-NRC-IRAP to support the development-
EDMONTON, AB, July 10 /CNW/ - Quest PharmaTech Inc. ("Quest" or the "Company") is pleased to announce that it has signed an agreement with AMC Technologies Corp. (member of PCC Communications Inc.) to develop a novel, portable light delivery device intended for home use with SL017 for hair removal application. Currently, the Company is developing SL017 as an aid for hair removal with already approved light based depilatory system including Intense Pulse Light (IPL). The Company has already demonstrated the utility of SL017 for hair removal applications by showing specific follicular uptake of the product in a ten patient clinical trial. Currently, the Company is conducting a fifty patient clinical trial for hair removal using IPL.
Under the agreement, AMC Technologies Corp. will undertake the design and production of a prototype high intensity light system that can be used in combination with SL017 and assess its applicability for home use as an Over the Counter product. The companies were introduced by an Industrial Technology Advisor from the National Research Council Canada Industrial Research Assistance Program (NRC-IRAP), which is also providing funding towards the research into the device.
"The availability of a portable light device for home use could open up a new market segment in the future and we are happy to be using the available local expertise in this area" said Mr. Thomas Woo, Vice President for Product Development. "The Company is also grateful to NRC-IRAP for their continued support to develop SonoLight Technology based products" added Mr. Woo.
"We at AMC Technologies Corp. have developed many different products using high brightness solid state devices in the last few years. This allows us to provide a tremendous design service to companies like Quest PharmaTech who see the value in their applications" said Dustin Demontigny, Project Leader from AMC Technologies Corp. "We are looking forward to working with another local company through the introduction and continuous support from NRC-IRAP," said Maynor Motta, Corporate Engineering Manager for AMC Technologies Corp.
The worldwide light-based treatments to remove unwanted hair are estimated to be U.S. $2.7 billion. The Company believes that there is substantial opportunity for further market growth by making SL017 accessible and affordable to everyone and everywhere.
Quest Corporate Update
The Company also announces the final closing, subject to TSX Venture Exchange approval, of its recent non-brokered private placement. In total, the Company sold 5,733,333 common shares for gross proceeds of $860,000, including $55,000 raised from insiders of the Company. The common shares issued will have hold periods expiring 4 months from the date of issue.
Recently the Company received certain milestone payments from a strategic partner which assisted the Company in making a $200,000 principal payment towards the Company's $1,000,000 convertible debenture. The Company also made a principal payment of $50,000 towards the Company's $230,000 demand notes.
Further details are contained in the Company's interim financial statements for the three month period ended April 30, 2007, which have recently been released and are available to be viewed on the Company's website or at www.SEDAR.com.
About AMC Technologies Corp.
Based in Edmonton, AMC Technologies Corp., is an award-winning engineering firm providing customized services in electronics design, manufacturing, testing, packaging and distribution of a diverse range of electronic devices, with expertise in embedded systems hardware design, Internet protocols, real time software development, and industrial software applications.
About National Research Council Canada
Recognized globally for research and innovation, NRC is a leader in the development of an innovative, knowledge-based economy for Canada through science and technology.
NRC-IRAP provides a range of both technical and business oriented advisory services along with potential financial support to growth-oriented Canadian small - and medium-sized enterprises. Working directly with these clients, NRC-IRAP supports innovative research and development and commercialization of new products and services. The program is delivered by a network of 260 professionals in 100 communities across the country. Funds provided under this program are done on a cost-share basis with their clients.
About Quest PharmaTech Inc.
The Company is a publicly traded (TSX Venture Exchange: QPT), Alberta-based pharmaceutical 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.
"TSX Venture Exchange has neither approved nor disapproved of the
information contained herein."
%SEDAR: 00008400E