TSX Venture: QPT
EDMONTON, July 20, 2018 /CNW/ - Madenco Biosciences
Inc. ("Madenco"), a subsidiary of Quest PharmaTech Inc. (TSX-V:
QPT) ("Quest"), today announces that it will no longer actively
promote consumer health products, in order to focus on development
of pharmaceutical products. Madenco will no longer promote
the Bellus Skin line of skin care products, but will continue to
develop nanoparticle based SP Technology™ for transdermal delivery
of drugs for pharmaceutical purposes.
Madenco has determined that consumer health products are not
providing the returns on capital that the company expects and do
not align with the company's core business, which is pharmaceutical
products, including development of the company's wound healing
technology with Stanford University. In
line with this decision, the company has also negotiated a return
of its $500,000 principal investment
in Natural Rf Life Sciences Inc. However, Madenco continues to have
about a 20% equity interest in South
Korea based Bioceltran involved in the manufacture and sale
of cosmetic products.
"This change in direction for the company will allow us to focus
on our core strengths related to pharmaceutical product
development, for better return of investment for our shareholders"
said Dr. Madi Madiyalakan, CEO of Madenco/Quest. "We are currently
focusing our efforts on wound healing and topical anesthetic
applications," added Dr. Madiyalakan.
About Madenco Biosciences Inc.
Madenco Biosciences is
a company specializing in developing products utilizing proprietary
transdermal delivery technologies with a focus on pharmaceutical
products.
About Quest PharmaTech Inc. (TSX-V: QPT)
Quest
PharmaTech Inc ("Quest" or the "Company") is a publicly traded,
Canadian based pharmaceutical company developing products to
improve the quality of life. The Company through its subsidiary,
OncoQuest and its Chinese joint venture, OncoVent, is developing
antibody based immunotherapeutic products for cancer. Quest has an
ownership interest in Bioceltran which is focused on SP Technology™
for transdermal delivery of drugs and photosensitizers for
pharmaceutical and cosmetic purposes. Quest through its subsidiary,
Madenco BioSciences, will be focusing on the development of
pharmaceutical products, including for wound healing applications.
Quest is also developing an antibody licensed from University of Nebraska, Mab AR 9.6 against
truncated O-glycan on MUC16, for targeted cancer therapy
applications.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Quest PharmaTech Inc.