Wednesday, April 29, 2020
Q2Earth, Inc. announced that its wholly-owned subsidiary, QSAM Therapeutics Inc. (“QSAM”), has signed a Patent and Technology License Agreement and Trademark Assignment with IGL Pharma, Inc. (“IGL”).
The License Agreement provides QSAM with exclusive, worldwide and sub-licensable rights for up to 20 years to all of IGL’s patents, product data and knowhow with respect to Samaium-153 DOTMP (the “Technology”), a clinical stage novel radiopharmaceutical meant to treat different types of bone cancer and related diseases. The Technology was originally developed by IGL’s affiliated company ISO Therapeutics Group, LLC (“ISO”) whose founders created Quadramet® (Samarium-153-EDTMP), one of the first commercial radiopharmaceuticals. The License Agreement also provides QSAM a first right of refusal for other IGL/ISO technologies.
Initial indications for Samarium-153 DOTMP include bone marrow ablation, a pre-transplant procedure used to treat various diseases including cancer, immune system disorders and blood diseases including sickle cell disease. According to the U.S. Health Resources & Services Administration, approximately 23,000 transplant procedures were performed in 2018, representing a market in the United States of over $1 Billion per year. Other important indications for the Technology include pediatric osteosarcoma, a devastating form of bone cancer afflicting children, adult osteosarcoma, as well as a broader market in metastasized adult and pediatric bone cancers.
Douglas Baum, a Director of the Company who has been named President and CEO of the subsidiary QSAM, stated: “We thank the IGL and ISO team for entrusting us to advance their novel technology to commercialization. We believe we will be able to enter clinical trials this year and, in short order, demonstrate the efficacy and safety of this radiopharmaceutical.”
“For Q2 shareholders, our license with IGL is an important milestone in our 2020 strategic plan which includes securing new technologies in the broader biosciences sector. This licensed technology provides a foundation to bring in new capital and reduce our current debt burden, which may include an investment and purchase of assets and contracts by our affiliated company, Earth Property Holdings. Our goal is to advance this plan in the coming months,” continued Mr. Baum, a senior executive with over 28 years of experience in biosciences and drug and medical device commercialization.