Quest PharmaTech Announces First Quarter Results



    TSX Venture: QPT

    EDMONTON, June 17 /CNW/ - Quest PharmaTech Inc. (TSX-V: QPT), a
pharmaceutical company developing and commercializing products for the
treatment of cancer and dermatological conditions, today announced fiscal
first quarter results for the period ended April 30, 2009.

    
    Highlights

    -   Finalized and signed clinical trial agreements with centers in
        Edmonton and Toronto for initiation of SL052 Prostate Cancer clinical
        trial. Submissions made to respective research ethics boards;

    -   Notified that positive research findings on SL052 photo-immunotherapy
        accepted for publication in peer-reviewed journal. The article,
        entitled, "Exploitation of Immune Response-Eliciting Properties of
        Hypocrellin Photosensitizer SL052-Based Photodynamic Therapy for
        Eradication of Malignant Tumors", will be published in an upcoming
        edition of Photochemistry and Photobiology;

    -   Initiated evaluation and selection of second-generation formulations
        from several nanoparticle-based candidates to further adapt
        Hypocrellin-based photodynamic and sonodynamic therapy to a wider
        spectrum of clinical needs including cancer treatment;

    -   Presented Company's updated profile to institutional and retail
        investors at BioFinance 2009 conference in Toronto.
    

    "The finalization of our clinical trial agreements moves us closer to
realizing the potential for SL052 photodynamic therapy to become an effective
treatment for prostate cancer with minimal collateral damage compared to
conventional treatment approaches," stated Dr. Madi R. Madiyalakan, Chief
Executive Officer at Quest. "Going forward, we believe that an increased focus
on our oncology pipeline will yield more unique and potentially effective
product candidates thereby creating greater value for Quest shareholders."

    Financial Results

    Net consolidated income for the three month period ended April 30, 2009
was $126,978 or $0.00 per share (April 30, 2008 - $74,809 or $0.00 per share).
Research and development expenditures for the three month period ended April
30, 2009 totaled $119,316, while general and administrative expenses were
$198,935 for the same period.
    As of April 30, 2009, the Company had cash and cash equivalents of
$737,355. 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).

    About Quest PharmaTech Inc.

    Quest is a publicly traded, 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 platforms.

    
    "TSX Venture Exchange has neither approved nor disapproved of the
    information herein."
    

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For further information:

For further information: Dr. Madi R. Madiyalakan, Chief Executive
Officer, Quest PharmaTech Inc., Tel: (780) 448-1400 Ext. 204, Email:
madi@questpharmatech.com, Internet: www.questpharmatech.com; Media and
Investor Relations - Adam Peeler, The Equicom Group Inc., Tel: (416) 815-0700
Ext. 225, E-mail: apeeler@equicomgroup.com


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