EDMONTON, AB, Sept. 28,
2022 /CNW/ - Quest PharmaTech Inc. (TSXV: QPT)
("Quest" or the "Company") today announced the sale of its share
ownership interest in Bioceltran Co., Ltd. ("Bioceltran") to Dr.
Sang Ho Jang, founder of Bioceltran,
for sale proceeds of $300,0000 and
the termination and return of the Photodynamic Therapy ("PDT")
technology license. Bioceltran is a private, Korea based company
developing skin penetrating active molecules for cosmetic and
pharmaceutical use.
The Company will receive an upfront payment of $100,000 upon agreement execution and a second
and final payment of $200,000 within
12 months. As part of the transaction, the PDT technology license
agreement with Bioceltran for the SL017 and SL052 technologies will
be terminated so that Quest has full control on the future
development of the technology.
"We are pleased with this sale of our investment in shares of
Bioceltran and the return of the PDT technology license to Quest
for future development. Quest generated a profit from the sale of
the Bioceltran shares and the return of the PDT technology will
assist Quest to focus efforts on adding value to its product
portfolio", commented Dr. Madiyalakan, Quest's CEO.
About Quest PharmaTech
Inc.
Quest PharmaTech Inc is a publicly traded, Canadian based
biopharmaceutical company (TSX-V: QPT) developing products to
improve the quality of life. The company has a 42.5% ownership
interest in OncoQuest Inc. which sold its immunotherapy technology
to OncoQuest Pharmaceuticals, Inc. Quest also has an equity
interest in OncoVent, a Chinese joint venture developing
antibody-based immunotherapeutic products for cancer for the
Greater China
territory. Quest is also developing an antibody licensed from
University of Nebraska, AR 9.6 mAb
against truncated O-glycan on MUC16, for targeted cancer 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.