| HeraldNet - Snohomish County's online news source |
 SUNDAY, SEPTEMBER 5, 2010 2:43 pm |
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Business 
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Calling their own shots Bothell-based MediQuest Therapeutics focuses on developing drugs for markets that are often overlooked by other biotechs. BOTHELL - Controlling a painful disease that affects fingers and toes and finding a new remedy for toenail fungus aren't high priorities at many biotechnology firms.Which is why MediQuest Therapeutics thinks it may be the way to propel the small Bothell biotechnology firm into profitable waters. "If you're a small company, if you're doing what everyone else is doing, it's a real challenge," said Fred Dechow, MediQuest's president and chief executive officer. "One of the keys to our company is we have either the first or best drug for the targets we're going after." Those targets include Raynaud's phenomenon, which affects at least 6 million Americans, according to estimates from various medical sources. The condition may be more familiar than its name, as it causes tingling or painful fingers or toes that also turn blue or white in cold weather. At The Everett Clinic, rheumatologist Shawn Slack said the symptoms can be particularly severe in patients, especially women, with other skin diseases. He said the clinic sees hundreds of patients with it. MediQuest's potential treatment for Raynaud's is MQX-503, a patented gel formulation of nitroglycerin. Preliminary results from clinic tests of the potential drug demonstrated effectiveness within five minutes of application to the fingers. Because MediQuest's drug is based on an already approved active ingredient, the approval process is expected to be shorter and less expensive than usual for other new drugs. A late-stage phase IIIB trial on humans has begun, and MediQuest could submit its application for final approval to the Food and Drug Administration later this year, Dechow said. If approved, MediQuest estimates the drug has the potential to generate $300 million annually in sales.
The company also is in phase IIB tests of a topical gel that may be effective against the most prevalent form of toenail fungus. Other drugs are on the market to treat this condition, which affects up to 30 million in the U.S., but most are pills with potentially serious side effects. George Kenyon, chairman of MediQuest's scientific advisory board, said those pills available for treating toenail fungus are akin to "hosing down a skyscraper to take care of a fire in a wastebasket in one room." A topical treatment focuses in on the problem area directly without adversely affecting the rest of the body, said Kenyon, who's also a professor at the University of Michigan's College of Pharmacy. Under the leadership of Dechow, who has led three other biotech companies after compiling a long resume in the pharmaceutical industry, MediQuest has undergone a "seismic shift," Kenyon added. Founded as Oridigm in Seattle nearly 12 years ago, the company's researchers originally studied the control of diseases, and later tried to develop drugs that could theoretically control cancer and other diseases. Some of the compounds ended up not being absorbed well into the bloodstream, but worked well on contact with the skin. So, when Dechow arrived at the company in 2002, he changed MediQuest's focus to conditions of the skin. Since then, MediQuest has built up its collection of potential drugs and expertise by acquiring three other companies. "He just brought to this company a wonderful blend of the science and what it takes to succeed as a business," Kenyon said. In addition to its two most advanced drugs, MediQuest is working on cosmetic products that don't require the drawn-out FDA approval process. Those include a hair growth control compound that, in tests on women, significantly slows the growth of underarm hair. An unidentified Fortune 100 company has signed a research and development contract with MediQuest for this product. It could be ready for the commercial market - possibly added to an existing antiperspirant or deodorant - in the next few years, Dechow said. So far, MediQuest's funding has come mostly from private investors, with added revenue from the company's corporate partner on the hair growth control product. Dechow said he's working on attracting venture capital investment next to help the company bring its products through the federal approval process. In the meantime, his researchers are enjoying the expanded lab space they got when the company moved from Seattle to Canyon Park last year. With promising drugs in late-stage tests, an intellectual property vault that includes seven U.S. patents and, so far, adequate operating cash, Dechow said MediQuest is in a good position to grow. "I'm very pleased, and our investors and pleased as well," he said. Reporter Eric Fetters: 425-339-3453 or fetters@heraldnet.com. Michael O'Leary / The Herald |
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