ImQuest Pharmaceuticals and Samjin Pharmaceutical Co. Form Strategic Drug Development Alliance
mQuest Pharmaceuticals, Inc. (Frederick, MD, United States) and Samjin Pharmaceutical Co. Ltd. (Seoul, Korea) announced the formation of a strategic drug development alliance. According to the terms of the agreement, ImQuest Pharmaceuticals will provide complete preclinical and clinical drug development support for therapeutic small molecules discovered by Samjin Pharmaceutical Co.
Samjin Pharmaceutical Co., a publicly held company listed on the Korea Stock Exchange, is one of the leading pharmaceutical companies in Korea with projected sales for 2005 estimated at USD 120 Million. ImQuest Pharmaceuticals, a privately held U.S. company, is the newest addition to the ImQuest family of companies.
“This relationship merges the significant individual strengths of both companies,” commented Jerry Cartright, ImQuest Pharmaceuticals’ CEO. “Samjin’s medicinal chemistry team will provide new entities that will be developed using ImQuest’s preclinical and clinical development expertise. Initially, our efforts will be focused on the rapid development of novel infectious disease and cancer agents.”
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