BASKING RIDGE, N.J., Aug. 31 /PRNewswire-FirstCall/ -- VioQuest Pharmaceuticals, Inc. (OTC Bulletin Board: VQPH - News), a New Jersey-based biopharmaceutical company focused on acquiring, developing and commercializing targeted cancer compounds, reported a net loss of $1.8 million, or $0.05 per share, for the second quarter ended June 30, 2006, compared to a net loss of $1.1 million, or $0.06 per share, for the same quarter of 2005. For the six months ended June 30, 2006, the net loss was $3.7 million or $0.10 per share, compared to $2.5 million or $0.14 per share, for the same period of 2005.
The net loss was primarily attributed to higher research and development expenses as the Company advanced its clinical development programs, in addition to increased selling, general and administrative expenses. VioQuest expects to continue to incur losses associated to increased expenses from further advancing its clinical programs and expansions of its corporate infrastructure.
VioQuest Pharmaceuticals made significant progress on the execution of its business strategy during the second quarter of 2006, and achieved several important milestones:
-- The Company filed two corporate sponsored Investigational New Drug (IND) applications, VQD-001, sodium stibogluconate (SSG) and VQD-002, triciribine-phosphate (TCN-P) with the U.S. Food and Drug Administration (FDA) in the second quarter of 2006.
-- The Company initiated a Phase I/IIa trial with VQD-002, (TCN-P) for the treatment of solid tumors at the Moffitt Cancer Center. VQD-002 is an Akt inhibitor that targets the over expression of phosphorylated Akt, which has been observed in a variety of cancers.
-- The Company held a voluntary meeting with the FDA and representatives from the U.S. Army to discuss its planned NDA filing in 2007 for the treatment of leishmaniasis.
-- VioQuest made three key appointments to its Scientific Advisory Board. Francis Giles, MD, Webster K. Cavenee, Ph.D., and Kenneth F. King, Ph.D., bring a combined total of over 50 years of drug development expertise to VioQuest.
“VioQuest made excellent progress during the second quarter. As our drug candidates move into the clinic, we continue to establish ourselves as a leader in targeted cancer therapeutics. We believe targeted therapeutics are essential to the advancement of cancer treatments and improved patient outcomes. We look forward to bringing our drug candidates through the clinical process,” said Daniel Greenleaf, VioQuest’s President and CEO.
About VioQuest Pharmaceuticals, Inc.
VioQuest Pharmaceuticals, Inc. is a biopharmaceutical company focused on acquiring, developing, and commercializing targeted late preclinical and early clinical stage therapies with unique mechanisms of action for oncology, viral and autoimmune disorders. A pioneer in personalized therapeutics, VioQuest has two targeted oncology compounds in clinical trials: VQD-001, an inhibitor of specific protein tyrosine phosphatases, which has shown compelling preclinical activity in both renal and melanoma cancers, and VQD-002, a specific inhibitor of phosphorylated Akt, which has also shown compelling preclinical activity in abnormal levels in breast, ovarian, colorectal, pancreatic, and liquid cancers.
VioQuest’s subsidiary Chiral Quest, a leader in asymmetric chemocatalysis and custom synthesis, offers its proprietary technology products to well-known pharmaceutical and fine chemical companies worldwide to improve their production efficiencies and, in some instances, to increase the overall safety and efficacy of the underlying drug.
Forward-Looking Statements
This press release contains forward-looking statements that involve risks and uncertainties that could cause VioQuest’s actual results and experiences to differ materially from the anticipated results and expectations expressed in these forward-looking statements. These statements are often, but not always, made through the use of words or phrases such as “anticipates,” “expects,” “plans,” “believes,” “intends,” and similar words or phrases. These statements are based on current expectations, forecasts and assumptions that are subject to risks and uncertainties, which could cause actual outcomes and results to differ materially from these statements. Among other things, there can be no assurances that the FDA will approve VioQuest’s planned NDA submission relating to VQD-001 for the treatment of leishmaniasis, and even if approved, there is no assurance that VioQuest will be able to successfully commercialize VQD-001 for the treatment of leishmaniasis or any other indication. Other risks and uncertainties include the possibility that the results of clinical trials will not support VioQuest’s claims, the possibility that VioQuest’s development efforts relating to its product candidates, including VQD-001 and VQD-002, will not be successful, the inability to obtain regulatory approval of VioQuest’s product candidates, VioQuest’s reliance on third-party researchers to develop its product candidates, its lack of experience in developing and commercializing pharmaceutical products, and the possibility that its licenses to develop and commercialize its product candidates may be terminated. Additional risks are described in VioQuest’s Annual Report on Form 10-KSB for the year ended December 31, 2005. VioQuest assumes no obligation and does not intend to update these forward-looking statements, except as required by law.
VioQuest Pharmaceuticals, Inc.: Noonan Russo: Daniel Greenleaf Investors: Sharon Weinstein Chief Executive Officer 212-845-4271 Brian Lenz Media: Benjamin Carmichael Chief Financial Officer 212-845-4242 908-766-4400
Source: VioQuest Pharmaceuticals, Inc.
