response to the growing demand for increasingly effective active ingredients aimed at reversing visible signs of skin aging.
The addition of the U-M patents means that the company now has exclusive patent rights for use of seven US patents and numerous international patents for cosmetics applications that were previously non-exclusive.
It says that the license gives it exclusive rights to commercialize important patents that will lead to the development of cosmetic products incorporating anti-aging properties.
MultiStat is derived from Matrix Metalloproteinases Inhibitors (MMPI), which work to regulate adverse skin cell reactions that include increased skin cell degradation and collagen depletion.
The technology consists of over 10 patented compounds and patented formulae for developing other compounds, which have been clinically proven to counteract the effects of photo or natural skin aging, in turn reducing the number and depth of facial wrinkles in both males and females.
The company has been commercializing its MultiStat technology through an exclusive distribution agreement with the fine chemicals division of the BASF Corporation.
This agreement means that compounds formulated using MultiStat technology are sold to leading cosmetics companies worldwide.
"These patents significantly extend our patent estate in the cosmetics arena," stated Michael Granito, Chairman of Quick-Med Technologies.
"Exclusive rights should give us the ability to strengthen our position in the market," Granito added.
Currently the global anti-aging market is estimated to be worth approximately $50 billion dollars, a figure that is expected to hit $56 billion by 2007 - growth that many analysts believe will continue at break-neck speed in coming years.