TSX Venture: QPT
EDMONTON, Sept. 11 /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
second quarter results for the period ended July 31, 2008.
"We made significant progress with our clinical and research programs
during our second quarter," stated Pierre Vermette, Chief Financial Officer of
Quest. "We also made notable improvements to our financial position, which
will help us execute on our long-term business objectives."
Highlights for the quarter
- In June, the Company announced successful interim results from its
Phase I/II clinical study designed to investigate appropriate
treatment parameters for the potential use of its proprietary
compound SL017 for hair removal applications.
- In June, Quest announced that its 12-patient, Phase I clinical study
entitled, "ACP-SL017 Topical Gel: A Phase I Study for the
Photodynamic Therapy of Actinic Keratosis", met both its primary and
- In June, the Company received a $1,000,000 milestone payment in
connection with its previously announced license agreement for
- In July, Quest held a pre-Clinical Trial Application meeting with
Health Canada to prepare for its Phase I clinical trial submission
for Prostate Cancer.
- In July, the Company initiated toxicology testing to support a
Phase I clinical trial for Prostate Cancer treatment.
Revenues from license fees and market distribution rights for the three
and six month periods ended July 31, 2008 were $502,000 and $1,004,000,
respectively. For the three and six month periods ended July 31, 2007,
revenues were $2,000 and $170,005, respectively.
Net consolidated loss for the three month period ended July 31, 2008 was
$21,264 or $0.00 per share. Consolidated income for the six month period ended
July 31, 2008 was $53,545 or $0.00 per share. This compares to a consolidated
loss of $401,533 or $0.01 per share and $538,906 or $0.01 per share,
respectively, for the three and six month periods ended July 31, 3007.
Research and development expenditures for the three and six month periods
ended July 31, 2008 totaled $273,532 and $575,724, respectively. For the three
and six month periods ended July 31, 2007, R&D expenditures were $221,061 and
General and administrative expenses were $224,586 and $347,928,
respectively, for the three and six month periods ended July 31, 2008. For the
three and six month periods ended July 31, 2007, G&A expenses were $143,837
and $315,668, respectively.
As of July 31, 2008, the Company had cash and cash equivalents of
$1,269,720. The Company also has debt of $500,000 in the form of a convertible
debenture, which is exercisable at $0.25 and due on March 22, 2009.
In December, the Company anticipates it will receive $1,000,000 in
licensing fees to develop oncology products based on its SonoLight Technology.
The Company also expects to receive up to $200,000 in a research grant to
offset the costs to develop its ultrasound activation technology.
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
"TSX Venture Exchange has neither approved nor disapproved of the
For further information:
For further information: Dr. Madi R. Madiyalakan, Chief Executive
Officer, Quest PharmaTech Inc., Tel: (780) 448-1400 Ext. 204, Email:
email@example.com, Internet: www.questpharmatech.com; Investor
Relations - Adam Peeler, The Equicom Group Inc., Tel: (416) 815-0700 Ext. 225,