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EDMONTON, May 7 /CNW/ - Quest PharmaTech Inc. ("Quest" or the "Company") announces that it has signed a Technology Transfer Agreement (the "Agreement") with Peking Marvel Cleansing Supplies Co., Ltd., a China-based company, ("Peking Marvel") to sell its interest in the Bionex Technology. Peking Marvel is anticipated to be acquired by a TSX NEX listed company called Toba Industries Ltd (TGB-H).
Under the terms of the Agreement, Quest will receive $50,000 in cash and 1,351,111 common shares of Toba Industries Ltd. In addition, Quest will also receive $200,000 in the form of future royalties upon successful commercialization of Bionex related products by Peking Marvel. The Agreement is contingent upon TSX Venture Exchange approval of the pending transaction between Peking Marvel and Toba Industries Ltd.
The Bionex Technology comprises a family of novel disinfectants used for multiple applications including hard surface and hand gel disinfectants. Patents have been granted for part of the Technology in USA, Europe and China. The sale of Bionex completes the divesture of non-core products and programs initiated by Quest in 2005.
About Quest PharmaTech Inc: Quest PharmaTech Inc. is a publicly traded (TSX Venture Exchange: QPT), Alberta-based pharmaceutical company committed to build shareholder value through discovery, development and commercialization of new pharmaceutical products. It is developing a series of products for the treatment of cancer and dermatological conditions based on its unique photodynamic and sonodynamic therapy platform. The Company's lead dermatology product, SL017, is a topical formulation that is currently undergoing a 90 patient clinical trial in Canada for hair removal applications. The Company's lead oncology product, SL052, is scheduled to enter a Phase I clinical trial during the second half of 2008.
"TSX Venture Exchange has neither approved nor disapproved of the
information contained herein."
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