Hi Dee,
Yes, SL017 is the topical that contains a certain which contains a derivitive of Hypocrellin B. This chemical actually comes from a fungi that is parasitic to bamboo.
Anyway, this pigment has been found to react under certain wavelengths of light. It is a photosensitizer. I believe that Quest first started looking at this pigment as a treatment for acne. It was their hope the treatment would migrate to the subaceous glands. Once there a light treatment would destroy the bacteria found in the subaceous glands that are causing the acne outbreak. However, they found the treatment did not migrate to the subaceous glands, rather it migrated to the hair follicle (approximately 30 minutes after 30 minutes after application). The pigment does not remain in the epidermis or dermis and it is quickly broken down so there any side effects are nil.
To answer the second part of your question...yes, they are looking to raise capital to continue their trials. They are a publicly traded company so it would basically be the same as offering more stock to the general public.