Seattle, WA (PRWEB) September 19, 2012
MediQuest Therapeutics today announced that EFFELL LLC, a Delaware Limited Liability Company has acquired the rights to MediQuest’s Onychomycosis and Onycholysis clinical programs. This is the first sale in a series of asset sales MediQuest is conducting through a receivership established to monetize the company’s clinical programs for the benefit of creditors and shareholders. Treating toe appearance topically (non-systemically) is believed to be a multi-billion dollar business worldwide. MediQuest has developed proprietary topical treatments that combine known effective and safe doses of anti-fungals with MediQuest’s patented Topical AmphiMatrix gel (TAM) to thickened nails and skin for the treatment of Onychomycosis and/or Onycholysis. Terms of the deal were not disclosed; however milestone payments and royalties typical to biotech transactions of this nature are included.
Dr. Fred Dechow, MediQuest CEO commented: “We are pleased that our derm platform has been validated through the purchase of the Onycho program by EFFELL. Their expertise in marketing this topical formulation will benefit those who suffer from unsightly toes and who are not willing to take systemic risk by using the oral drugs on the market currently. MediQuest will be selling/licensing its remaining assets (Raynaud’s Syndrome, Skin Lighteners and TAM formulation) in a similar fashion for the benefit of our creditors and company Shareholders.”
About EFFELL LLC
The buyer, EFFELL, LLC, is a Delaware LLC established for the purpose of commercializing the MediQuest Onycho Patent Rights and Technology in the treatment of fungal diseases, including the treatment of Onychomycosis and Onycholysis and the improvement of nail appearance. EFFELL has acquired all proprietary processes, trade secrets, technical information and know-how, including, clinical studies, clinical records, compositions, formulations, economic and market information from MediQuest to make, use, or offer for sale the licensed products in the Onychomycosis and or Onycholysis field of use which are owned or controlled by MediQuest. EFFELL was represented by DLA Piper http://www.dlapiper.com Lisa A. Haile, J.D., Ph.D. lisa(dot)haile(at)dlapiper(dot)com (San Diego), in the transaction.
EFFELL LLC Contact
For more information about the EFFELL transaction contact; John Glazer glazerjohnm(at)gmail(dot)com.
About MediQuest Therapeutics, Inc. MediQuest Therapeutics is a Washington state based specialty pharmaceutical company using its proprietary topical delivery system in late-stage clinical trials targeting infectious and inflammatory skin diseases and conditions. The Company's major efforts have been focused on projects targeting Onychomycosis, Onycholysis, Raynaud's phenomenon (Vascana, a Phase III drug), nail psoriasis and actinic keratosis. MediQuest also has a validated skin lightener product. Its TAM formulation can be combined with other known safe drugs for topical treatments in many other areas. In August 2012, MediQuest assigned its assets for the benefit of creditors to Miles Stover, Court Appointed Receiver. The sale of the Onycho program to EFFELL is the first in the disposition of MediQuests assets. MediQuest was represented by K&L Gates http://www.klgates.com (Seattle), Gary Kocher gary(dot)kocher(at)klgates(dot)com, lead counsel in the sale of Onycho.
MediQuest Contacts: For more information about the EFFELL transaction or the remaining assets for sale, contact Dr. Fred Dechow, MediQuest CEO and Director ((417) 683-1201) frederick_j_dechow(at)yahoo(dot)com or Joe Piper, Managing Director Point B Capital jpiper(at)pointbcap(dot)com (206.832.1992), or Terry McGovern ((949) 632-4214), Numoda Capital tmcgovern(at)numodacapital(dot)com.
For questions about the receivership, contact either Joe Piper or Miles Stover (253.209.9183) mstover(at)turnaround-inc(dot)com
Remaining MediQuest assets for sale include:
1. TAM PLATFORM: TAM delivery technology patent and patent applications cover the 30% to 65% water composition range where various therapeutic agents can be delivered safely and effectively. Lacquers and ointments typically have less than 10% water content, while water comprises over 80% of creams, lotions foams, and gels. Any composition outside of the 30% to 65% water composition range fails to deliver therapeutic agents through skin and nails with the same efficacy as MediQuest TAM technology.
2. Vascana (Phase 3 Raynaud's phenomenon Drug; TAM + Nitroglycerin):
MediQuest has a Special Protocol Assessment in place for the confirmatory trial needed to receive FDA approval for Raynaud's phenomenon. Raynaud’s patients can experience severe pain associated with chronic vasospasm episodes in their hands, feet and other extremities. Essentially, two options exist for the 2.1 million US patients seeking medical treatment. Patients can either take systemic medications designed to treat other conditions or modify their behavior in an attempt to subdue symptoms. MediQuest's therapy will potentially deliver relief through a safe topical formulation applied locally to prevent or treat Raynaud's episodes.
3. Skin Lighteners (Thioacetanilide); MediQuest has developed a treatment for people with hyperpigmented skin, age spots, liver spots, actinic damage. The market is believed to be several hundred million dollar currently in United States for an effective product.
Disclaimer: In addition to historical facts or statements of current condition, this press release contains forward-looking statements within the meaning of the 'Safe Harbor' provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements provide the Company's current expectation or forecasts of future events. MediQuest's performance and financial results could differ materially from those reflected in these forward-looking statements due to the decisions of regulatory authorities, ability to implement its commercial plans, general financial, economic, regulatory and political conditions affecting the biotechnology and pharmaceutical industries generally. For a discussion of these and other risks and uncertainties that may affect the forward-looking statements please contact the Company. Given these risks and uncertainties, any or all of these forward-looking statements may prove to be incorrect. MediQuest undertakes no obligation to update publicly any forward-looking statement.
Advisor and Contact: Joseph K. Piper, Managing Director, Point B Capital, 300 East Pine, Seattle, WA , 98122, 206.577.7223 jpiper(at)pointbcap(dot)com