Trading Symbol: QPT: TSX Venture Exchange
EDMONTON, April 4 /CNW/ - Quest PharmaTech Inc. ("Quest" or "the
Company") provides the following updates:
Clinical Trial Update: The Company's lead product candidate, SL017
Topical Gel, is currently undergoing two independent Phase I clinical trials,
one for Actinic Keratosis (AK) at the University of Alberta Dermatological
Centre and the second for acne and cosmetic hair removal at Innovaderm in
MontrDeal. The AK trial has so far recruited eight of the required twelve
patients. Preliminary analysis indicates that the drug and the treatment are
well tolerated with no adverse events. Therapeutic efficacies of SL017 for AK
indication are awaiting the biopsy results from the treated area. These
results are anticipated by the end of this quarter. The acne and cosmetic hair
removal trial has treated seven of the ten required patients. Again, the
preliminary analysis indicates the product to be non toxic. Therapeutic
potential of SL017 for these indications will also be evaluated with the
biopsy results from the treated area.
The Company is encouraged with the non toxic nature of SL017. This is the
first time that one of the products from the Company's platform technology has
been used for human applications.
Financial Update: Pending final clinical trial results and improved
market conditions, it is the strategy of the Company to defer any equity
financing at this point. The Company plans to run its operations for the next
six months from proceeds of the sale of non-core assets such as AccuMab,
ACP-HIP, AntiCort, Bionex and its Shanghai-based pelletcore business. In the
event that the sale of these non-core assets does not generate cash in a
timely fashion, the Company has made arrangements to borrow up to $400,000, if
and when needed, from two of its directors. These unsecured loans will carry
an interest rate of 6%, the interest portion payable monthly.
The Company has obtained a six month extension for the repayment of its
$1,000,000 convertible debenture which was due 22nd March, 2006. The debenture
is now due on September 22, 2006.
Investors Relations Update: As part of its continuing cost-containment
efforts, the Company has decided to bring investor relation activities back to
the Company from the external consultant. The toll free number for investors'
relations remains the same i.e. 866 548-1400. The Company has also updated its
web-site to reflect its current business focus.
Dr. Madi R. Madiyalakan will provide a further corporate update to the
investment community at BioFinance 2006 to be held in Toronto during May 2-4,
2006.
Miscellaneous: The Company and its subsidiary SI Canada have filed a
Statement of Claim in the Court of Queen's Bench of Alberta, Judicial District
of Edmonton against Steroidogenesis Inhibitors, Inc. ("SI America") and
Samaritan Pharmaceuticals, Inc. In this Action, Quest is seeking a declaration
from the Court that the Licensing Agreement between SI America and SI Canada
effective February 10, 1996 (which granted SI Canada the exclusive right and
license to manufacture, use, distribute, and sell AntiCort in Canada and
elsewhere) is valid and in full force and effect.
The Company has also granted 150,000 stock options exercisable at $0.25
to Dr. David Cox in his capacity as a director. The 533,333 stock options that
are currently held by Dr. Cox will expire 90 days after his resignation from
the Company as its President and CEO.
About Quest PharmaTech Inc.
The Corporation 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. The Company also has
a profitable product in Accu-MAb (TM), a monoclonal-based diagnostic kit for
whooping cough.
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.
"TSX Venture Exchange has neither approved nor disapproved of the
information contained herein."
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