Trading Symbol: QPT: TSX Venture Exchange
EDMONTON, Oct. 30 /CNW/ - Quest PharmaTech Inc. ("Quest" or the
"Company") is pleased to announce that it has completed the $200,000 equity
investment with KMH Co., Ltd. ("KMH") to issue 1,000,000 common shares of
Quest, at a premium share price of $0.20. The common shares have a 4 month
hold period expiring February 26, 2007. This is part of a business arrangement
entered into between KMH and the Company to market SL017 for cosmetic hair
removal applications in Asia.
Quest also announces management's nominations for election to its Board
of Directors at its upcoming Annual General Meeting of Shareholders. The slate
includes Dr. Bin Huang, Ph.D., MBA.
Dr. Huang has been Director of IP and Business Development of Chemokine
Therapeutics since October, 2006. She was Chief Executive Officer of
GeneHarbor Technologies Limited Between 2004 and 2006 and President and CEO of
Cytovax Biotechnologies Inc. between 1999 and 2004. Prior to Cytovax, Dr.
Huang worked as Vice President of Business Development for Monsanto Canada and
Vice President of Research and Development of Lorus Therapeutics Inc., a
publicly traded Canadian biotech company. Dr. Huang has also worked as a
biotechnology analyst and was a partner with GMP Securities, a Toronto
investment dealer, and has acted as a director of several Canadian
biotechnology companies.
In keeping with good Corporate Governance practices and the Company's
commitment to create a more independent board, Dr. Madi R. Madiyalakan, the
Company's Chief Executive Officer, will remain as the sole management
representative on the Board of Directors.
The Company wishes to thank outgoing Board members Dr. David Cox, Mr.
Richard Smith and Dr. Selvaraj Naicker for their efforts and commitment to the
Company. Their knowledge and experience will be missed. Dr. Naicker continues
to be an officer of the Company responsible for its drug development
activities.
The complete list of Director nominations is as follows (alphabetical
order):
Dr. Bin Huang, PhD, MBA
Dr. Ragupathy (Madi) Madiyalakan, PhD
Mr. Ian McConnan, FCA
Dr. Donald J Rix, MD
The Company's Annual General Meeting of Shareholders will be held at 2:00
pm on the 7th of December, 2006 at the Greenwood Inn at 4485 Gateway Blvd,
Edmonton, Alberta. Information pertaining to the nomination of Directors and
other business matters will be mailed out shortly.
About Quest PharmaTech Inc.
The Company is a publicly traded (TSX Venture Exchange: QPT),
Alberta-based pharmaceutical 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.
Except for historical information, this press release may contain
forward-looking statements, which reflect the Company's current expectation
regarding future events. These forward-looking statements involve risk and
uncertainties, which may cause but are not limited to, changing market
conditions, the successful and timely completion of clinical studies, the
establishment of corporate alliances, the impact of competitive products and
pricing, new product development, uncertainties related to the regulatory
approval process and other risks detailed from time to time in the Company's
ongoing quarterly and annual reporting.
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"TSX Venture Exchange has neither approved nor disapproved of the
information contained herein."
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