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OncoQuest Signs a Definitive Agreement to Sell Drug Portfolio to Dual Industrial for U.S. $300 Million and Commitment to Fund the Oregovomab Phase 3 Clinical Trial in Frontline Ovarian Cancer
OncoQuest Signs a Definitive Agreement to Sell Drug Portfolio to Dual Industrial for U.S. ...
About this update from Quest Pharmatech Inc.
[{"type":"text","content":"\n\n\n\nOncoQuest Signs a Definitive Agreement to Sell Drug Portfolio to Dual Industrial for U.S. $300 Million and Commitment to Fund the Oregovomab Phase 3 Clinical Trial in Frontline Ovarian Cancer\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, April 22, 2020\n\n\n\nTSX Venture: QPT\n EDMONTON, April 22, 2020 /CNW/ - Quest PharmaTech Inc. (TSX-V: QPT) (\"Quest\" or the \"Company\"), a biopharmaceutical company developing and commercializing products to improve the quality of life, today announced that its subsidiary, OncoQuest Inc., has entered into a definitive agreement to sell its clinical and preclinical immunotherapy development assets to Dual Industrial Co., Ltd., a Korean publicly traded (KOSDAQ) company (\"Dual\") in exchange for U.S.$300 million in a combination of Dual common stock and Dual perpetual convertible bonds.\nDual will also be responsible for all the cost of clinical and non-clinical development of the immunotherapy assets after the execution of the Asset Transfer Agreement until a U.S. based subsidiary is set-up to oversee all of the product and clinical development functions.\n\"Quest is delighted that the Dual transaction secures funding for OncoQuest's Phase 3 trial for oregovomab in frontline ovarian cancer, maintains the senior management of OncoQuest which will continue leading the development of all of OncoQuest's clinical programs. US subsidiary also provides a platform from which to raise the additional capital to bring the transferred earlier stage clinical programs forward. It is truly an exciting partnership.\" said Madi Madiyalakan, CEO of Quest and OncoQuest. \"In addition, receiving equity consideration allows Quest and its shareholders to continue to participate in what we hope will be the success of the transferred OncoQuest product portfolio through ownership in Dual\", he continued. \nTerms of the Transaction\nUpon the execution of the definitive agreement, Dual will be responsible for all clinical and non-clinical development expenses for OncoQuest's technology.  Dual will secure U.S...