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Quest PharmaTech and Paramount BioSciences Sign Exclusive Multinational License Agreement to Develop and Commercialize SonoLight Technology for Dermatology Applications
Quest PharmaTech and Paramount BioSciences Sign Exclusive Multinational License Agreement to Develop and Commercialize SonoLight Technology for Dermatology Applications.
About this update from Quest Pharmatech Inc.
[{"type":"text","content":"\n\n\n\nEDMONTON, AB and SAN DIEGO, CA, May 14 /CNW/ - Quest PharmaTech Inc.\n("Quest") (TSX: QPT) announced today that Paramount BioSciences, LLC, has\nacquired multinational rights to Quest's proprietary SonoLight technology for\ndermatology applications. Paramount BioSciences is a global drug development\nand healthcare investment firm with a portfolio of life-sciences-focused\ncompanies. The deal gives Paramount BioSciences access to a library of\nHypocrellin B-derived photosensitizers which are activated by light or\nultrasound energy sources. Quest's SonoLight photosensitizer technology is\ndesigned around Hypocrellin B, a complex small molecule isolated from a\nparasitic fungus (Hypocrella bambusae) normally found in Chinese bamboo trees.\nMultiple Hypocrellin B derivatives are available for evaluation in a wide\nvariety of dermatology and oncology indications. The lead compound, SL017\nformulated as a topical gel, has been combined with a widely available light\nsource for permanent removal of unwanted hair and for treatment of actinic\nkeratosis.\n\n\nUnder the terms of the agreement, Paramount BioSciences is responsible\nfor dermatology-related development and commercialization activities outside\nof Canada. In addition, the agreement with Paramount BioSciences allows KMH\nCo. Ltd. to develop SL017 as a cosmetic for hair removal in Asia and acne in\nSouth Korea. In return, Quest will receive an immediate upfront payment and\npotential future milestone payments in excess of $35 million USD plus\nroyalties on sales. Quest will retain Canadian rights for dermatology and\nworldwide rights to non-dermatology applications.\n\n\n"Paramount BioSciences is very excited to be involved in the SonoLight\nprogram. We have already mobilized our in-house team to begin product\ndevelopment and lay the groundwork for the Paramount portfolio company that\nwill continue development and ultimately commercialize this novel technology,"\nsaid Bertrand Liang, Vice Chairman of Paramount BioSciences.\n\n\nQuest is exploring the possibility of introducing SL017 topical gel to\nthe Canadian cosmetic market for permanent hair removal after the completion\nof their ongoing clinical program. KMH has recently initiated a clinical\nprogram with the objective of registering SL017 as a cosmetic product for hair\nremoval in Korea.\n\...