Business
Quest PharmaTech Establishes Joint Venture with Korean-Based AD Biotech Co., Ltd. to Develop Immunotherapeutic Products for Cancer
TSX Venture: QPT EDMONTON , July 23, 2013 /CNW/ - Quest PharmaTech Inc. (TSX-V: QP...
About this update from Quest Pharmatech Inc.
[{"type":"text","content":"\n\n\nTSX Venture: QPT\n\n\nEDMONTON, July 23, 2013 /CNW/ - Quest PharmaTech Inc. (TSX-V: QPT)\n (\"Quest\" or the \"Company\"), a pharmaceutical company developing and\n commercializing products for the treatment of cancer, announces that it\n has entered into a long term strategic relationship with AD Biotech\n Co., Ltd., (\"AD Biotech\"), a Korean based biotechnology company, to\n share research and technology development resources with the intent to\n co-develop technologies of both companies.\n\n\nAD Biotech has provided $2,000,000 of clinical development funding to\n Quest and has agreed to provide up to $10,000,000 of additional funding\n in return for Quest common shares and future revenue sharing.  The\n agreement with AD Biotech complements the arrangement that Quest has\n with Mr. Gi-Ho Park and his affiliated Korean company, for which Quest\n received shareholder and regulatory approval during Quest's Annual\n General and Special meeting of shareholders held July 26, 2012.\n\n\nThe arrangement with AD Biotech, when coupled with the relationship that\n Quest has with Mr. Park, will enable Quest to fund its clinical\n development programs (including those for its newly acquired IgE\n technology), and also allows Quest access to AD Biotech's Antibody,\n Protein Transduction Domain and Manufacturing technologies. \"The\n agreement with AD Biotech represents a win-win situation\", commented\n Dr. Madi R. Madiyalakan, CEO of the Company.  \"The financial support\n provided by AD Biotech strengthens Quest's financial situation, and\n provides necessary funding to complete drug development programs that\n are in progress. In addition, we are able to provide technical\n expertise to AD Biotech to help them with their IgY antibody technology\n development and will work together with them to co-develop future\n products that combine both of our technologies.\n\n\nIn other news, Quest's Annual General Meeting of Shareholders will be\n held at 3:00 pm on August 6, 2013 at the Company's corporate\n headquarters - 8123 Roper Road NW, Edmonton, Alberta, T6E 6S4. The\n Company has also granted 2,050,000 share options to three Officers and\n three independent Directors of the Company, all at an exercise price of\n $0.10 per common share subject to TSX Venture Exchange approval.\n\n\nAbout AD Biotech Co., Ltd.\n\n\nAD Biotech...