EDMONTON, Dec. 17 /PRNewswire-FirstCall/ - Quest PharmaTech Inc. (TSX Venture Exchange: QPT) today announced that it has signed an agreement with a multinational technology development company (the "Investor") to receive $3,000,000 to develop oncology products based on its SonoLight Technology. Under the terms of the agreement, Quest Pharma Tech Inc. ("Quest" or the "Company") has already received $1,000,000; and the balance of $2,000,000 will be paid within the next twelve months. In return for this non-equity funding, the Investor who requested to remain anonymous, will receive 35 percent of all future net revenue from the commercialization of Quest's oncology products. This agreement does not preclude Quest from out-licensing the oncology applications of SonoLight Technology to a third party.
The Company's lead oncology product from the SonoLight platform, SL052, is anticipated to enter a Phase I clinical trial for photodynamic therapy treatment of prostate cancer during the second half of 2008. The Company is also evaluating the same technology for the treatment of lung cancer and peritoneal carcinomatosis.
"I can't think of a better holiday present to our shareholders than establishing an accelerated oncology development program," said Dr. Madi R. Madiyalakan, Chief Executive Officer of Quest Pharma Tech Inc. "We are optimistic about the potential of both our oncology products and our dermatology program. Additionally, we believe that our partnerships with Paramount BioSciences and KMH Co. Ltd. will help us achieve our long-term growth objectives, including share price appreciation."
About Quest PharmaTech Inc.
The Corporation 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
|SOURCE Quest PharmaTech Inc.|
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