Quick-Med Technologies, Inc. Receives Key U.S. Patent
Business Editors/Health/Medical Writers
GAINESVILLE, Fla.–(BUSINESS WIRE)–April 15, 2004
Quick-Med Technologies, Inc. (OTCBB:QMDT) (the “Company”), today announced that a key patent, “Cosmetic Composition and Method,” for MultiStat(TM)’s family of MMPI-related technologies has been approved from the United States Patent and Trademark Office.
“This patent together with previously issued patents, further highlights the strong intellectual property position of our research and development program,” stated David S. Lerner, president of Quick-Med Technologies. “We are extremely pleased with the additional scope of protection that this patent will provide us within the cosmetic industry.”
About the U.S. Cosmeceutical Industry
Demand for cosmeceutical products is expected to surpass $5.1 billion in 2007, propelled by a stream of new and advanced product introductions offering age-defying and appearance-enhancing benefits for an aging population. The value of chemicals used in these products is expected to advance at a slightly faster pace, increasing 10.2 percent per year to $1.4 billion in 2007, with gains spurred by the use of new and higher value-added active ingredients in product formulations. Skin care products, including antiaging, acne and sun care products, will continue to dominate cosmeceutical product demand, accounting for nearly 60 percent of the total in 2007. Gains will be driven by a highly receptive, fast-expanding group of middle-aged consumers who want to prevent or redress visible damage to the skin caused by aging, ultraviolet radiation and other environmental stressors. Improved formulations and the passage of the relatively affluent baby boomer generation through middle age will promote the wide use of value-added age-defying products.
Cosmeceuticals - U.S. Industry Study with Forecasts to 2007 & 2012, The Freedonia Group, Inc. March 2003