Current News

Contact | Print version | PDF version | Send article | RSS feed

Quest PharmaTech and Paramount BioSciences Sign Exclusive Multinational License Agreement for SonoLight Technology

16 May 2007 - Quest PharmaTech Inc. announced that Paramount BioSciences, LLC, has acquired multinational rights to Quest's proprietary SonoLight technology for dermatology applications. The deal gives Paramount BioSciences access to a library of Hypocrellin B-derived photosensitizers which are activated by light or ultrasound energy sources. Quest's SonoLight photosensitizer technology is designed around Hypocrellin B, a complex small molecule isolated from a parasitic fungus (Hypocrella bambusae) normally found in Chinese bamboo trees. Multiple Hypocrellin B derivatives are available for evaluation in a wide variety of dermatology and oncology indications. The lead compound, SL017 formulated as a topical gel, has been combined with a widely available light source for permanent removal of unwanted hair and for treatment of actinic keratosis.
 
Under the terms of the agreement, Paramount BioSciences is responsible for dermatology-related development and commercialization activities outside of Canada. In addition, the agreement with Paramount BioSciences allows KMH Co. Ltd. to develop SL017 as a cosmetic for hair removal in Asia and acne in South Korea. In return, Quest will receive an immediate upfront payment and potential future milestone payments in excess of $35 million USD plus royalties on sales. Quest will retain Canadian rights for dermatology and worldwide rights to non-dermatology applications.