The first is D-quercetin, a flavanoid found in onions and tea. Oraia claims it inhibits the enzyme that breaks down elastin and protects against UV rays, as well as being an anti-oxidant. The only references to clinical trials I could find were for oral doses, but they do confirm the anti-oxidant part. Similar claims are made for peumus boldus extract from the Chilean Boldus tree.
There are plenty of independent studies on aminoguanidine. It seems that it inhibits the cross-linking of proteins that cause signs of aging such as break down of elastin.
Not completely new to me, but worth a mention is superoxide dismutase. This is the body's own anti-oxide enzyme. It converts the superoxide radicals into hydrogen peroxide, which in turn becomes water and oxygen. In other words, rendered harmless.
I am not going to give you the laundry list of all 22 ingredients, but just add there is also selenium and grape (anti-oxidants), squalane, various vitamins and honey. I'll report back when I get my trial tube.
There is also blackcurrant seed oil, which is a source of gamma-linolenic acid, a fatty acid, that is in breast milk. The only other source is evening primrose. Blackcurrant seeds have twice as much of this skin softener as evening primrose.
UPDATE 5/21/2008: I've been using this for two weeks now on one side of my face. I am seeing some results to the fine lines around my mouth and its a nice lightweight serum. I have had no allergic reactions (a big deal for me) I'll do a full review after a full six weeks are up.