UK startup Nanosynth, which specialises in the synthesis and application of nanoparticles, has entered into a joint development agreement with a global wellness company for their first project in the cosmetics market.
In a statement, the Nottingham company said the development programme is anticipated to run for 12 months and involve two major work packages.
Both companies will retain their own intellectual property but will jointly work to develop a new product for the market.
On successful completion and subject to results, it is the intention of both companies to enter into an exclusive commercial agreement for the supply of nanoparticles for this cosmetics market.
"We are delighted to secure the first project in our R&D programme which is testimony to our leadership in the field of nano technology,” said Nanosynth chief executive Mark Duffin.
“Our client's confidentiality and competitive advantage remain our priority during this development phase and we look forward to becoming their exclusive partners in the future,” he added.
