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Patent Awarded to MediQuest Therapeutics
Tuesday, October 30, 2007
Bothell, WA -- MediQuest Therapeutics, Inc., a specialty pharmaceutical company focused on developing topical therapies for inflammatory and infectious diseases, today announced it was awarded a European patent for technology that can be used topically to inhibit skin pigmentation, thus lightening skin.
The Company’s patented technology uses small molecule inhibitors to regulate a key enzyme within skin melanocytes that is responsible for producing melanin, which is the pigment found in the skin, hair, and eyes. This is the first patent awarded to the Company for skin lightening technology and additional U.S. and foreign patents are pending. Individuals affected by skin disorders in which too much pigment is present, such as age spots and melasma, could benefit.
"This patent provides us with a new platform to develop topical products for dermatological and cosmeceutical purposes," Dr. Thomas P. Dooley, chief scientific officer said. "This is another step in the Company’s progress and continued efforts in developing topical formulations to treat skin disorders."
Both prescription and non-prescription products currently on the market to lighten skin use a potentially toxic agent called hydroquinone, Dooley said.
"It is our intent to develop a non-toxic way to regulate the body’s production of melanin and effectively lighten skin," Dooley said. "If successful, there is an estimated annual market potential of hundreds of millions of dollars."
MediQuest now holds 14 U.S. patents and has filed for about 150 worldwide.
In addition to this patent, MediQuest’s ongoing developmental efforts have generated a robust pipeline that includes three drug candidates in clinical trials, one at the pre-clinical stage and others at the research stage. The company develops first- and best-in-class topical therapies to treat patients suffering from inflammatory and infectious diseases.
About MediQuest Therapeutics, Inc.
MediQuest Therapeutics is a 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 are focused on projects targeting Raynaud’s phenomenon, nail psoriasis and actinic keratosis.
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.
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