Quest PharmaTech Announces 2009 Financial and Operational Results



    EDMONTON, May 20 /CNW/ - Quest PharmaTech Inc. (TSX-V: QPT), ("Quest" or
the "Company"), a pharmaceutical company developing and commercializing
products for the treatment of cancer and dermatological conditions, today
announced financial and operational results for the fiscal year ended January
31, 2009, and for the subsequent period.

    
    Highlights:

    -   Received non-equity financing of $2,000,000 in licensing fees,
        $113,000 in government grants and $50,000 from the sale of non-core
        assets. The Company also engaged Loewen Ondaatje McCutcheon Limited
        to provide financial advisory services in connection with various
        business development opportunities;

    -   Received a `No Objection Letter' from the Therapeutic Product
        Division of Health Canada to initiate an 18-patient Phase I clinical
        trial for Prostate Cancer treatment using SL052;

    -   Continued to make clinical progress in the development of SL017 for
        dermatology applications by announcing encouraging results for the
        Phase I clinical trial for the treatment of Actinic Keratosis, and by
        completing the Phase II enrollment of 110 patients for hair removal
        applications; and,

    -   Expanded the oncology product pipeline to include the use of SL052 in
        combination with immunotherapy and through the development of a
        second generation formulation comprised of nanoparticles.
    

    "Quest's unique photodynamic and sonodynamic therapy platforms represent
encouraging new modalities that have the potential to provide effective
treatment options for cancer and dermatological conditions," said Pierre
Vermette, Quest's Chief Financial Officer. "We made significant clinical and
financial progress during the past year to support the advancement of our
novel technology and to execute on our business objectives going forward."

    Financial Results:

    Net consolidated loss for the year was $204,047 or $0.00 per share as
compared to a consolidated loss of $1,318,446 or $0.02 per share for the year
ended January 31, 2008. Research and development expenditures totaled
$1,445,180 while general and administrative expenses were $754,954 for the
same period.
    As of January 31, 2009, the Company had cash and cash equivalents of
$594,826. The Company also has debt of $500,000 in the form of a convertible
debenture (exercisable at $0.25 and due on March 22, 2010).
    In March, 2009 the Company received the final $500,000 in licensing fees
to develop oncology products based on its SonoLight Technology. The Company is
also eligible to receive up to $86,000 in government grants to offset the
costs to develop its ultrasound activation technology.

    About Quest PharmaTech

    The Corporation is a publicly traded (TSX Venture Exchange: QPT),
Alberta-based pharmaceutical company committed to build shareholder value
through discovery, 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.
    Additional information related to the Company, including the Company's
financial statements, and management discussion and analysis, is on SEDAR at
www.sedar.com.

    
    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:

For further information: Dr. Madi R. Madiyalakan, Chief Executive
Officer, Tel.: (780) 448-1400 (Ext. 204), madi@questpharmatech.com; Pierre
Vermette, Chief Financial Officer, Tel.: (780) 448-1400 (Ext. 217),
pierre@questpharmatech.com; Media and Investor Relations - Adam Peeler, The
Equicom Group Inc., Tel: (416) 815-0700 Ext. 225, apeeler@equicomgroup.com,
Website: www.questpharmatech.com


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