Business
Quest PharmaTech releases financial results for the fiscal year ended January 31, 2006
Quest PharmaTech releases financial results for the fiscal year ended January 31, 2006.
About this update from Quest Pharmatech Inc.
[{"type":"text","content":"\n\n\n\n\nTrading Symbol: QPT:TSX Venture Exchange\n\nEDMONTON, May 31 /CNW/ - Quest PharmaTech Inc. (\"Quest\" or the \"Company\")\nannounces a summary of its financial results and highlights for the fiscal\nyear ended January 31, 2006.\n\nHighlights of fiscal 2006\n\n- Net consolidated loss for the year ended January 31, 2006 was\n $3,503,813 or $0.08 per share as compared to a consolidated loss of\n $4,381,953 or $0.12 per share for the year ended January 31, 2005.\n\nResearch and development expenditures totalled $1,257,649 for the year\nended January 31, 2006 compared to $1,891,532 for the year ended January 31,\n2005. The decrease in R&D in 2006 relates to the Company's focus on its core\ndrug development technologies and also to government funding during 2006 which\noffset R&D expenditures. General and administrative expenses were $1,069,241\nfor the year ended January 31, 2006 compared to $1,641,710 for the year ended\n2005. The decrease in G&A activity relates to a continued streamlining of the\nCompany's administrative operations.\nAt January 31, 2006, cash and cash equivalents were $115,505 as compared\nto $1,799,155 at January 31, 2005.\n\n\"Although Quest faces financial challenges in connection with its\ncontinuing operations, the net loss for the year was lower than that for\nthe prior year and shows that Quest has been able to reduce expenses and\nuse government funding to support its development programs\" commented Mr.\nPierre Vermette, Chief Financial Officer. The Company continues to run\nits operations from the proceeds of the sale of non-core assets and from\nloans from insiders while seeking strategic partners for the development\nof products from the SonoLight technology platform. The Company also\nanticipates the final Phase I clinical trials results for its lead\ncompound, SL017, in the second quarter of 2006.\n\nDuring the year ended January 31, 2006 (and subsequent thereto), the\nCompany experienced numerous significant developments. Highlights are:\n\n- a concentration of the Company's efforts on drug development, with a\n special focus on the Company's novel and proprietary photodynamic\n treatments for cancer and skin diseases.\n\n- discontinuation of the Company's operations in China. This\n discontinuance includes a wind-up and dissolution of SACP and\n repatriation of SACP's assets b...