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 craig.tuttle@unmc.edu.
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.
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content:http://www.prnewswire.com/news-releases/quest-pharmatech-signs-license-agreement-with-oncocare-therapeutics-to-develop-and-commercialize-targeted-cancer-therapy-technology-in-the-us-300756542.html
SOURCE Quest PharmaTech Inc.