TSX Venture: QPT
EDMONTON, AB, Jan. 5, 2021 /CNW/ - Quest PharmaTech Inc. (TSXV:
QPT) ("Quest") provides update to its June
4, 2020 news release to announce that one of its equity
investee companies, OncoQuest Inc. ("OncoQuest"), completed the
transfer of the immunotherapy technology assets to OncoQuest
Pharmaceuticals, Inc, a KOSDAQ traded company ("OQP", 078590.KQ) on
November 7, 2020. However, due to
COVID-19 related Korean courts restrictions, final payment of
65,229,709 shares of OQP to OncoQuest has been delayed by one month
from December 31, 2020 to
January 31, 2021. In addition, a 6
month extension has been added for redemption of US$62.5 million of the Convertible Bonds which
may now be redeemed for cash not later than June 30, 2021 and could be used by OncoQuest, in
part, to pay for the costs of the transaction, including income
taxes. OncoQuest has already received US$125 million worth of Convertible Bonds
including the above mentioned US$62.5
million Convertible Bonds with put option and US$8,387,503 in cash from OQP.
"We are pleased to have completed the transfer of the
immunotherapy assets to OQP. We look forward to finalizing
matters with KOSDAQ and the Korean Courts in order to proceed with
the final payment of shares of OQP to OncoQuest," said Dr. Madi
Madiyalakan, Chairman of OncoQuest Pharmaceuticals, Inc. and CEO of
Quest PharmaTech Inc.
On a corporate matter, Quest announces the granting of 1,500,000
stock options to two Officers, all at an exercise price of
$0.23 per common share, expiring 10
years from the date of grant, subject to TSX Venture Exchange
approval.
About OncoQuest Pharmaceuticals, Inc. (078590.KQ)
OncoQuest Pharmaceuticals, Inc. is a Korean biopharmaceutical
company focused on the development and commercialization of
immunotherapies for cancer. OncoQuest Pharmaceuticals' technology
platform includes a portfolio of tumor antigen specific monoclonal
antibodies targeting CA-125, MUC1, PSA and Her2/neu. This
technology platform was acquired on April
20, 2020 from OncoQuest Inc., a private Canadian
biotechnology company, 45% of which is owned by Quest PharmaTech
Inc., a publicly traded company on the TSX Venture Exchange (TSX-V:
QPT). OQP is exploring the therapeutic potential of these
antibodies as indirect immunizers in combination with other immune
modulating drugs or drug combinations to address unmet medical
needs in oncology. Its lead product for the treatment of ovarian
cancer, oregovomab, is being tested in a Phase III double blinded,
placebo controlled multi-national clinical study (NCT04498117,
FLORA-5).
About Quest PharmaTech Inc.
Quest PharmaTech Inc is a publicly traded, Canadian based
biopharmaceutical company (QPT: TSX-V) developing products to
improve the quality of life. The company has a 45% ownership
interest in OncoQuest Inc. which sold its immunotherapy technology
assets to OncoQuest Pharmaceuticals on April
20, 2020. Once the sale is finalized and shares of OQP are
distributed to OncoQuest shareholders as a dividend, Quest will
have an ownership position in OncoQuest Pharmaceuticals. Quest also
has an ownership interest in OncoVent, a Chinese joint venture
developing antibody-based immunotherapeutic products for cancer for
the Greater China territory. Quest
has an ownership interest in Bioceltran which is focused on SP
Technology™ for transdermal delivery of drugs and photosensitizers
for pharmaceutical and cosmetic purposes. In addition, Quest is
developing a mutant EGF technology licensed from Stanford University for chronic wound healing
applications, and an antibody (AR 9.6) against truncated O-glycans
on MUC16, licensed from University of
Nebraska, for targeted solid tumour therapy
applications. To learn more, visit
www.questpharmatech.com.
Forward Looking Statements
This press release
includes forward-looking statements. In some cases, forward-looking
statements can be identified by terminology such as "may,"
"should," "potential," "continue," "expects," "anticipates,"
"intends," "plans," "believes," "estimates," and similar
expressions. These statements are based on management's
expectations and assumptions as of the date of this press release
and are subject to a number of risks and uncertainties, many of
which are difficult to predict that could cause actual results to
differ materially from current expectations and assumptions from
those set forth or implied by any forward-looking
statements. The information in this release is provided only
as of the date of this release and the company undertakes no
obligation to update any forward-looking statements contained in
this release based on new information, future events, or otherwise,
except as required by law.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Quest PharmaTech Inc.