Quest PharmaTech Announces Closing of $600,000 Non-Brokered Private Placement
TSX Venture: QPT
EDMONTON, Oct. 25, 2011 /CNW/ - Quest PharmaTech Inc. (TSX-V: QPT) ("Quest" or the "Company"), a pharmaceutical company developing and commercializing products for the treatment of cancer, announced today that it has closed a non-brokered private placement with the sale of 10,000,000 units ("Units") for gross proceeds of $600,000.
The Units under the private placement were priced at $0.06 per Unit. Each Unit consisted of one common share of the Corporation ("Common Share") and one non-transferable share purchase warrant ("Warrant"). Each whole Warrant entitles the holder to acquire one additional Common Share at a price of $0.10. The warrants will expire 24 months from the date of issue.
"I am very pleased with the confidence shown by three new investors participating in this round of equity financing considering the current capital market situation", said Pierre Vermette , CFO of the Company, "and we welcome them into the Company as we continue to make progress in our clinical programs."
The Company will use the proceeds of the financing primarily for its drug development program and general corporate purposes.
The Units were issued to qualified purchasers in Alberta and outside of
Canada in reliance upon exemptions from the applicable registration and
prospectus requirements of securities legislation. The Common Shares
and Warrants comprising the Units and the Common Shares issued upon
exercise of the Warrants are subject to a restricted period which
expires 4 months from the date of
issuance of the Units.
About Quest PharmaTech Inc.
Quest is a publicly traded, Alberta-based biotechnology company committed to the development and commercialization of oncology product candidates. It is developing a series of products for the treatment of cancer based on its pipeline of SonoLight compounds, and monoclonal antibodies that target certain tumor antigens that are presented in a variety of cancers. Quest believes that by combining these antibodies with other cancer therapies such as chemotherapy or photodynamic therapy, it can potentially further complement and enhance treatment outcomes compared to antibody treatment alone.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.For further information: