Quest PharmaTech deal with OncoCare includes 45% equity stake

Canada’s Quest PharmaTech (TSX-V: QPT) has entered into a license agreement with US company OncoCare Therapeutics, to develop and commercialize the company's Targeted Cancer Therapy Technology in the USA.

Quest's Targeted Cancer Therapy Technology includes two potential treatments: AR 9.6, an antibody licensed from the University of Nebraska Medical Center that binds to and blocks oncogenic activities of MUC16; and ACP-2127 which targets CDK/mTOR receptors. Both candidates are being developed for the treatment of pancreatic cancer, one of the deadliest diseases with, currently, no significant long-term treatment options.

In return for granting the license rights to the US, Quest will receive a 45% ownership interest in OncoCare Therapeutics, whose management includes Dr Michael (Tony) Hollingsworth and Dr Prakash Radhakrishnan, original inventors of the AR 9.6 technology, and Craig Tuttle, chief executive, an executive with over 20 years' experience in the biotech industry.