EDMONTON, Jan. 3, 2018 /CNW/ - Madenco Biosciences Inc. ("Madenco"), a subsidiary of Quest PharmaTech Inc. (TSX-V: QPT) ("Quest"), focused on bringing clinically validated products to the consumer and dermatology market by utilizing proprietary transdermal delivery technologies, announces the signing of an exclusive worldwide license agreement with Stanford University to develop and commercialize patented EGF wound healing technology in return for undisclosed upfront and milestone payments.
The technology was invented by Dr. Jennifer Cochran, associate professor of bioengineering at Stanford University, and is jointly owned by Stanford University and Massachusetts Institute of Technology. This new class of engineered EGF molecules have about 30 times more receptor-binding affinity than natural EGF and are protected by two U.S. patents. The technology can also be combined with Quest's SP Technology to further enhance its effectiveness. Its application includes wound healing as well as for use in cosmetics.
"We are excited for this opportunity to develop the wound healing technology" said Dr. Madi Madiyalakan, CEO of Madenco/Quest. "Natural EGF molecules used for wound healing only remain in the wound site for a few minutes before they are dispersed. The new engineered EGF molecules with higher receptor binding affinity can prolong the residence time remarkably and enhance the biological effect", added Dr. Madiyalakan.
Madenco is currently marketing Bellus Skin™ Serum, a clinically validated anti-aging skin serum proven to reduce the appearance of wrinkles and signs of aging using SP-Technology™ to deliver fusion proteins targeting growth factors into the skin. Bellus Skin™ Serum is also available for purchase online at www.bellusskin.com.
On a corporate matter, Quest announces the granting of 500,000 stock options to Directors and 800,000 stock options to Officers, all at an exercise price of $0.15 per common share, subject to TSX Venture Exchange approval.
About Madenco Biosciences Inc.
Madenco Biosciences is a company specializing in developing products utilizing proprietary transdermal delivery technologies with a focus on consumer and dermatology markets. Madenco's first commercial cosmetic product is Bellus Skin™ Serum, a clinically-proven anti-aging serum for people over the age of 25, utilizing SP Technology™ to deliver specific fusion proteins targeting growth factors to the skin, helping to reduce the visible signs of aging.
About Quest PharmaTech Inc. (TSX-V: QPT)
Quest PharmaTech Inc ("Quest" or the "Company") is a publicly traded, Canadian based pharmaceutical company developing products to improve the quality of life. The Company through its subsidiary, OncoQuest and its Chinese joint venture, OncoVent, is developing antibody based immunotherapeutic products for cancer. Quest has an ownership interest in Bioceltran which is focused on SP Technology™ for transdermal delivery of drugs and photosensitizers for pharmaceutical and cosmetic purposes. Quest through its subsidiary, Madenco BioSciences and its investment in Natural Rf also markets consumer health products worldwide, including Bellus Skin™ serum, a premium anti-wrinkle skin care product licensed from Korea and Allergy Rf, a natural product for seasonal and environmental allergies, respectively. Quest is also developing an antibody licensed from University of Nebraska, Mab AR 9.6 against truncated O-glycan on MUC16, for targeted cancer therapy applications.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Madenco Biosciences Inc.
For further information: Dr. Madi R. Madiyalakan, Chief Executive Officer, Quest PharmaTech Inc., Tel: (780) 448-1400 Ext. 204, Email: [email protected]