EDMONTON, AB, July 14,
2023 /CNW/ - Quest PharmaTech Inc. (TSXV: QPT)
("Quest" or the "Company") today announced the results of its
July 13 2023 annual general meeting
of shareholders.
The Company announces the following 3 directors have been
re-elected to the Company's Board of Directors:
J. Mark Lievonen, C.M., FCPA,
FCA, LLD
Jeffrey Shon, JD
Madi R. Madiyalakan, Ph.D.
However, Quest shareholders voted 62.47% against Shawn Lu, therefore, Mr. Lu was not elected as a
director of Quest.
At the meeting, shareholders reappointed the Company's auditors,
Kingston Ross Pasnak, LLP.
"I would like to thank our continuing Board members for their
ongoing service and express my sincere appreciation to Mr.
Shawn Lu for his past
contributions", said Dr. Madi R. Madiyalakan, Chief Executive
Officer of Quest. "I am confident that Quest's Board of
Directors will be able to help the Company execute its business
strategy to add value to our shareholders."
Approximately 81,201,834 shares were voted for the Company's
shareholder meeting representing approximately 48% of the Company's
shares eligible to vote.
On a corporate matter, Quest announces the granting of 1,550,000
stock options to Directors and Officers, all at a volume weighted
average exercise price of $0.08 per
common share, expiring 10 years from the date of grant, subject to
TSX Venture Exchange approval.
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 through investee companies and
proprietary technologies. Quest is developing the proprietary
MAb-AR9.6 targeting MUC16 as theranostic agents for cancer.
MAb-AR9.6 was licensed from the University of
Nebraska Medical Centre and currently is in late preclinical
stage development. The Company also has a 42.5% ownership
interest in OncoQuest Inc. which sold its immunotherapy technology
assets to Korea-based Dual Industrial Co, Ltd. in April 2020. Quest also has a 23% ownership
interest in OncoVent, a Chinese joint venture developing
antibody-based immunotherapeutic products for cancer for the
Greater China territory. To learn
more, visit www.questpharmatech.com
Forward Looking
Statements
Statements on the development and potential of the Company's MAb
AR9.6 product candidate constitute forward-looking statements. Such
statements are based on the current expectations of management and
inherently involve numerous risks and uncertainties, known and
unknown, many of which are beyond Quest's control. These risks
include the achievement of forecasted development milestones, that
actual results may vary once the final and quality-controlled
verification of data and analyses has been completed and other
risks disclosed in the Company's Management's Discussion &
Analysis and other public fillings at www.SEDAR.com. Consequently,
actual future results may differ materially from the anticipated
results expressed in the forward-looking statements. The reader
should not place undue reliance, if any, on any forward-looking
statements included in this news release. These statements speak
only as of the date made and Quest is under no obligation and has
no intention to update or revise such statements as a result of any
event, circumstances or otherwise, unless required by applicable
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.