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news.Quest PharmaTech has signed a technology transfer agreement with Peking Marvel Cleansing Supplies, a China-based company, to sell its interest in the Bionex Technology.
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Under the terms of the agreement, Quest will receive $50,000 in cash and 1.35 million common shares of Toba Industries. In addition, Quest will also receive $200,000 in the form of future royalties upon successful commercialization of Bionex related products by Peking Marvel. The agreement is contingent upon TSX Venture Exchange approval of the pending transaction between Peking Marvel and Toba Industries.
The Bionex Technology comprises a family of novel disinfectants used for multiple applications including hard surface and hand gel disinfectants. Patents have been granted for part of the technology in US, Europe and China. The sale of Bionex completes the divesture of non-core products and programs initiated by Quest in 2005.