EDMONTON, AB and SAN DIEGO, CA, May 14 /PRNewswire-FirstCall/ - Quest PharmaTech Inc. ("Quest") announced today that Paramount BioSciences, LLC, has acquired multinational rights to Quest's proprietary SonoLight technology for dermatology applications. Paramount BioSciences is a global drug development and healthcare investment firm with a portfolio of life-sciences-focused companies. The deal gives Paramount BioSciences access to a library of Hypocrellin B-derived photosensitizers which are activated by light or ultrasound energy sources. Quest's SonoLight photosensitizer technology is designed around Hypocrellin B, a complex small molecule isolated from a parasitic fungus (Hypocrella bambusae) normally found in Chinese bamboo trees. Multiple Hypocrellin B derivatives are available for evaluation in a wide variety of dermatology and oncology indications. The lead compound, SL017 formulated as a topical gel, has been combined with a widely available light source for permanent removal of unwanted hair and for treatment of actinic keratosis.
Under the terms of the agreement, Paramount BioSciences is responsible for dermatology-related development and commercialization activities outside of Canada. In addition, the agreement with Paramount BioSciences allows KMH Co. Ltd. to develop SL017 as a cosmetic for hair removal in Asia and acne in South Korea. In return, Quest will receive an immediate upfront payment and potential future milestone payments in excess of $35 million USD plus royalties on sales. Quest will retain Canadian rights for dermatology and worldwide rights to non-dermatology applications.
"Paramount BioSciences is very excited to be involved in the SonoLight program. We have already mobilized our in-house team to begin product development and lay the groundwork for the Paramount portfolio company that will continue development and ultimately commercialize this novel technology," said Bertrand Liang, Vice Chairman of Paramount BioSciences.
Quest is exploring the possibility of introducing SL017 topical gel to the Canadian cosmetic market for permanent hair removal after the completion of their ongoing clinical program. KMH has recently initiated a clinical program with the objective of registering SL017 as a cosmetic product for hair removal in Korea.
"I am very pleased to have found a strategic partner like Paramount BioSciences who shares our vision in the potential of our SonoLight Technology, and has the expertise and financial resources to develop SL017 for the U.S and European markets," said Dr. Madi R. Madiyalakan, Chief Executive Officer of Quest.
About Quest PharmaTech Inc.
Quest is a publicly traded , 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.
Quest will continue to develop SL017 for dermatology applications for the Canadian market as well as SL052, Quest's second product, and other compounds for worldwide oncology applications. SL052 is an injectable formulation that is in late-stage pre-clinical development for prostate cancer treatment. The practical application of SL052 photodynamic therapy treatment system on the prostate gland has already been demonstrated in a canine prostate model.
About Paramount BioSciences
Paramount BioSciences, LLC (www.paramountbio.com) is a global drug development and healthcare investment firm focused on the in-licensing of novel therapeutics, and the formation of new biotechnology companies.
Except for historical information, this press release may contain forward-looking statements, which reflect Quest'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 Quest's ongoing quarterly and annual reporting.
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Quest PharmaTech Inc.