Quest PharmaTech Signs License Agreement with OncoCare Therapeutics to Develop and Commercialize Targeted Cancer Therapy Technology in the U.S.
Nov 28, 2018, 09:30 ET
TSX Venture: QPT
EDMONTON, Nov. 28, 2018 /CNW/ - Quest PharmaTech Inc. (TSX-V: QPT) ("Quest" or the "Company"), a biopharmaceutical company developing and commercializing products to improve the quality of life, today announced that it has entered into a license agreement with a U.S. company, OncoCare Therapeutics, to develop and commercialize the Company's Targeted Cancer Therapy Technology in the U.S.
Quest's Targeted Cancer Therapy Technology includes two potential treatments, AR 9.6, an antibody licensed from the University of Nebraska Medical Center that binds to and blocks oncogenic activities of MUC16, and ACP-2127 which targets CDK/mTOR receptors. Both candidates are being developed for the treatment of pancreatic cancer, one of the deadliest diseases with, currently, no significant long-term treatment options.
In return for granting the license rights to the U.S., Quest will receive a 45% ownership interest in OncoCare Therapeutics, whose management includes Dr. Michael A. (Tony) Hollingsworth and Dr. Prakash Radhakrishnan, original inventors of the AR 9.6 technology, and Craig Tuttle, CEO, an executive with over 20 years' experience in the biotech industry.
"OncoCare Therapeutics is committed to pursuing the research and development and applying the clinical efforts needed to bring these new pancreatic cancer drug candidates to market. We look forward to collaborating with Quest and working with investigators at the Fred & Pamela Buffett Cancer Center in Omaha, Nebraska to accomplish this goal," Tuttle said.
"We are excited that OncoCare Therapeutics, supported by internationally known scientists, will take the lead in development of the technology in the U.S. Quest still retains rights for this technology in other territories," said Dr. Madi Madiyalakan, CEO of Quest.
In other news, the Company announces that it will be holding its annual general meeting of shareholders on Monday, January 28, 2019 at 3:00 pm at the Company's corporate office in Edmonton (8123 Roper Road NW, Edmonton, AB, T6E 6S4).
About Quest PharmaTech Inc.
Quest PharmaTech Inc is a publicly traded, Canadian based biopharmaceutical 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, is focusing on the development of pharmaceutical products for dermatology and wound healing applications. Quest, through its ownership interest in OncoCare Therapeutics, is developing an antibody licensed from University of Nebraska Medical Center, AR 9.6 mAb against truncated O-glycan on MUC16, for targeted cancer therapy applications.
About OncoCare Therapeutics Inc.
OncoCare Therapeutics is a biopharmaceutical company located in Omaha, Nebraska, focused on the development and commercialization of technologies to detect, target and treat devastating cancers such as pancreatic and ovarian cancer. For further information, please contact Craig Tuttle, CEO, at [email protected].
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 Quest PharmaTech Inc.
For further information: Dr. Madi R. Madiyalakan, Chief Executive Officer, Quest PharmaTech Inc., Tel: (780) 448-1400 Ext. 204, Email: [email protected]uestpharmatech.com, Internet: www.questpharmatech.com