EDMONTON, Sept. 15 - 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 fiscal second quarter results for the period ended July 31, 2009.
“We made progress during the quarter towards dosing the first patient in our Phase 1 clinical trial to evaluate SLO52 as a treatment for prostate cancer,” stated Dr. Madi R. Madiyalakan, Chief Executive Officer at Quest. “During the reporting period, we also made advancements to redefine Quest as an emerging oncology company through our efforts to sell and/or license our dermatology assets, and replace them with novel product candidates for the treatment of cancer.”
Outlook
Quest anticipates executing on a number of milestones in the coming weeks and quarters including:
* Dosing the first patient in its Phase 1 clinical trial to evaluate SLO52 as a treatment for prostate cancer; SL052 photodynamic therapy has the potential to become an effective treatment for prostate cancer with minimal collateral damage compared to conventional treatment approaches
* Successfully in-licensing an oncology product candidate (or multiple oncology product candidates) that will be complimentary to Quest’s existing pipeline
* Concluding the sale and/or licensing of its suite of dermatological product candidates, including SLO17 for Actinic Keratosis and SLO17 for Hair Removal, in order to accelerate Quest’s focus on oncology
* Strengthening its existing financial resources
Financial Results
Quest recognized licensing revenue of $252,000 and $754,000, respectively, during the three and six month periods ended July 31, 2009. Net consolidated (loss) income for the three and six month periods ended July 31, 2009 was ($2,808) or ($0.00) per share and $124,170 or $0.00 per share, respectively. Research and development expenditures for the three and six month periods ended July 31, 2009 totaled $94,067 and $213,383, respectively, while general and administrative expenses were $129,311 and $328,246, respectively, for the same period.
As of July 31, 2009, the Company had cash and cash equivalents of $429,449. 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. 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.”
For further information: Dr. Madi R. Madiyalakan, Chief Executive Officer, Quest PharmaTech Inc., Tel: (780) 448-1400 Ext. 204, Email: madi@questpharmatech.com, Internet: www.questpharmatech.com; Media and Investor Relations - Adam Peeler, The Equicom Group Inc., Tel: (416) 815-0700 Ext. 225, E-mail: apeeler@equicomgroup.com
