EDMONTON, May 20 - Quest PharmaTech Inc. (TSX-V: QPT), (“Quest” or the “Company”), a pharmaceutical company developing and commercializing products for the treatment of cancer and dermatological conditions, today announced financial and operational results for the fiscal year ended January 31, 2009, and for the subsequent period.
Highlights:
- Received non-equity financing of $2,000,000 in licensing fees, $113,000 in government grants and $50,000 from the sale of non-core assets. The Company also engaged Loewen Ondaatje McCutcheon Limited to provide financial advisory services in connection with various business development opportunities;
- Received a `No Objection Letter’ from the Therapeutic Product Division of Health Canada to initiate an 18-patient Phase I clinical trial for Prostate Cancer treatment using SL052;
- Continued to make clinical progress in the development of SL017 for dermatology applications by announcing encouraging results for the Phase I clinical trial for the treatment of Actinic Keratosis, and by completing the Phase II enrollment of 110 patients for hair removal applications; and,
- Expanded the oncology product pipeline to include the use of SL052 in combination with immunotherapy and through the development of a second generation formulation comprised of nanoparticles.
“Quest’s unique photodynamic and sonodynamic therapy platforms represent encouraging new modalities that have the potential to provide effective treatment options for cancer and dermatological conditions,” said Pierre Vermette, Quest’s Chief Financial Officer. “We made significant clinical and financial progress during the past year to support the advancement of our novel technology and to execute on our business objectives going forward.”
Financial Results:
Net consolidated loss for the year was $204,047 or $0.00 per share as compared to a consolidated loss of $1,318,446 or $0.02 per share for the year ended January 31, 2008. Research and development expenditures totaled $1,445,180 while general and administrative expenses were $754,954 for the same period.
As of January 31, 2009, the Company had cash and cash equivalents of $594,826. The Company also has debt of $500,000 in the form of a convertible debenture (exercisable at $0.25 and due on March 22, 2010).
In March, 2009 the Company received the final $500,000 in licensing fees to develop oncology products based on its SonoLight Technology. The Company is also eligible to receive up to $86,000 in government grants to offset the costs to develop its ultrasound activation technology.
About Quest PharmaTech
The Corporation is a publicly traded (TSX Venture Exchange: QPT), Alberta-based pharmaceutical company committed to build shareholder value through discovery, development and commercialization of new pharmaceutical products. It is developing a series of products for the treatment of cancer and dermatological conditions based on its unique photodynamic and sonodynamic therapy platform.
Additional information related to the Company, including the Company’s financial statements, and management discussion and analysis, is on SEDAR at www.sedar.com.
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.
