Business
Quest PharmaTech Announces 2009 Financial and Operational Results
EDMONTON, May 20 /CNW/ - Quest PharmaTech Inc. (TSX-V: QPT), ("Quest" or the "Company"), a pharma...
About this update from Quest Pharmatech Inc.
[{"type":"text","content":"\n\n\n\nEDMONTON, May 20 /CNW/ - Quest PharmaTech Inc. (TSX-V: QPT), ("Quest" or\nthe "Company"), a pharmaceutical company developing and commercializing\nproducts for the treatment of cancer and dermatological conditions, today\nannounced financial and operational results for the fiscal year ended January\n31, 2009, and for the subsequent period.\n\n\nHighlights:\n\n- Received non-equity financing of $2,000,000 in licensing fees,\n $113,000 in government grants and $50,000 from the sale of non-core\n assets. The Company also engaged Loewen Ondaatje McCutcheon Limited\n to provide financial advisory services in connection with various\n business development opportunities;\n\n- Received a `No Objection Letter' from the Therapeutic Product\n Division of Health Canada to initiate an 18-patient Phase I clinical\n trial for Prostate Cancer treatment using SL052;\n\n- Continued to make clinical progress in the development of SL017 for\n dermatology applications by announcing encouraging results for the\n Phase I clinical trial for the treatment of Actinic Keratosis, and by\n completing the Phase II enrollment of 110 patients for hair removal\n applications; and,\n\n- Expanded the oncology product pipeline to include the use of SL052 in\n combination with immunotherapy and through the development of a\n second generation formulation comprised of nanoparticles.\n\n\n"Quest's unique photodynamic and sonodynamic therapy platforms represent\nencouraging new modalities that have the potential to provide effective\ntreatment options for cancer and dermatological conditions," said Pierre\nVermette, Quest's Chief Financial Officer. "We made significant clinical and\nfinancial progress during the past year to support the advancement of our\nnovel technology and to execute on our business objectives going forward."\n\n\nFinancial Results:\n\n\nNet consolidated loss for the year was $204,047 or $0.00 per share as\ncompared to a consolidated loss of $1,318,446 or $0.02 per share for the year\nended January 31, 2008. Research and development expenditures totaled\n$1,445,180 while general and administrative expenses were $754,954 for the\nsame period.\n\n\nAs of January 31, 2009, the Company had cash and cash equivalents of\n$594,826. The Company also has debt of $500,000 in the form of a convertible\ndebentur...