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EDMONTON, May 15 /CNW/ - Quest PharmaTech Inc. ("Quest" or the "Company") announces the highlights of financial and operational results for the fiscal year ended January 31, 2008.
- Raised $3,128,000 in equity financings
- Received $1,316,575 in licensing fees; and $52,422 in government
grants
- Completed the Phase I clinical trial for Actinic Keratosis (final
results are due in June, 2008)
- Received Proof of concept data from Cross Cancer Institute for
prostate cancer photodynamic therapy product.
Net consolidated loss for the year was $1,318,446 or $0.02 per share as compared to a consolidated loss of $1,454,077 or $0.03 per share for the year ended January 31, 2007. Research and development expenditures totaled $901,530 while general and administrative expenses were $869,593 for the same period.
As of January 31, 2008, the Company had cash and cash equivalents of $1,305,802. The Company also has debt of $500,000 in the form of a convertible debenture (exercisable at $0.25 and due on March 22, 2009).
On a forward going basis, the Company anticipates to receive $2,000,000 in licensing fees to develop oncology products based on its SonoLight Technology. The Company may receive an additional $1,000,000 equity investment from KMH Co., Ltd. upon reaching specific milestones related to SL017 for hair removal applications. The Company also expects to receive up to $200,000 in government grants to offset the costs to develop its ultrasound activation technology.
Currently, the Company has 4,800,000 outstanding share purchase warrants exercisable at $ 0.20 and expiring in September, 2008. If exercised, these warrants would generate up to $960,000 of additional funding for the Company.
"I am pleased with the improved financial position of the Company that helps us accomplish our long term business objectives", said Mr. Pierre Vermette, Chief Financial Officer for the Company.
The Company's lead product, SL017, is a topical formulation that is currently undergoing a 90 patient clinical trial in Canada for hair removal applications, with the final report anticipated by the end of this year. The Company's second product, SL052, is scheduled to enter a Phase I clinical trial for the treatment of prostate cancer during the second half of 2008. The Company believes it has sufficient cash to complete the 90 patient hair removal trial, and to initiate a fifteen patient, multi centre, Phase I clinical trial for prostate cancer treatment.
Quest has signed an exclusive multinational license agreement with Paramount Biosciences, a global pharmaceutical and healthcare investment firm, to develop and market SL017 for dermatology applications. In return Quest will receive potential future milestone payments in excess of $35 million USD, plus royalties on product sales. In addition, Quest also has an arrangement with KMH Co., Ltd., a Korean pharmaceutical company, to market SL017 in Asia for hair removal applications. The company also has an agreement with a multinational technology development company to receive $3,000,000 against future revenue to develop oncology products.
About Quest PharmaTech Inc.
The Corporation is a publicly traded (TSX Venture Exchange: QPT), Alberta-based pharmaceutical company committed to build shareholder value through discovery, development and commercialization of new pharmaceutical products. It is developing a series of products for the treatment of cancer and dermatological conditions based on its unique photodynamic and sonodynamic therapy platform. Additional information related to the Company, including the Company's financial statements, and management discussion and analysis, is on SEDAR at www.sedar.com.
"TSX Venture Exchange has neither approved nor disapproved of the
information contained herein"
%SEDAR: 00008400E