Bioceltran is focused on Protein Transduction Domain (PTD) Technology for transdermal delivery of drugs for cosmetics and pharmaceuticals.
Following the signing the license deal, Quest purchased 38% ownership interest in existing shares of Bioceltran.
Ownership interest in Bioceltran will allow Quest to take advantage of certain funding opportunities that are currently available and also to benefit from the combination of their PDT and PTD technologies in one company.
With the combination of PDT and PTD technologies, Bioceltran will develop new products for both cosmetic and oncology applications using funding capital raised in South Korea.
The deal is part of Quest’s plans to license out or transfer technologies into private companies for the purpose of better raising funds to support product development and increase shareholder value.
Quest CEO Dr Madi Madiyalakan said the company welcomes the opportunity to work with Bioceltran in licensing its PDT technologies for the purpose of future product development.
"With its promising protein transduction technology for cosmetics and pharmaceuticals, and access to Korean funding sources, Bioceltran will be a key partner for Quest in helping to develop joint products and build Quest shareholder value.
"As a shareholder of Bioceltran, Quest is positioned to benefit from the future growth of Bioceltran."