Quest PharmaTech Inc., an Edmonton-based pharmaceutical company, reported it has signed a license agreement with Bioceltran Co., Ltd., a private South Korean based company. Quest PharmaTech develop and commercialize products for the treatment of cancer, while Bioceltran are focused on Protein Transduction Domain (PTD) Technology for transdermal delivery of drugs for cosmetics and pharmaceuticals. Quest’s photodynamic therapy (PDT) technology will be licensed to Bioceltran in return for up-front license fees, milestone payments and royalties on future product sales.
Subsequent to signing the license agreement, Quest purchased a Foreign Equity Investment 38% ownership interest in existing shares of Bioceltran. The ownership interest in Bioceltran will allow Quest to take advantage of certain funding opportunities that are presently available and also to benefit from the combination of Quest’s PDT and Bioceltran’s PTD technologies in one company. The transaction is one part of Quest’s plans to license out or transfer technologies into private companies for the purpose of better raising funds to support product development and increase shareholder value.