Wellness company Wellfully (WFL) has finished negotiating with consumer goods giant Procter & Gamble (P&G), regarding licensed technologies.
The company has a number of pre-existing agreements with P&G, through which it has licensed its technologies. These agreements include the Exclusive Patent and Know-How License of November 2019, the Powered Array License Agreement of March 2018, and the Master License Agreement of August 2016.
Under these agreements, Wellfully licensed its Magnetic Microarray and Powered Array technologies to P&G. This allowed the consumer goods company to use them in skincare applications, on an exclusive worldwide basis.
After negotiations, Wellfully can now once again use these technologies for its own product developments. The company will be able to use its technology in all application areas, including skincare, on a non-exclusive basis and without paying royalties.
The new agreement which will make these changes possible will be enacted through amendments to the license agreements previously listed above.
The immediate benefit of this new agreement is Wellfully’s ability to use its Magnetic Microarray and Powered Array technologies in current and future products. It also allows the company to make strong claims about the skin penetration of its skincare and haircare products, claims which were previously exclusive to P&G.
Having regained its technology licenses from P&G, Wellfully will continue to design, develop, manufacture, and distribute products for skincare, grooming, and hygiene. The company expects to launch new hygiene products during the first quarter of 2021.
Wellfully closed in the grey for 13 cents per share.
