Business
Quest PharmaTech announces financial and operational results for the fiscal year ended January 31, 2007
Quest PharmaTech announces financial and operational results for the fiscal year ended January 31, 2007.
About this update from Quest Pharmatech Inc.
[{"type":"text","content":"\n\n\n\nTrading Symbol: QPT: TSX Venture Exchange\n\n\n- the Company plans to raise up to $1,000,000 in a private placement -\n\n\nEDMONTON, May 25 /CNW/ - Quest PharmaTech Inc. ("Quest" or the "Company")\nannounces the highlights of financial and operational results of the fiscal\nyear ended January 31, 2007 (and subsequent thereto).\n\n\nFinancial Highlights\n\n\nNet consolidated loss for the year ended January 31, 2007 was $1,454,077\nor $0.03 per share as compared to a consolidated loss of $3,503,813 or $0.08\nper share for the year ended January 31, 2006.\n\n\nResearch and development expenditures totaled $861,954 for the year ended\nJanuary 31, 2007 compared to $1,257,649 for the year ended January 31, 2006.\nGeneral and administrative expenses were $640,718 for the year ended\nJanuary 31, 2007 compared to $1,069,241 for the year ended 2006. The decrease\nin R&D and G&A expenses in 2007 compared to 2006 relates to the Company's\nstreamlining of drug development and administrative activities.\n\n\nAt January 31, 2007, cash and cash equivalents were $123,022 as compared\nto $115,505 at January 31, 2006. The company also has debt of $1,230,000 in\nthe form of a $1,000,000 (face value) convertible debenture (exercisable at\n$0.25 and due on September 22, 2007) and $230,000 in demand loans from two\ninsiders.\n\n\nSubsequent to year end, in March, 2007, the Company raised $960,000 in a\nnon-brokered private placement. In addition, in May, 2007, the Company\nreceived $300,000 in an equity investment from KMH Co. Ltd., as part of the\ndistribution agreement signed between the parties. The Company expects to\nreceive in late May, 2007, the first installment of an up-front fee from\nParamount BioSciences under the license agreement signed between the parties.\nDuring the year, the Company recognized funding of $53,760 from the National\nResearch Council-Industrial Research Assistance Program to develop SL017 for\ndermatology applications and continuing grants of $55,000 from Alberta\nIngenuity Fund related to oncology applications. The Company expects to\nreceive further NRC-IRAP funding amounts of $13,340 and $26,500 for\ndermatology related applications.\n\n\nCurrently, the Company has 4,800,000 outstanding share purchase warrants\nexercisable at $0.20 and expiring in March 2008. If exercised, these wa...