TSX Venture: QPT
EDMONTON, Aug. 28, 2017 /CNW/ - Quest PharmaTech Inc.
(TSX-V: QPT) ("Quest" or the "Company"), a pharmaceutical company
developing and commercializing products to improve the quality of
life, today announced the receipt of $1,666,667 of funding proceeds through the
exercise of 16,666,667 share purchase warrants into 16,666,667
common shares at $0.10 per common
share. $281,667 of the funding
proceeds, representing 16.9% of the total proceeds, were received
from two officers and one independent director of the Company, who
participated in the warrant exercise.
The warrants were originally issued on August 10, 2015 as part of a private placement
unit offering of common shares and share purchase warrants and were
due to expire on August 10,
2017. All participants in this private placement converted
their warrants, prior to expiry, into common shares of the Company
(including 2,816,670 warrants held by insiders of the Company).
"We are pleased that the warrant holders exercised their share
purchase warrants into common shares of the Company," said Mr.
Pierre Vermette, Chief Financial
Officer for Quest. "This is evidence of our shareholders' support
and confidence in the Company's business strategy and will provide
the Company with additional funding to execute on that strategy
with the goal to improve shareholder value."
In other news, the Company announces that it will be holding its
annual general meeting of shareholders on Thursday, November 2, 2017 at 3:00 pm at the Company's corporate office in
Edmonton (8123 Roper Road NW,
Edmonton, AB, T6E 6S4).
About Quest PharmaTech Inc.
Quest PharmaTech is a
publicly traded; Canadian based pharmaceutical company developing
products to improve the quality of life. The Company through its
subsidiary, OncoQuest and its Chinese joint venture, OncoVent, is
developing antibody based immunotherapeutic products for cancer. In
addition, the Company owns the Photodynamic Therapy technology for
oncology and dermatology applications, licensed to BioCeltran Co.,
Ltd., a Korea based company (Bioceltran). Quest has an
ownership interest in Bioceltran, which is focused on SP
Technology™ for transdermal delivery of drugs and photosensitizers
for pharmaceutical and cosmetic purposes. Quest through another
subsidiary, Madenco Biosciences, also markets consumer health
products worldwide, including Bellus Skin™ serum, a premium
anti-wrinkle skin care product licensed from Korea. Quest is
also developing an antibody licensed from University of Nebraska, Mab AR 9.6 against
truncated O-glycan on MUC16, for targeted cancer therapy
applications.
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.