Business
Quest PharmaTech and Alberta Research Council form strategic alliance to develop alternate method to manufacture raw material for SonoLight Technology based products
Quest PharmaTech and Alberta Research Council form strategic alliance to develop alternate method to manufacture raw material for SonoLight Technology based products.
About this update from Quest Pharmatech Inc.
[{"type":"text","content":"\n\n\n\nTrading Symbol: QPT: TSX Venture Exchange\n\n\nEDMONTON, May 23 /CNW/ - Quest PharmaTech Inc. ("Quest" or the "Company")\nannounces that the Company has signed an agreement with the Alberta Research\nCouncil ("ARC") to develop fermentation based technology to manufacture\nHypocrellin B, one of the essential ingredients for SonoLight Technology based\nproducts including SL017 and SL052. Currently, the Company is procuring\nHypocrellin B from mushroom that grows on bamboo trees in China. While the\nCompany does not anticipate any concern in producing enough materials from\nnatural sources to commercialize its products, Quest would like to control the\nmanufacturing and scale up process as well as reduce the cost of the raw\nmaterial.\n\n\nUnder the terms of the agreement, ARC will undertake research to develop\na semi-synthetic method for the manufacture of Hypocrellin B. If the project\nwere to be successful, Quest will receive an exclusive license to the\ndeveloped technology from ARC to manufacture and commercialize HB based\nproducts including SL017 for dermatology and SL052 for oncology applications.\n\n\n"I am very grateful to ARC not only for providing their fermentation and\nchemistry expertise to Quest but also sharing the financial risk involved in\ndeveloping a new technology so that an Alberta based Company can succeed in\nbringing novel pharmaceuticals to the global market," said Dr. Madi R.\nMadiyalakan, CEO of the Company.\n\n\n"Risk must be reduced to an acceptable level if companies are to invest\nin and adopt new technologies," says John McDougall, President and CEO with\nthe Alberta Research Council. "ARC is a key asset of the province to reduce\nrisk and help early stage companies innovate, grow and prosper by providing\naccess to our specialized expertise, facilities and equipment."\n\n\nAbout Quest PharmaTech Inc.\n\n\nThe Corporation is a publicly traded (TSX Venture Exchange: QPT),\nAlberta-based drug development company committed to the development and\ncommercialization of new pharmaceutical products. It is developing a series of\nproducts for the treatment of cancer and dermatological conditions based on\nits unique photodynamic and sonodynamic therapy platform.\n\n\nAbout Alberta Research Council Inc.\n\n\nThe Alberta Research Council I...