NEW YORK, December 12, 2012
Aquavit Pharmaceuticals, a privately held specialty pharmaceuticals and medical device company, has signed a term sheet with Uniquest Corporation (KOSPI:077500) for co-investment in the development, registration and manufacturing of Aquavit Pharmaceuticals’ PITO-001 and QVT-1009. The partnership will drive a breakthrough in personalized medicine with the use of advanced technologies.
Sobin Chang, Aquavit Pharmaceuticals CEO, stated, “The partnership will combine Aquavit’s innovative IP with Uniquest’s technological capabilities giving us an unrivaled competitive advantage. This has propelled our company into the first phases of product manufacturing.”
Aquavit will own all intellectual property pertaining to PITO-001 and QVT-1009 and both parties will share IP generated by Uniquest while developing PITO-001. In a gesture of unity, Uniquest has pledged to invest $3 Million in the registration process with the FDA, kFDA, FCC, UL, and CE.
Aquavit and Uniquest are well positioned to competitively enter the expanding global device market, which will reach $440 billion by 2018, according to EvaluatePharma. Following the national meningitis outbreak, Aquavit will capitalize on the opportunity to reduce and control risk factors involved in the compounding process while increasing overall efficiency. Uniquest, a major supplier of top quality semiconductors for all sectors of technology from cell phones to automobiles, will provide the high standard of technological engineering required to meet the high demands of the market.
Developing a technology and product pipeline since 2010, the partnership seeks FDA submission for the system in Q2 2013 and product launch in 2014.
About the Technology
Thomas S. Benjamin, Aquavit VP Technology, is managing the development process between Aquavit and Uniquest to assure the products exceed all security and manufacturing standards currently available. His award winning medical device research has appeared in the media including The New York Times and The Wall Street Journal.
PITO-001 is the first-of-a-kind personalized treatment optimizer built in a desktop format designed to streamline all factors involved in procuring a personalized treatment. Through standardized, secure Internet protocols PITO-001 will receive recommended formulations from Aquavit’s MAV-403 for each individual patient, and the clinician will validate and execute the formulation process.
About Aquavit Pharmaceuticals, Inc.
Aquavit Pharmaceuticals is a high-tech pharmaceutical company focused on discovering, developing and commercializing innovative pharmaceuticals, medical devices, and personalized health technologies. Aquavit’s business approach is enhanced by valuable global alliances. Aquavit is developing an innovative drug delivery system that personalizes pharmaceutical solutions based on individual needs. The company is based in New York City and Seoul. http://www.aquavitpharma.com
About Uniquest Corporation
Uniquest’s mission is to provide superior technical representation and to add value to a focused group of leading-edge corporations. It is Uniquest’s objective to offer synergistic, valuable and highly innovative solutions for their customers’ design, procurement, and manufacturing needs thus making it a priority to continually improve quality, services, and productivity at a competitive advantage. http://www.uniquest.co.kr
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