EDMONTON, Alberta, June 17 – Quest PharmaTech Inc. (TSX-V: QPT), a pharmaceutical company developing and commercializing products for the treatment of cancer and dermatological conditions, today announced fiscal first quarter results for the period ended April 30, 2009.
Highlights
• Finalized and signed clinical trial agreements with centers in Edmonton and Toronto for initiation of SL052 Prostate Cancer clinical trial. Submissions made to respective research ethics boards;
• Notified that positive research findings on SL052 photo-immunotherapy accepted for publication in peer-reviewed journal. The article, entitled, “Exploitation of Immune Response-Eliciting Properties of Hypocrellin Photosensitizer SL052-Based Photodynamic Therapy for Eradication of Malignant Tumors”, will be published in an upcoming edition of Photochemistry and Photobiology;
• Initiated evaluation and selection of second-generation formulations from several nanoparticle-based candidates to further adapt Hypocrellin-based photodynamic and sonodynamic therapy to a wider spectrum of clinical needs including cancer treatment;
• Presented Company’s updated profile to institutional and retail investors at BioFinance 2009 conference in Toronto.
“The finalization of our clinical trial agreements moves us closer to realizing the potential for SL052 photodynamic therapy to become an effective treatment for prostate cancer with minimal collateral damage compared to conventional treatment approaches,” stated Dr. Madi R. Madiyalakan, Chief Executive Officer at Quest. “Going forward, we believe that an increased focus on our oncology pipeline will yield more unique and potentially effective product candidates thereby creating greater value for Quest shareholders.”
Financial Results
Net consolidated income for the three month period ended April 30, 2009 was $126,978 or $0.00 per share (April 30, 2008 - $74,809 or $0.00 per share). Research and development expenditures for the three month period ended April 30, 2009 totaled $119,316, while general and administrative expenses were $198,935 for the same period.
As of April 30, 2009, the Company had cash and cash equivalents of $737,355. 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).
About Quest PharmaTech Inc.
Quest is a publicly traded, Alberta-based pharmaceutical company committed to the 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 platforms.
