EDMONTON, Feb. 6, 2018 /CNW/ - OncoQuest Inc.
("OncoQuest"), a biopharmaceutical company focused on the
development and commercialization of immunotherapeutic products for
the treatment of cancer, today announced completion of a private
placement financing which raised US$6.03
million. The financing was led by a South Korean
institutional fund. Under the private placement, the Company issued
603,000 common shares at US$10.00
share.
The Company intends to use the proceeds of the private placement
financing to continue advancing its lead compound, oregovomab, in
its multiple Phase 2 combination clinical trials and for general
corporate purposes.
The Company also announces that Hepalink USA, an existing shareholder, has agreed to
convert all its preferred shares and accrued 5% preferred share
dividends into common shares of OncoQuest. The preferred
share dividends of US$1,302,310 will
be converted into 130,231 common shares at US$10 per share. Following this conversion,
Hepalink USA will own 3,606,167
OncoQuest common shares and there will be a total of 9,209,267
OncoQuest common shares and no preferred shares outstanding.
"We are pleased with this recent private placement financing
which provides financial support for our ongoing clinical trial
programs," stated Dr. Madiyalakan, CEO of OncoQuest. "The
US$10 private placement share issue
price and the preferred share dividend conversion price provide
evidence of the confidence of our investors and the increase in
value of our technologies since the inception of the Company in
2015."
About oregovomab
Oregovomab is OncoQuest's high affinity monoclonal antibody (Mab
B43.13) that is designed to bind to the tumor associated antigen
CA125 (also designated MUC16) and initiate a cascade of immune
responses against this glycoprotein. CA125 is expressed in
epithelial ovarian cancer on the tumor surface, but is also shed
into the circulation. OncoQuest believes that carboplatin
paclitaxel based chemotherapy used in front line treatment in a
precisely scheduled combination with oregovomab can improve
outcomes relative to chemotherapy alone and is currently exploring
the role of select immune adjuvants and checkpoint inhibition to
assess oregovomab's application in advanced disease settings.
About OncoQuest
OncoQuest is a subsidiary of Quest
PharmaTech Inc. (TSXV-QPT) ("Quest"), and is a private
biopharmaceutical company focused on the development and
commercialization of immunotherapies for cancer. OncoQuest's
technology platform includes a panel of tumor antigen specific
monoclonal immunoglobulins including CA125, MUC1, PSA and Her2/neu;
and the application of combinatorial immunotherapy to enhance tumor
specific immunity and clinical outcome. OncoQuest's lead product is
oregovomab for the treatment of ovarian cancer that is currently
undergoing multiple Phase 2 clinical trials. OncoQuest's MUC1
program has already undergone a Phase 1 clinical trial in breast
cancer patients, and its development is being led by OncoVent Co.
Ltd., OncoQuest's joint venture partner that has licensed the
rights of the immunotherapy technologies in the territory of
Greater China. OncoQuest's
next-generation products are based on immunoglobulin E licensed
from UCLA, Stanford University and Advanced Immune
Therapeutics, Inc. These antigen-specific monoclonal IgE antibodies
are currently in preclinical development.
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.