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news.Quest PharmaTech has signed a $3 million agreement with a multinational technology development company to develop oncology products based on its SonoLight Technology.
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Under the terms of the agreement, Quest Pharma has already received $1,000,000; and the balance of $2,000,000 will be paid within the next twelve months. In return for this non-equity funding, the investor will receive 35% of all future net revenue from the commercialization of Quest’s oncology products. This agreement does not preclude Quest from out-licensing the oncology applications of SonoLight technology to a third party.
The company’s lead oncology product from the SonoLight platform, SL052, is anticipated to enter a Phase I clinical trial for photodynamic therapy treatment of prostate cancer during the second half of 2008. The company is also evaluating the same technology for the treatment of lung cancer and peritoneal carcinomatosis.
Madi Madiyalakan, CEO of Quest, said: “We are optimistic about the potential of both our oncology products and our dermatology program.”