Quest PharmaTech Announces a Review of Strategic Alternatives to Enhance Shareholder Value

    TSX Venture: QPT

    EDMONTON, Feb. 2 /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, announces
that it has entered into an agreement with Loewen, Ondaatje, McCutcheon
Limited ("LOM") to provide financial advisory services in connection with
various business development opportunities.
    "The current capital market conditions have provided us with alternative
strategic opportunities including mergers and acquisitions, strategic
partnerships and monetizing certain capital assets," said Dr. Madiyalakan,
Chief Executive Officer for Quest. "In order to position the Company for
future growth and to increase shareholder value, we are evaluating these
alternatives with the help of LOM." In addition, Quest would also like to
leverage the valuable clinical and preclinical data it has generated from its
proprietary SonoLight Technology, as well as the continuing support from its
current shareholders.
    Quest also announces the grant of 300,000 stock options to its three
independent board members at an exercise price of $0.15. All allocations will
be subject to approval of the TSX Venture Exchange.
    Quest has four product candidates in development based on its proprietary
SonoLight Technology. SL017, for hair removal, is currently in a Phase II,
110-patient clinical trial. SL017, for the treatment of actinic keratosis, has
been shown to be safe and well tolerated in a Phase 1 dose-escalation clinical
trial. SL017, for the treatment of acne, has completed evaluation in a Phase 1
clinical trial. SL052, which is being developed to treat prostate cancer, has
completed preclinical studies.

    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.

    About Loewen, Ondaatje, McCutcheon Limited. Founded in 1970 as Loewen,
Ondaatje, McCutcheon & Company, LOM was the first independent research-based
institutional equity firm in Canada. By combining objective research,
value-added financing ideas with institutional sales, trading and investment
banking, LOM inaugurated a new era in the investment industry. Today, LOM
continues this tradition of independence and excellence by focusing
exclusively on institutional investors around the globe for small and
mid-capitalization companies.

    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, Quest PharmaTech Inc., Tel: (780) 448-1400 Ext. 204, Email:, Internet:; Investor
Relations - Adam Peeler, The Equicom Group Inc., Tel: (416) 815-0700 Ext. 225,

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