Business
Quest PharmaTech to Receive $3,000,000 to Develop Oncology Products Based on its SonoLight Technology
EDMONTON, Dec. 17 /CNW/ - Quest PharmaTech Inc. (TSX Venture Exchange: QPT) today announced that ...
About this update from Quest Pharmatech Inc.
[{"type":"text","content":"\n\n\n\nEDMONTON, Dec. 17 /CNW/ - Quest PharmaTech Inc. (TSX Venture Exchange:\nQPT) today announced that it has signed an agreement with a multinational\ntechnology development company (the "Investor") to receive $3,000,000 to\ndevelop oncology products based on its SonoLight Technology. Under the terms\nof the agreement, Quest Pharma Tech Inc. ("Quest" or the "Company") has\nalready received $1,000,000; and the balance of $2,000,000 will be paid within\nthe next twelve months. In return for this non-equity funding, the Investor\nwho requested to remain anonymous, will receive 35 percent of all future net\nrevenue from the commercialization of Quest's oncology products. This\nagreement does not preclude Quest from out-licensing the oncology applications\nof SonoLight Technology to a third party.\n\n\nThe Company's lead oncology product from the SonoLight platform, SL052,\nis anticipated to enter a Phase I clinical trial for photodynamic therapy\ntreatment of prostate cancer during the second half of 2008. The Company is\nalso evaluating the same technology for the treatment of lung cancer and\nperitoneal carcinomatosis.\n\n\n"I can't think of a better holiday present to our shareholders than\nestablishing an accelerated oncology development program," said Dr. Madi R.\nMadiyalakan, Chief Executive Officer of Quest Pharma Tech Inc. "We are\noptimistic about the potential of both our oncology products and our\ndermatology program. Additionally, we believe that our partnerships with\nParamount BioSciences and KMH Co. Ltd. will help us achieve our long-term\ngrowth objectives, including share price appreciation."\n\n\nAbout Quest PharmaTech Inc.\n\n\nThe Corporation is a publicly traded (TSX Venture Exchange: QPT),\nAlberta-based pharmaceutical company committed to build shareholder value\nthrough discovery, development, and commercialization of new pharmaceutical\nproducts. It is developing a series of products for the treatment of cancer\nand dermatological conditions based on its proprietary photodynamic and\nsonodynamic therapy platform. The Company's lead product, SL017, is a topical\nformulation that is currently undergoing a 90 patient clinical trial in Canada\nfor hair removal applications. Quest has signed an exclusive multinational\nlicense agreement with Paramount Bioscien...