TSX Venture:
QPT
EDMONTON, AB, Feb. 2, 2021
/CNW/ - Quest PharmaTech Inc. (TSXV: QPT) ("Quest") announces
that further to its January 5, 2021
news release regarding the Immunotherapy Asset Transfer between
OncoQuest Inc. ("OncoQuest") and OncoQuest Pharmaceuticals, Inc.
("OQP"), the final payment of 65,229,709 shares of OQP to OncoQuest
has been delayed beyond the previously anticipated outside date of
January 31, 2021. The share issuance
requires Korean Court approval which has been applied for but not
yet been received.
OncoQuest and OQP management are working diligently to
facilitate approval of the Korean Courts and final payment of the
shares however, the timing for any such Court approval and share
issuance remains uncertain. Quest will provide a further update for
any material development regarding the issuance of the OQP
shares.
About OncoQuest Pharmaceuticals, Inc. (078590.KQ)
OncoQuest Pharmaceuticals, Inc. is a Korean biopharmaceutical
company focused on the development and commercialization of
immunotherapies for cancer. OncoQuest Pharmaceuticals' technology
platform includes a portfolio of tumor antigen specific monoclonal
antibodies targeting CA-125, MUC1, PSA and Her2/neu. This
technology platform was acquired on April
20, 2020 from OncoQuest Inc., a private Canadian
biotechnology company, 45% of which is owned by Quest PharmaTech
Inc., a publicly traded company on the TSX Venture Exchange (TSX
-V: QPT). OQP is exploring the therapeutic potential of these
antibodies as indirect immunizers in combination with other immune
modulating drugs or drug combinations to address unmet medical
needs in oncology. Its lead product for the treatment of ovarian
cancer, oregovomab, is being tested in a Phase III double blinded,
placebo controlled multi-national clinical study (NCT04498117,
FLORA-5).
About Quest PharmaTech Inc.
Quest PharmaTech Inc is a publicly traded, Canadian based
biopharmaceutical company (QPT: TSX-V) developing products to
improve the quality of life. The company has a 45% ownership
interest in OncoQuest Inc. which sold its immunotherapy technology
assets to OncoQuest Pharmaceuticals on April
20, 2020. Once the sale is finalized and shares of OQP are
distributed to OncoQuest shareholders as a dividend, Quest will
have an ownership position in OncoQuest Pharmaceuticals. Quest also
has a 24% ownership interest in OncoVent, a Chinese joint venture
developing antibody-based immunotherapeutic products for cancer for
the Greater China territory. Quest
has a 20% ownership interest in Bioceltran which is focused on SP
Technology™ for transdermal delivery of drugs and photosensitizers
for pharmaceutical and cosmetic purposes. In addition, Quest is
developing a mutant EGF technology licensed from Stanford University for chronic wound healing
applications, and an antibody (AR 9.6) against truncated O-glycans
on MUC16, licensed from University of
Nebraska, for targeted solid tumour therapy
applications. To learn more, visit
www.questpharmatech.com
Forward Looking Statements
This press release includes forward-looking statements. In some
cases, forward-looking statements can be identified by terminology
such as "may," "should," "potential," "continue," "expects,"
"anticipates," "intends," "plans," "believes," "estimates," and
similar expressions. These statements are based on
management's expectations and assumptions as of the date of this
press release and are subject to a number of risks and
uncertainties, many of which are difficult to predict that could
cause actual results to differ materially from current expectations
and assumptions from those set forth or implied by any
forward-looking statements. The information in this release is
provided only as of the date of this release and the company
undertakes no obligation to update any forward-looking statements
contained in this release based on new information, future events,
or otherwise, except as required by law.
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.
SOURCE Quest PharmaTech Inc.