TSX Venture: QPT
EDMONTON, Nov. 10, 2014 /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 November 6, 2014 annual general and special meeting of shareholders.
The Company is pleased to announce the following 5 directors have been elected to the Company's Board of Directors:
Lorne Meikle, BA
Ian McConnan, FCA,
Paul Van Damme, CPA
Bin Huang, Ph.D., MBA
Madi R. Madiyalakan, Ph.D.
Mr. Meikle, Mr. McConnan, Mr. Van Damme and Dr. Huang are all independent directors. Mr. Meikle is the Chairman of the Board. Mr. Van Damme is Chair of the Audit Committee. Mr. McConnan is Chair of the Corporate Governance Committee and Dr. Huang is Chair of the Compensation Committee.
"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, Dr. Bin Huang, who brings a wealth of science and corporate finance experience to the Board. With the strength and experience of our re-elected Board members, Mr. Meikle, Mr. McConnan, Mr. Van Damme and myself, I am confident that Quest's Board of Directors will be able to help the Company execute its business strategy to add value to our shareholders."
The Company also announced that its shareholders have approved the changes to the Company's stock option plan with a maximum of 20,000,000 common shares available for issue under the fixed plan.
In addition, the Company announced the granting of 600,000 stock options to independent Directors and 1,500,000 stock options to Officers, all at an exercise price of $0.10 per common share, subject to TSX Venture Exchange approval.
Approximately 44,000,000 shares were voted for the Company's shareholder meeting representing 40% of the Company's outstanding shares.
About Quest PharmaTech Inc.
Quest PharmaTech is a publicly traded, Canadian based clinical stage company developing a portfolio of product candidates for the treatment of cancer by combining immunotherapeutic antibodies with chemotherapy, immune-adjuvants and photodynamic therapy. Quest has a body of clinical experience and a new appreciation of the obstacles and potential of combinatorial immunotherapeutic approaches to cancer by using either immunoglobulin G or E as immune modulators to enhance tumor specific immunity and clinical outcome.
The most advanced of its product candidates is Oregovomab, an anti-CA125 monoclonal antibody, in combination with front-line chemotherapy for the treatment of advanced ovarian cancer which is currently undergoing a Phase IIb clinical trial in 13 centers in Italy and the U.S. The Company's MUC1 program that has already undergone a Phase I clinical trial has the potential to permit tumor specific immunization in more than 70% of all cancers that kill.
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.
SOURCE: Quest PharmaTech Inc.
For further information: Dr. Madi R. Madiyalakan, Chief Executive Officer, Quest PharmaTech Inc., Tel: (780) 448-1400 Ext. 204, Email: [email protected], Internet: www.questpharmatech.com