TSX Venture:
QPT
EDMONTON, AB, April 19,
2022 /CNW/ - Quest PharmaTech Inc. (TSXV: QPT)
("Quest" or the "Company") announces that it has borrowed
$1 million of working capital funding
from one of its investee companies, OncoQuest Inc.
The funding, in the form of 2% interest bearing working capital
loans provided by OncoQuest, will be used to support the Company's
drug development programs. The Company plans to repay the
loans once the Company's investments in its investee companies are
monetized.
On a corporate matter, Quest announces the granting of 300,000
stock options to an Officer, at an exercise price of $0.10 per common share, expiring 10 years from
the date of grant, subject to TSX Venture Exchange approval, and
the exercise of 690,000 stock options by Officers and a consultant
all at an exercise price of $0.10 per
common share for gross proceeds to the Company of $69,000.
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 42.5% ownership
interest in OncoQuest Inc. which sold its immunotherapy technology
assets to OncoQuest Pharmaceuticals on April
20, 2020. Quest also has a 24% ownership interest in
OncoVent, a Chinese joint venture developing antibody-based
immunotherapeutic products for cancer for the Greater China territory. Quest further has a
20% 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.