Trading Symbol: QPT: TSX Venture Exchange
EDMONTON, May 31 /CNW/ - Quest PharmaTech Inc. ("Quest" or the "Company") is pleased to announce that it has received TSX Venture Exchange approval for the first tranche ($750,000) of a private placement to issue up to 6,666,667 common shares at $0.15 per share, for total gross proceeds of up to $1,000,000. The common shares to be issued will have a hold period of 4 months from the date of issue, and the funds raised will be used to fund the Company's ongoing product development activities.
This $750,000 private placement came from a European private equity investor who is very active in the pharmaceutical and medical industry. With the recently acquired 5,000,000 shares, this investor will own approximately 9.7% of the issued and outstanding shares in the Company.
"I am very pleased to have received continued confidence and support from our lead European investor and other investors", said Dr. Madi R. Madiyalakan, CEO of the Company. "The new investment strengthens our balance sheet as we approach important milestones for SL017 and SL052", added Dr. Madiyalakan.
About Quest PharmaTech Inc.
The Corporation is a publicly traded (TSX Venture Exchange: QPT), Alberta-based drug development company committed to the development and commercialization of new pharmaceutical products. It is developing a series of products for the treatment of cancer and dermatological conditions based on its unique photodynamic and sonodynamic therapy platform.
"TSX Venture Exchange has neither approved nor disapproved of the
information contained herein."
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