Business
Quest PharmaTech Grants a Six Month Extension to the Terms of the Company's Outstanding Share Purchase Warrants
EDMONTON, Feb. 27 /CNW/ - Quest PharmaTech Inc. ("Quest" or the "Company") announces that it will...
About this update from Quest Pharmatech Inc.
[{"type":"text","content":"\n\n\n\nEDMONTON, Feb. 27 /CNW/ - Quest PharmaTech Inc. ("Quest" or the\n"Company") announces that it will grant, subject to TSX Venture Exchange\napproval, a 6 month extension to the term of the 4,800,000 share purchase\nwarrants (the "Warrants") which are currently outstanding and due to expire\nduring the month of March, 2008. The Warrants are exercisable into common\nshares of Quest at a price of $0.20 per common share.\n\n\nIf Exchange approval is received, the Warrants will expire on September\n19, 2008. 17.4 percent of the Warrants are held by insiders of the Company.\n\n\n"With the costs related to the Company's dermatology clinical trials, and\nthe upcoming Phase I clinical trial for Prostate Cancer, the Company needs to\nhave as many financing options as possible" said Dr. Madi R. Madiyalakan, CEO.\n\n\nQuest also announces that it has reached an agreement with its debenture\nholders for a one year extension of the maturity date of the convertible\ndebenture (currently the principal amount of this indebtedness is $500,000).\nUnder the agreement, the debenture will have a maturity date of March 22,\n2009, with all other conditions to remain unchanged.\n\n\nThe Company continues to rely upon licensing fees as the primary source\nfor funding this year with the scheduled second milestone payment from\nParamount BioSciences LLC in connection with the development of SL017 for\ndermatology applications, and $2,000,000 from a multinational strategic\npartner for oncology applications.\n\n\nAbout Quest PharmaTech Inc: Quest PharmaTech Inc. is a publicly traded\n(TSX Venture Exchange: QPT), Alberta-based pharmaceutical company committed to\nbuild shareholder value through discovery, development and commercialization\nof new pharmaceutical products. It is developing a series of products for the\ntreatment of cancer and dermatological conditions based on its unique\nphotodynamic and sonodynamic therapy platform. The Company's lead dermatology\nproduct, SL017, is a topical formulation that is currently undergoing a 90\npatient clinical trial in Canada for hair removal applications. The Company's\nlead oncology product, SL052, is scheduled to enter a Phase I clinical trial\nduring the second half of 2008.\n\n\n"TSX Venture Exchange has neither approved nor disapproved of the\n\n\ninformat...