Business
Quest PharmaTech Inc. provides clinical trial and corporate update
Quest PharmaTech Inc. provides clinical trial and corporate update.
About this update from Quest Pharmatech Inc.
[{"type":"text","content":"\n\n\n\n\nTrading Symbol: QPT: TSX Venture Exchange\n\nEDMONTON, April 4 /CNW/ - Quest PharmaTech Inc. (\"Quest\" or \"the\nCompany\") provides the following updates:\n\nClinical Trial Update: The Company's lead product candidate, SL017\nTopical Gel, is currently undergoing two independent Phase I clinical trials,\none for Actinic Keratosis (AK) at the University of Alberta Dermatological\nCentre and the second for acne and cosmetic hair removal at Innovaderm in\nMontrDeal. The AK trial has so far recruited eight of the required twelve\npatients. Preliminary analysis indicates that the drug and the treatment are\nwell tolerated with no adverse events. Therapeutic efficacies of SL017 for AK\nindication are awaiting the biopsy results from the treated area. These\nresults are anticipated by the end of this quarter. The acne and cosmetic hair\nremoval trial has treated seven of the ten required patients. Again, the\npreliminary analysis indicates the product to be non toxic. Therapeutic\npotential of SL017 for these indications will also be evaluated with the\nbiopsy results from the treated area.\nThe Company is encouraged with the non toxic nature of SL017. This is the\nfirst time that one of the products from the Company's platform technology has\nbeen used for human applications.\n\nFinancial Update: Pending final clinical trial results and improved\nmarket conditions, it is the strategy of the Company to defer any equity\nfinancing at this point. The Company plans to run its operations for the next\nsix months from proceeds of the sale of non-core assets such as AccuMab, \nACP-HIP, AntiCort, Bionex and its Shanghai-based pelletcore business. In the\nevent that the sale of these non-core assets does not generate cash in a\ntimely fashion, the Company has made arrangements to borrow up to $400,000, if\nand when needed, from two of its directors. These unsecured loans will carry\nan interest rate of 6%, the interest portion payable monthly.\nThe Company has obtained a six month extension for the repayment of its\n$1,000,000 convertible debenture which was due 22nd March, 2006. The debenture\nis now due on September 22, 2006.\n\nInvestors Relations Update: As part of its continuing cost-containment\nefforts, the Company has decided to bring investor relation activities back to\nthe Company from the external consultant. The toll fr...