TSX Venture: QPT
EDMONTON,
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 photosensitizer, SL052.
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.