Quest PharmaTech sets up partnership in South Korea

Canadian cancer specialist Quest PharmaTech (TSX-V: QPT) has entered into a long term strategic relationship with AD Biotech, a privately-held South Korean biotechnology company, to share research and technology development resources with the intent to co-develop technologies of both companies.

AD Biotech has provided $2 million of clinical development funding to Quest and has agreed to provide up to $10 million of additional funding in return for Quest common shares and future revenue sharing. The agreement with AD Biotech complements the arrangement that Quest has with Gi-Ho Park and his affiliated Korean company, for which Quest received shareholder and regulatory approval during Quest's annual general and special meeting of shareholders held July 26, 2012.

The arrangement with AD Biotech, when coupled with the relationship that Quest has with Mr Park, will enable Quest to fund its clinical development programs (including those for its newly acquired IgE technology), and also allows Quest access to AD Biotech's antibody, protein transduction domain and manufacturing technologies, the Canadian firm notes.