Quest PharmaTech Announces the Results of its January 26, 2010 AGM

TSX Venture: QPT

EDMONTON, Feb. 1 /CNW/ - Quest PharmaTech Inc. (TSX-V: QPT) ("Quest" or the "Company"), a pharmaceutical company developing and commercializing products for the treatment of cancer, today announced the results of its January 26, 2010 annual general and special meeting of shareholders.

The Company is pleased to announce the following directors have been elected to the Company's Board of Directors:

    
    Mr. Lorne Meikle, BA
    Mr. Ian McConnan, FCA,
    Mr. Paul Van Damme, CA
    Madi R. Madiyalakan, Ph.D., CEO
    

Mr. Meikle, Mr. McConnan and Mr. Van Damme are all independent directors. Mr. Meikle is the Chairman of the Board and Chair of the Compensation Committee. Mr. McConnan continues in his role as Audit Committee Chair. Mr. Van Damme is chair of the Corporate Governance Committee.

The Company also announced that its shareholders have approved the changes to the Company's stock option plan from a 10% rolling plan to a fixed plan with a maximum of 8,000,000 common shares available for issue under the fixed plan.

"We are pleased with the AGM results and wish to thank our shareholders for their continuing support," said Dr. Madi R. Madiyalakan, Chief Executive Officer for Quest. "I would also like to welcome our new Board member, Mr. Paul Van Damme, who brings a wealth of finance experience to the Board. With the strength and experience of our re-elected Board members, Mr. Meikle, Mr. McConnan and myself, I am confident that Quest's Board of Directors will be able to help the Company meet the challenges ahead. I would also like to take this opportunity to invite our shareholders and the public to view our up-dated website for up-to-date information about the Company".

The Company also announced the granting of 250,000 stock options to independent Directors and 600,000 stock options to Officers, all at an exercise price of $0.10 per common share, subject to TSX Venture Exchange approval.

Quest also announced that it has terminated the agreement it had with The Equicom Group Inc. ("Equicom") to provide strategic investor relations and corporate communications services to the Company. The Company wishes to express its sincere gratitude to Equicom for the services provided over the past 20 months. The Company has determined to in-source these initiatives on a going forward basis.

About Quest PharmaTech Inc.

Quest is an Alberta-based biotechnology company developing a portfolio of product candidates for the treatment of cancer by combining immunotherapeutic antibodies with chemotherapy, photodynamic therapy, radioimmunotherapy or immunoadjuvants.

"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."

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SOURCE Quest PharmaTech Inc.

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


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