Trading Symbol: QPT: TSX Venture Exchange
EDMONTON, May 23 /CNW/ - Quest PharmaTech Inc. ("Quest" or the "Company") announces that the Company has signed an agreement with the Alberta Research Council ("ARC") to develop fermentation based technology to manufacture Hypocrellin B, one of the essential ingredients for SonoLight Technology based products including SL017 and SL052. Currently, the Company is procuring Hypocrellin B from mushroom that grows on bamboo trees in China. While the Company does not anticipate any concern in producing enough materials from natural sources to commercialize its products, Quest would like to control the manufacturing and scale up process as well as reduce the cost of the raw material.
Under the terms of the agreement, ARC will undertake research to develop a semi-synthetic method for the manufacture of Hypocrellin B. If the project were to be successful, Quest will receive an exclusive license to the developed technology from ARC to manufacture and commercialize HB based products including SL017 for dermatology and SL052 for oncology applications.
"I am very grateful to ARC not only for providing their fermentation and chemistry expertise to Quest but also sharing the financial risk involved in developing a new technology so that an Alberta based Company can succeed in bringing novel pharmaceuticals to the global market," said Dr. Madi R. Madiyalakan, CEO of the Company.
"Risk must be reduced to an acceptable level if companies are to invest in and adopt new technologies," says John McDougall, President and CEO with the Alberta Research Council. "ARC is a key asset of the province to reduce risk and help early stage companies innovate, grow and prosper by providing access to our specialized expertise, facilities and equipment."
About Quest PharmaTech Inc.
The Corporation is a publicly traded (TSX Venture Exchange: QPT), Alberta-based drug development company committed to the 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.
About Alberta Research Council Inc.
The Alberta Research Council Inc. (ARC) delivers innovative science and technology solutions that meet the priorities of industry and government in Alberta and beyond. Established in 1921, ARC is wholly owned by the Government of Alberta and incorporated as a not-for-profit corporation. ARC operates in five facilities throughout Alberta, serving the energy, life sciences and manufacturing sectors.
Except for historical information, this press release may contain forward-looking statements, which reflect the Company's current expectation regarding future events. These forward-looking statements involve risk and uncertainties, which may cause but are not limited to, changing market conditions, the successful and timely completion of clinical studies, the establishment of corporate alliances, the impact of competitive products and pricing, new product development, uncertainties related to the regulatory approval process and other risks detailed from time to time in the Company's ongoing quarterly and annual reporting.
"TSX Venture Exchange has neither approved nor disapproved of the
information contained herein."
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