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