Business
Quest PharmaTech Inc. Announces Management Changes
Quest PharmaTech Inc. Announces Management Changes.
About this update from Quest Pharmatech Inc.
[{"type":"text","content":"\n\n\n\n\nEDMONTON, Jan. 30 /CNW/ - Quest PharmaTech Inc. (TSX.V: QPT, the\n\"Company\") announces the appointment of Dr. Madi R. Madiyalakan as Executive\nChairman effective immediately. This change was necessitated by the\nresignation of Dr. David Cox, President & CEO effective March 24th, 2006.\nDr. Cox intends to pursue other activities. Dr. Cox will continue to serve as\na member of the board and the Company will have access to his services as a\nconsultant on an as-needed basis. The Board of Directors would like to\nacknowledge the valuable contribution made by Dr. Cox during his tenure with\nthe Company. Additionally, the combination of the CEO and Chairman roles will\nsave the Company significant money over the short term. Dr. Donald B. Rix, an\nindependent director, will act as the lead director.\n\"I will continue to build the Company based on the foundation laid out in\nthe past twelve months,\" said Dr. Madiyalakan. \"Although, the Company has made\ntremendous progress in advancing the technology, it has not yet been able to\ninstill broad investor confidence as evidenced by the share price. The\nCompany's technology has matured enough to attract strategic partners. If the\nCompany can progress in these areas, I am confident that we will be able to\nbuild shareholder value in the near future,\" added Dr. Madiyalakan.\nDr. Madiyalakan has been the Chairman of the Board of Directors for the\nlast year. He was one of the founders of the SonoLight Pharmaceuticals Corp.\n(served as its CEO and Director), CanBiocin Inc. (served as President, CEO and\nDirector) and AltaRex Corp. (served as Vice President, Planning and Chief\nScientific Officer). Between 1987 and 1995, Dr. Madiyalakan served in various\nsenior positions at Biomira Inc. and was previously Executive Vice-President,\nResearch and Development of the Corporation. Dr. Madiyalakan holds a Ph.D in\nBiochemistry and a Certificate in Management Development. For the last twenty\nfive years he has been an educator, inventor and entrepreneur and has\npublished extensively.\nDr. Donald B. Rix has been a member of the Quest board since September,\n2005. He is the Owner, Founder and Chairman of MDS Metro Laboratory Services\nand Cantest Ltd. of Vancouver, B.C. Dr. Rix recently received the Lifetime\nLeadership and Achievement Award from the B.C. Biotechnology alliance f...