Business
Quest PharmaTech Inc. Sells ACP-HIP Technology to Its Original Inventor
Quest PharmaTech Inc. Sells ACP-HIP Technology to Its Original Inventor.
About this update from Quest Pharmatech Inc.
[{"type":"text","content":"\n\n\n\n\n- Non-Core Assets Divesture continues - \n\nEDMONTON, Feb. 7 /CNW/ - Quest PharmaTech Inc. (TSX.V: QPT, the\n\"Company\") announces that it has signed an agreement with Dr. Tony Antakly of\nthe University of Montreal to sell him the product 'ACP-HIP' and its\nassociated technology. Dr. Antakly is the original inventor of the HIP\ntechnology, a potential treatment for AIDS and AIDS-related conditions. Quest\nacquired the Technology from University of Montreal in 1998 and commenced\ndevelopment of the product at that time in collaboration with Dr. Antakly and\nthe University of Montreal. However, the Company suspended development work on\nACP-HIP in early 2005 as a consequence of the Company's renewed focus on\ncancer therapeutics.\n\"I'm delighted that we have been able to complete this transaction\"\ncommented Dr. David Cox, President & CEO. \"I'm especially happy that ACP-HIP\nwill continue its development under the guidance of Dr. Antakly, the original\ninventor of the product. This is also another instance whereby Quest,\nconsistent with its strategy of focus on photo- and sono-dynamic therapies,\nhas been able to extract value from its non-core assets. Perhaps more\nimportantly, this agreement has now eliminated any previous possibility of\nlegal action relating to this technology by Dr. Antakly and/or the University\nof Montreal.\"\nFinancial details of the transaction are not disclosed, but the\nconsideration involves an up-front payment to Quest, milestone payments based\non continued progress through clinical development and a royalty based on\nsales of the product, if approved. The total consideration would be $2,300,000\nif all milestones are met and the product is successful in the marketplace.\n\"Development of the HIP molecule, discovered in my laboratory at the\nUniversity, is already well underway\" said Dr. Antakly. \"After having the\nprivilege of securing permission from Health Canada and coordinating its\ntesting on humans in Phase I clinical trials which were done at the\nUniversity's medical center, I am very eager to resume further clinical\ndevelopment of this exciting technology. As we all know, drug development,\nwhich begins in the R&D lab, is a long-term process that is a true team\neffort. It can be arduous and frustrating but I am convinced that HIP, through\nour renewed endeavours,...