FirstPoint Biotech has signed a letter of intent to acquire a majority stake in the company, with a plan to invest approximately $10m over a two year period.
The investment will result in the creation of two new companies, First Point RCP Therapeutics operating in the medical market and a spin off company dealing uniquely with cosmeceutical products.
According to RCP Therapeutics, CEO Robert Sexauer the decision to spin off the cosmeceutical business was taken mainly for marketing purposes.
“Marketing for a consumer products company, such as one dealing with cosmetics products, is quite different to that required for a pharmaceutical company” he told CosmeticsDesign.com.
Short term revenues depend on cosmetic success
In the short term, the cosmeceutical project is particularly important to the company and its development, he added.
The majority of the revenue that the company anticipates for 2009 and 2010 will come from the cosmeceutical venture, he explained, whereas the company expects returns on the medical products from 2011.
The initial offering for the cosmeceutical market is a topical product called Bimene, which uses a nanoparticle delivery system to transport vitamin C, collagen type 3 and hyaluronic acid into the skin.
In addition, the company plans to develop products using a nano-size free radical scavenger, nano SOD, and a sun protection product using a p53 nanoparticle.
Indeed, the company is concentrating on nanotechnology which although increasingly prevalent within the industry, is also attracting consumer criticism.
When asked if he was worried about consumer doubts over the safety of nanotehcnology, Sexauer replied that the company’s products would have undergone significant safety testing before going to market.
In addition, only ingredients that have been approved by the FDA would be incorporated into the products, he said, although they could be included in the nanoscale.
The launch of the cosmeceutical line is planned for early 2009 in the European markets and will follow three to six months later in the US.