Of the sum, $448,000 comes from issuing convertible debentures and another $436,128 comes of from the issuance units. The Quebec-based company has been aggressively pushing R&D as well as promotion and distribution agreements behind the innovative product. "This financing will give us an additional leeway and will allow us to reach our 2007 commercial goals and others objectives linked to our R&D program," said Renaud Beauchesne, Advitech president and CEO. "In addition, we are currently evaluating additional opportunities to finance our activities in order to strengthen our financial capacity." An estimated 6 million adults in North America suffer from the skin disease psoriasis, potentially opening-up a large market for a natural oral alternative, such as Dermylex, to target the condition. Dermylex is a patented blend of naturally derived bioactive peptides that comes in the form of a tablet to be taken orally. While the company originally designed an ingredient, it has increasingly shifted promotion towards its own finished psoriasis product. After numerous years of development, Advitech has begun to roll out Dermylex via distribution agreements with companies such as Canadian Jamieson Laboratories. As well, the company has secured numerous athletic spokespeople to represent the branded product.
