Business
Quest PharmaTech Releases Financial Results for the Nine Months Ended October 31, 2005
Quest PharmaTech Releases Financial Results for the Nine Months Ended October 31, 2005.
About this update from Quest Pharmatech Inc.
[{"type":"text","content":"\n\n\n\n\nEDMONTON, Dec. 20 /CNW/ - Quest PharmaTech Inc. (TSX.V: QPT, the \"Company\nor Quest\") is pleased to announce a summary of its financial results and\nhighlights for the nine month period ended October 31, 2005.\n\nHighlights of Q3, fiscal 2006 and subsequent events\n\n- Net consolidated loss for the three and nine months ended October 31,\n 2005 was $884,110 or $0.02 per share and $2,339,289 or $0.06 per share\n as compared to a consolidated loss of $979,560 or $0.03 per share and\n $3,215,099 or $0.10 per share for the three and nine months ended\n October 31, 2004.\n\n - the repatriation to Canada of more than $1,000,000 US cash from\n the Company's wind-up and dissolution of its former China\n subsidiary, Shanghai Altachem Pharma Biotechnology Ltd.\n\n - the initiation of a Phase I clinical trial for the Company's\n lead compound, ACP-SL017, targeting Actinic Keratosis.\n\n - the execution of a clinical trial agreement with a third party\n to commence further human clinical studies for the Company's\n lead compound, ACP-SL017, targeting the areas of hair removal\n and acne.\n\n - the election of the Company's Board of Directors, which\n includes the addition of two new Board members, Dr. Donald Rix,\n Chairman, MDS Metro Laboratory Services, and Mr. Richard H.\n Smith, President and CEO, Dow AgroSciences Canada Inc.\n\n - the receipt of shareholder and regulatory approval to change\n the Company's name to Quest PharmaTech Inc.\n\n - the amendment of the Company's stock option plan from a fixed\n plan to a 10% rolling plan.\n\n - Appointment of an investor relations person to provide investor\n relations services to the Company\n\n\"Our net loss for the period was significantly lower than that for the\ncorresponding period last year and shows that Quest has been successful\nin reducing expenses and leveraging our own dollars with non-dilutive\ngovernment support\" commented Dr. David Cox, President & CEO. \"Despite\nthis, we have been able to accomplish some very important objectives,\nmost notably the initiation of a Phase I clinical trial for our lead\nproduct, ACP-SL017.\n\nFinancial Results\n\nNet consolidated loss for the three and nine months ended October 31,\n2005 was $884,110 or $0.02 per share and $2,339,289 or $0.06 per share as\ncompared to a consolidated loss of $979,560 or $0.03 per share and $3,21...