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Quest PharmaTech's Subsidiary, OncoQuest, Signs Agreement with Shenzhen Hepalink Pharmaceutical Co., Ltd. to Fund Immunotherapy for Treatment of Cancer in China
Quest PharmaTech's Subsidiary, OncoQuest, Signs Agreement with Shenzhen Hepalink Pharmaceu...
About this update from Quest Pharmatech Inc.
[{"type":"text","content":"\n\n\n\nQuest PharmaTech's Subsidiary, OncoQuest, Signs Agreement with Shenzhen Hepalink Pharmaceutical Co., Ltd. to Fund Immunotherapy for Treatment of Cancer in China\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nQuest PharmaTech's Subsidiary, OncoQuest, Signs Agreement with Shenzhen Hepalink Pharmaceutical Co., Ltd. to Fund Immunotherapy for Treatment of Cancer in China\nCanada NewsWire\nEDMONTON, March 22, 2016\n\n\n\nTSX Venture: QPT\n\n\n\nEDMONTON, March 22, 2016 /CNW/ - Quest PharmaTech Inc. (TSX-V: QPT) (\"Quest\" or the \"Company\"), a pharmaceutical company developing and commercializing products to improve the quality of life, today announces that its subsidiary, OncoQuest Inc. (\"OncoQuest\") has signed an agreement with Shenzhen Hepalink Pharmaceutical Co., Ltd. (Hepalink), a China-based global pharmaceutical company to fund the research and development of immunotherapies for treatment of cancer in China.  The agreement results in the creation of a new company in China called OncoVent Co., Ltd. (\"OncoVent\"), valued at U.S. $9.26 million, to focus on the research and development of cancer immunotherapy products for the Chinese market.  Under the agreement, OncoQuest will license the greater China rights to immunotherapy technologies and provide 1 million USD for 46% of the shares of OncoVent. Hepalink will contribute 5 million USD for 54% of the shares of OncoVent.  As part of the agreement, OncoQuest will transfer a portion of its shares in OncoVent to Quest such that Quest will own 11% of the shares of OncoVent.\n\nThe creation of OncoVent will provide additional resources for product development that OncoQuest can access to accelerate its worldwide product registration strategy. OncoVent will focus on the development, manufacturing and commercialization of Cancer Immunotherapy Products within China with pancreatic cancer as its first target. \n\n\"I am very pleased to enter into this very important agreement with Shenzhen Hepalink to create OncoVent\" said Dr. Madi Madiyalakan, Chief Executive Officer of Quest and OncoQuest. \"Hepalink,...