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In a climate of economic and industrial uncertainty, the collaboration agreement between Sharon Laboratories and DEINOVE will not be signed

March 30, 2020 Off By BusinessWire

The current health, economic and financial crisis creates too much uncertainty to enter into a long-term full partnership around a complete range of ingredients.
DEINOVE continues to advance its various programs with its current partners
The $200k payment made by Sharon Laboratories to DEINOVE at the signing of the MoU remains however retained by DEINOVE.

MONTPELLIER, France–(BUSINESS WIRE)–Regulatory News:

DEINOVE (Paris:ALDEI) (Euronext Growth Paris: ALDEI), a French biotech company that uses a disruptive approach to develop innovative antibiotics and bio-based active ingredients for cosmetics, today announces that, in the context of the global health crisis linked to the Covid-19 pandemic, the agreement which has been under discussion since February with the Israeli group Sharon Laboratories will not be signed.

Indeed, the economic, industrial and financial consequences of the current crisis, as well as their duration, being unknown to date, the collaboration on the development of a complete range of cosmetic ingredients has been questioned.

The $200k payment made by Sharon Laboratories to DEINOVE at the signing of the Memorandum of Understanding (MoU) remains however retained by DEINOVE.

In the area of cosmetic actives, DEINOVE is continuing to advance its various programs with its partners – Solvay, Univar, Greentech, Hallstar France, Dow, and other leading players whose identities remain confidential.

“It is indeed disappointing not to sign this agreement with Sharon Laboratories, on which both companies have worked hard, but neither they nor we are spared from this abrupt change in the environment. We have put all the necessary measures in place to protect the health and safety of our employees, so our teams remain committed to securing the imminent product launches, moving forward with our projects and meeting our commitments to our partners,” said Charles Woler, CEO of DEINOVE.

ABOUT DEINOVE

DEINOVE is a French biotechnology company, a leader in disruptive innovation, which aims to help meet the challenges of antibiotic resistance and the transition to a sustainable production model for the cosmetics and nutrition industries.

DEINOVE has developed a unique and comprehensive expertise in the field of rare bacteria that it can decipher, culture, and optimize to disclose unsuspected possibilities and induce them to produce biobased molecules with activities of interest on an industrial scale. To do so, DEINOVE has been building and documenting since its creation an unparalleled biodiversity bank that it exploits thanks to a unique technological platform in Europe.

DEINOVE is organized around two areas of expertise:

ANTIBIOTICS, New-generation anti-infective drugs: A first antibiotic candidate, DNV3837, is now in Phase II. The Company is also pursuing the systematic exploration of biodiversity to supply its portfolio with new leads, drawing notably on partnerships with bioMérieux and Naicons (AGIR program supported by Bpifrance).
BIOACTIVES, Active ingredients of natural origin with cosmetics as the first market: DEINOVE is already marketing a first cosmetic active ingredient, a second in partnership with Greentech and plans to launch new assets in 2020. Several other cosmetic actives are in development, including with Oléos (Hallstar Group) and Dow. It also runs a program in animal nutrition with Groupe Avril.

Within the Euromedecine science park located in Montpellier, DEINOVE employs 60 employees, mainly researchers, engineers, and technicians, and has filed about 350 patent applications internationally. The Company has been listed on EURONEXT GROWTH® since April 2010.

Visit www.deinove.com