Quest PharmaTech has entered a strategic partnership with AD Biotech to share research and technology development resources with the intent to co-develop technologies at both companies. Quest PharmaTech is a firm that is developing a portfolio of product candidates for the treatment of cancer by combining immunotherapeutic antibodies with chemotherapy, immune-adjuvants, and photodynamic therapy.
AD Biotech, a Korean biotechnology company, provided $2 million of clinical development funding to Quest and agreed to provide up to $10 million of additional funding in return for Quest common shares and future revenue sharing. Quest said that the arrangement with AD Biotech will help enable Quest to fund its clinical development programs (including those for its newly acquired IgE technology, which it picked up in April from UCLA), and also allows it access to AD Biotech's antibody, protein transduction domain, and manufacturing technologies.
"The agreement with AD Biotech represents a win-win situation," said Madi R. Madiyalakan, Ph.D., CEO of Quest PharmaTech. "The financial support provided by AD Biotech strengthens Quest's financial situation, and provides necessary funding to complete drug development programs that are in progress. In addition, we are able to provide technical expertise to AD Biotech to help them with their IgY antibody technology development and will work together with them to co-develop future products that combine both of our technologies."