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Quest PharmaTech Announces Opposition to OQPBIOM's Acquisition of AdBioTech
EDMONTON, Alberta, June 10, 2025 (GLOBE NEWSWIRE) -- Quest PharmaTech Inc. (TSX-V: QPT) (“...
About this update from Quest Pharmatech Inc.
[{"type":"text","content":"Quest PharmaTech Announces Opposition to OQPBIOM's Acquisition of AdBioTech\n\n\n\n EDMONTON, Alberta, June 10, 2025 (GLOBE NEWSWIRE) -- Quest PharmaTech Inc. (TSX-V: QPT) (“Quest” or the “Company”), a Canadian based pharmaceutical company developing products to improve the quality of life through investee companies and proprietary technologies, announced today that Quest was not informed or consulted, opposes and will not support the recently announced acquisition by privately held South Korea-based OQPBIOM Inc. (“OQM”) of a controlling interest in AdBioTech Co., Ltd. (“AdBioTech”), a public company listed on KOSDAQ in South Korea. OQM has announced that AdBioTech is the corporate vehicle through which it wishes to pursue the funding and advancement of its immunotherapy assets.\n \n\n As announced by Quest on June 2, 2025, as a result of the conversion of bonds, Quest has acquired a 26.25% share ownership interest in OQM and become its largest shareholder. OQM was established in April 2024 to conduct clinical trials for oregovomab, a novel ovarian cancer drug candidate, which was developed by Quest investee company, OncoQuest Inc., and sold in 2020, which ultimately resulted in Quest holding the bonds in OQM that were recently converted.\n \n\n Dr. Madi Madiyalakan, CEO of Quest, stated, \"As the largest shareholder of OQM, we were never informed or consulted about OQM's acquisition of a controlling interest in AdBioTech and OQM’s intention to use this vehicle to advance oregovomab.\" He added that Quest strongly opposes this acquisition and strategy, deeming it inappropriate for ensuring stable funding for oregovomab's clinical trials and not in the best interest of OQM or its shareholders. Quest is consulting with its advisors and evaluating its legal options. Any information or reports disseminated that suggest that Quest is supportive of OQM management in the implementation of this path and strategy for OQM is inaccurate.\n \n\n\n About Quest PharmaTech Inc.\n \n\n\n Quest PharmaTech Inc is a publicly traded, Canadian based biopharmaceutical company (QPT: TSX-V) developing products to improve the quality of life. The Company has a 42.5% ownership interest in OncoQuest Inc. which sold its immunotherapy technology assets to Korea-based Dual Industrial Co, Ltd. in ...