Quest PharmaTech Announces Closing of Private Placement and Provides other Corporate Updates

    Trading Symbol: QPT: TSX Venture Exchange

    EDMONTON, Nov. 29 /CNW/ - Quest PharmaTech Inc. ("Quest" or the
"Company") announces that subject to TSX Venture Exchange approval, it has
closed a non-brokered private placement with the sale of 6,386,667 common
shares at $0.15 and $0.1667 per share for net proceeds of $913,200, including
$7,500 raised from an insider of the Company. The Company paid a 10% finder's
fee to a third party in connection with a portion of this private placement.
    The common shares were issued to qualified purchasers in Alberta and
outside of Canada in reliance upon exemptions from the applicable registration
and prospectus requirements of securities legislation. The common shares are
subject to a restricted period which expires 4 months from the date of
issuance. The funds raised will be used for general corporate purposes over
the coming months.
    Quest also announces the resignation of Mr. Bert Quint as a director of
the Company for personal and family reasons.
    The Company also announces the following grant of stock options:
(i) 150,000 stock options to its three independent Board members and (ii)
500,000 stock options to officers and employees. The exercise price of the
options is $0.25. All allocations will be subject to approval of the TSX
Venture Exchange.
    Finally, the Company announces the issuance of 240,000 common shares from
treasury, to be allocated to the original inventors of Bionex related to a
September, 2001 technology purchase agreement. The common shares are subject
to a restricted period which expires 4 months from the date of issuance.

    About Quest PharmaTech Inc.

    The Corporation is a publicly traded (TSX Venture Exchange: QPT),
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 platform.
    Except for historical information, this press release may contain
forward-looking statements, which reflect the Company's current expectation
regarding future events. These forward-looking statements involve risk and
uncertainties, which may cause but are not limited to, changing market
conditions, the successful and timely completion of clinical studies, the
establishment of corporate alliances, the impact of competitive products and
pricing, new product development, uncertainties related to the regulatory
approval process and other risks detailed from time to time in the Company's
ongoing quarterly and annual reporting.

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

    %SEDAR: 00008400E

For further information:

For further information: Dr. Madi R. Madiyalakan, CEO, Tel.: (780)
448-1400 (Ext. 204),, Web site:

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