Exhibit 10.68
IGI
Technology making a difference
July 5, 2001
Mr. Xxx Xxxxxxx
Director of Sales and Marketing
Prime Pharmaceutical Corporation
000 Xxxxxxx Xxxx
Xxxxx Xxxx, Xxxxxxx X0X 0X0
Dear Xxx:
Attached is a signed acknowledgement of our agreement. We should also
acknowledge that a formal Manufacturing and Supply Agreement will be
developed after completion of the R & D program and that the agreed upon
kilogram charge will be $18.70/kilogram and that the rebate of
$3.60/kilogram up to 12,500 kilograms will be off that $18.70/kilogram
base.
Sincerely,
/s/ Xxxx Xxxxxxx
Xxxx Xxxxxxx
President and Chief Executive Officer
Agreed and Accepted: /s/ Xxx Xxxxxxx
-------------------------------
By: Xxx Xxxxxxx
Director of Sales and Marketing
Lincoln Avenue & Wheat Road Buena, New Jersey 00000-0000
Tel.: (000) 000-0000 Fax: (000) 0000000 xxx.XxxXXX.xxx
EVSCO PHARMACEUTICALS CONSUMER PRODUCTS
VINELAND LABORATORIES TOMLYN PRODUCTS
PRIME Improving the way you care for skin
---------------------------------------------------------------------------
Pharmaceutical Corporation
July 5, 2001
Xxxx Xxxxxxx
Chief Executive Officer
IGI
Lincoln Avenue & Wheat Road
Buena, New Jersey
USA
08310
Dear Xxxx,
As per our telephone conversation today, I am pleased to confirm that we
are now prepared to move forward with our product development program.
We accept the terms of the attached Schedule of Research and Development
Payments and Manufacturing Rebates as per our agreement dated January 2,
2001.
Please indicate your acceptance of this agreement by signing below and
returning to my attention.
Upon receipt we will release the first payment and forward 3 litres of our
extract to you.
We are very excited about commencing this project and look forward to a
long and prosperous relationship between our companies.
Regards,
/s/ Xxx Xxxxxxx
Xxx Xxxxxxx
Director of Sales and Marketing
Agreed and Accepted: /s/ Xxxx Xxxxxxx Date: 7/5/2001
---------------- --------
By: Xxxx Xxxxxxx
Chief Executive Officer
Cc: Xxx Xxxxxx
000 Xxxxxxx Xxxx, Xxxxx Xxxx Xxxxxxx X0X 0X0
Tel: (000) 000-0000 Fax: (000) 000-0000
Prime Pharmaceutical Corporation
Corporate Head Office:
0000 Xxxxx Xxxxxx, Xxxxx 000
Xxxxxxx, Xxxxxx X0X 0X0
Tel: 000-000-0000 Fax: 000-000-0000
Toll free: 0-000-000-0000
Web: xxx.xxxxxxxxxx.xxx
Email: xxxxxxxxx@xxxxxxxxxx.xxx
To order Primaderm products call:
Toll free: 1-800-741-6856
January 2, 2001
Xxxxx Xxxxxx
President
Consumer Products Division
IGI
Lincoln Avenue and Wheat Road
Dear Xxxxx:
As per our conference call of December 21, 2000, the attached Schedule of
Research and Development Payments and Schedule of Manufacturing Rebates,
outlines the terms of the agreement in principle.
It is understood that this agreement provides for the development of final
formulations for Prime Pharmaceutical, suitable for manufacture by IGI. In
the event that IGI is unable, for whatever reason, to complete the
development process, all prepaid monies will be fully refundable.
As we discussed, the agreement will commence with the delivery to IGI of
the optimum grade Mahonium Extract along with the initial Research and
Development payment. We anticipate that this will happen mid-January, but
we will confirm this as soon as possible.
We are very excited about the new relationship we have developed with XXX,
and wish you and team all the best for a healthy and prosperous new year.
Regards,
/s/ Xxx Xxxxxxx
Xxx Xxxxxxx
Director of Sales and Marketing
cc: Xxxx Xxxxxxx
cc: Xxx Xxxxx
PRIMADERM
nature's forgotten remedy--------------------------------------------------
Schedule of Research and Development Payments
---------------------------------------------
Payment One - $30,000
* Payable upon Prime Pharmaceutical's delivery of optimum grade
Mahonia Extract to IGI
Payment Two - $10,000
* Payable upon the final acceptance of the 3 formulations, just
prior to the manufacture of 100-kg pilot batches
Payment Three - $10,000
* Payable upon completion of 6 weeks stability, when samples are
sent for outside testing. (Preservative Challenge Test and Skin
Irritation Study)
Payment Four - $10,000
* Payable upon completion of the final stability testing and
delivery of the results from stability and outside labs.
Schedule of Manufacturing Rebates
---------------------------------
IGI will rebate to Prime Pharmaceutical $3.60 per kilogram, on an ongoing
basis until Prime has cumulatively ordered 12,500 kilograms, at which point
the rebate program ends.
PRIMADERM
nature's forgotten remedy--------------------------------------------------
