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, July 23, 2013
/PRNewswire/ - Quest PharmaTech Inc. (TSX-V: QPT)
("Quest" or the "Company"), a pharmaceutical company developing and
commercializing products for the treatment of cancer, announces that it
has entered into a long term strategic relationship with AD Biotech
Co., Ltd., ("AD Biotech"), a Korean based biotechnology company, to
share research and technology development resources with the intent to
co-develop technologies of both companies.
AD Biotech has provided $2,000,000 of clinical development funding to
Quest and has agreed to provide up to $10,000,000 of additional funding
in return for Quest common shares and future revenue sharing. The
agreement with AD Biotech complements the arrangement that Quest has
with Mr. Gi-Ho Park and his affiliated Korean company, for which Quest
received shareholder and regulatory approval during Quest's Annual
General and Special meeting of shareholders held July 26, 2012.
The arrangement with AD Biotech, when coupled with the relationship that
Quest has with Mr. Park, will enable Quest to fund its clinical
development programs (including those for its newly acquired IgE
technology), and also allows Quest access to AD Biotech's Antibody,
Protein Transduction Domain and Manufacturing technologies. "The
agreement with AD Biotech represents a win-win situation", commented
Dr. Madi R. Madiyalakan, CEO of the Company. "The financial support
provided by AD Biotech strengthens Quest's financial situation, and
provides necessary funding to complete drug development programs that
are in progress. In addition, we are able to provide technical
expertise to AD Biotech to help them with their IgY antibody technology
development and will work together with them to co-develop future
products that combine both of our technologies.
In other news, Quest's Annual General Meeting of Shareholders will be
held at 3:00 pm on August 6, 2013 at the Company's corporate
headquarters - 8123 Roper Road NW, Edmonton, Alberta, T6E 6S4. The
Company has also granted 2,050,000 share options to three Officers and
three independent Directors of the Company, all at an exercise price of
$0.10 per common share subject to TSX Venture Exchange approval.
About AD Biotech Co., Ltd.
AD Biotech Co., Ltd. is a private Korean-based pharmaceutical and
manufacturing company focused on cosmetic skin care and evidence based
natural health care products using its unique IgY antibody and Protein
Transduction Domain technology. AD Biotech's products are currently
being sold in Asia.
About Quest PharmaTech Inc.
Quest PharmaTech is a publicly traded; Canadian based clinical stage
company developing a portfolio of product candidates for the treatment
of cancer by combining immunotherapeutic antibodies with chemotherapy,
immune-adjuvants and photodynamic therapy. Quest has a body of clinical
experience and a new appreciation of the obstacles and potential of
combinatorial immunotherapeutic approaches to cancer by using either
immunoglobulin G or E as immune modulators to enhance tumor specific
immunity and clinical outcome.
The most advanced of its product candidates is oregovomab, an anti-CA125
monoclonal antibody, in combination with front-line chemotherapy for
the treatment of advanced ovarian cancer which is currently undergoing
a phase IIb clinical trial in 13 centers in Italy and the U.S. The
Company's MUC1 program that has already undergone a phase I clinical
trial has the potential to permit tumor specific immunization in more
than 70% of all cancers that kill. Quest is also conducting a phase I
clinical trial for the treatment of prostate cancer, with its
Neither the 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.