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OncoQuest Completes US$6 Million Private Placement
OncoQuest Completes US$6 Million Private Placement Canada NewsWire EDMONTON, Feb...
About this update from Quest Pharmatech Inc.
[{"type":"text","content":"\n\n\n\nOncoQuest Completes US$6 Million Private Placement\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nEDMONTON, Feb. 6, 2018\n\n\n\nEDMONTON, 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.  \n\nThe 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.\n\nThe 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. \n\n\"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.\"\n\nAbout oregovomab\n\nOregovomab 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...