Business
Quest PharmaTech Attracts European Investor with $750,000 Investment
Quest PharmaTech Attracts European Investor with $750,000 Investment.
About this update from Quest Pharmatech Inc.
[{"type":"text","content":"\n\n\n\nTrading Symbol: QPT: TSX Venture Exchange\n\n\nEDMONTON, May 31 /CNW/ - Quest PharmaTech Inc. ("Quest" or the "Company")\nis pleased to announce that it has received TSX Venture Exchange approval for\nthe first tranche ($750,000) of a private placement to issue up to 6,666,667\ncommon shares at $0.15 per share, for total gross proceeds of up to\n$1,000,000. The common shares to be issued will have a hold period of 4 months\nfrom the date of issue, and the funds raised will be used to fund the\nCompany's ongoing product development activities.\n\n\nThis $750,000 private placement came from a European private equity\ninvestor who is very active in the pharmaceutical and medical industry. With\nthe recently acquired 5,000,000 shares, this investor will own approximately\n9.7% of the issued and outstanding shares in the Company.\n\n\n"I am very pleased to have received continued confidence and support from\nour lead European investor and other investors", said Dr. Madi R. Madiyalakan,\nCEO of the Company. "The new investment strengthens our balance sheet as we\napproach important milestones for SL017 and SL052", added Dr. Madiyalakan.\n\n\nAbout Quest PharmaTech Inc.\n\n\nThe Corporation is a publicly traded (TSX Venture Exchange: QPT),\nAlberta-based drug development company committed to the development and\ncommercialization of new pharmaceutical products. It is developing a series of\nproducts for the treatment of cancer and dermatological conditions based on\nits unique photodynamic and sonodynamic therapy platform.\n\n\n"TSX Venture Exchange has neither approved nor disapproved of the\n\n\ninformation contained herein."\n\n\n%SEDAR: 00008400E\n\n\n","length":1794,"tagName":"div"}]