Business
Madenco Biosciences Announces Strategic Decision to Drop Consumer Health Products and Focus on Pharmaceutical Product Development
Madenco Biosciences Announces Strategic Decision to Drop Consumer Health Products and Focu...
About this update from Quest Pharmatech Inc.
[{"type":"text","content":"\n\n\n\nMadenco Biosciences Announces Strategic Decision to Drop Consumer Health Products and Focus on Pharmaceutical Product Development\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nEDMONTON, July 20, 2018\n\n\n\nTSX Venture: QPT\n\n\n\nEDMONTON, July 20, 2018 /CNW/ - Madenco Biosciences Inc. (\"Madenco\"), a subsidiary of Quest PharmaTech Inc. (TSX-V: QPT) (\"Quest\"), today announces that it will no longer actively promote consumer health products, in order to focus on development of pharmaceutical products.  Madenco will no longer promote the Bellus Skin line of skin care products, but will continue to develop nanoparticle based SP Technology™ for transdermal delivery of drugs for pharmaceutical purposes.\n\nMadenco has determined that consumer health products are not providing the returns on capital that the company expects and do not align with the company's core business, which is pharmaceutical products, including development of the company's wound healing technology with Stanford University. In line with this decision, the company has also negotiated a return of its $500,000 principal investment in Natural Rf Life Sciences Inc. However, Madenco continues to have about a 20% equity interest in South Korea based Bioceltran involved in the manufacture and sale of cosmetic products.\n\n\"This change in direction for the company will allow us to focus on our core strengths related to pharmaceutical product development, for better return of investment for our shareholders\" said Dr. Madi Madiyalakan, CEO of Madenco/Quest. \"We are currently focusing our efforts on wound healing and topical anesthetic applications,\" added Dr. Madiyalakan. \n\nAbout Madenco Biosciences Inc. Madenco Biosciences is a company specializing in developing products utilizing proprietary transdermal delivery technologies with a focus on pharmaceutical products. \n\nAbout Quest PharmaTech Inc. (TSX-V: QPT)Quest PharmaTech Inc (\"Quest\" or the \"Company\") is a publicly traded, Canadian based pharmaceutical company developing products to improve the qualit...