QuestCap Inc. (“
QuestCap” or the
“
Company”) (CSE:QSC; FRA:34C1) announced today it
is partnering with
Sinai Health Foundation to
support the development of a diagnostic test for COVID-19.
QuestCap cautions this is still early stage
research and development and is not making any express or implied
claims that it has the ability to test for the SARS-CoV-2 virus at
this time.
Sinai Health Foundation raises and stewards
funds to support Sinai Health, Canada’s leading integrated health
system. Located at Mount Sinai Hospital in Toronto, the
Lunenfeld-Tanenbaum Research Institute, or LTRI, is one of the
world’s top biomedical research institutes, powering scientific
discovery for almost 35 years.
A team of researchers led by Dr. Anne-Claude
Gingras at LTRI has been advancing a COVID-19 serological program.
Their aim is to gain a better understanding of SARS-CoV-2 biology
and evolution, for the development of an alternative COVID-19
diagnostic test. “We are enthusiastic about partnering with Dr.
Gingras and her team at LTRI as they explore ways to find
alternative testing solutions for the COVID-19 virus,” said
Stan Bharti, Co-Chair, QuestCap Inc. “We are committed to putting
our capital to use where we can to aid in the fight against this
global pandemic, and this investment illustrates how public
and private enterprises can work together in this time of
crisis.”
The AgreementUnder the
agreement, QuestCap has agreed to provide $500,000 in funding to
the program, advancing the effort to develop commercial
applications related to the research. In exchange, QuestCap will
receive royalties generated by any commercial product developed by
Sinai Health Foundation related to their research.
Sinai Health Foundation also grants QuestCap an
option to assume the rights, duties and obligations to develop,
produce, market and commercialize any commercial intellectual
property developed, for a period of two years. In the event the
option is exercised by QuestCap, the parties agree that any
relevant intellectual property will be transferred, free and clear
of any and all encumbrances, to a new company (“Newco”) which will
be owned by QuestCap and by Sinai Health Foundation.
Upon the exercise of the option and formation of
Newco, QuestCap will assume all costs associated with the
commercialization of the Commercial IP and any net profits earned
by Newco shall be apportioned pro rata based on the equity interest
of each party in Newco.
About Sinai Health
FoundationSinai Health Foundation, with its partners
Arthritis Research Foundation and Bridgepoint Foundation, raises
and stewards funds to support Sinai Health. Sinai Health is
Canada’s leading integrated health system and comprises Bridgepoint
Active Healthcare; Circle of Care; Lunenfeld-Tanenbaum Research
Institute; and Mount Sinai Hospital, Joseph & Wolf Lebovic
Health Complex. The generous support of our community fuels
everything we do from seamless care to scientific discovery.
These organizations have come together to
combine acute care, rehabilitation and complex care, home care, and
other community-based services all fuelled by world-class research.
The generous support of our community fuels everything we do from
compassionate care to scientific discovery. Every donation counts
toward improving the quality of life for the people who rely on the
exceptional care that Sinai Health provides. We’ll do this by
having smoother transitions, more access to clinical expertise, and
by revitalizing our programs and spaces. With one goal in mind, to
leverage our combined strengths and help those who need it most –
you can join us in achieving that goal.
About QuestCapQuestCap is an
investment company that seeks to enhance shareholder value over the
long term by opportunistically making various investments that may
include, without limitation, the acquisition of equity, debt or
other securities of publicly traded or private companies or other
entities, financing in exchange for pre-determined royalties or
distributions and the acquisition of all or part of one or more
businesses, portfolios or other assets.
For additional information, please contact:G
Scott Moore, Co-Chairsmoore@forbesmanhattan.com+1-416-861-5903
For Canadian media enquiries, please
contact:Wynn
Theriaultwynn@thirtydash.ca+1-416-710-3370
For US media enquiries, please contact:Bubba
Gramkowbubba@bevelpr.com+1-925-324-0142
Cautionary Note Regarding
Forward-looking Information
This press release contains "forward-looking
information" within the meaning of applicable Canadian securities
legislation. Forward-looking information includes, but is not
limited to, statements with respect to the investment with Sinai;
and the merits or commerciality of any intellectual property to be
developed by Sinai. Generally, forward-looking information can be
identified by the use of forward-looking terminology such as
"plans", "expects" or "does not expect", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates" or
"does not anticipate", or "believes", or variations of such words
and phrases or state that certain actions, events or results "may",
"could", "would", "might" or "will be taken", "occur" or "be
achieved". Forward-looking information is subject to known and
unknown risks, uncertainties and other factors that may cause the
actual results, level of activity, performance or achievements of
the Company, as the case may be, to be materially different from
those expressed or implied by such forward-looking information.
Although the Company has attempted to identify important factors
that could cause actual results to differ materially from those
contained in forward-looking information, there may be other
factors that cause results not to be as anticipated, estimated or
intended. There can be no assurance that such information will
prove to be accurate, as actual results and future events could
differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on
forward-looking information. The Company does not undertake to
update any forward-looking information, except in accordance with
applicable securities laws.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS
REGULATION SERVICES PROVIDER HAS REVIEWED OR ACCEPTS RESPONSIBILITY
FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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