TSX Venture: QPT
EDMONTON, Feb. 4 /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 that it has secured debt financing from the Company's Chief Executive Officer.
The debt financing is in the form of a demand loan for up to $1,000,000, is interest bearing at 8% on an annual basis, interest payable monthly, is unsecured with no fixed terms of repayment, and is to be used on an as-needed basis by the Company for its operational expenditures.
The demand loan will be repaid when the Company receives sufficient future license fee/strategic partnership revenue or equity financing.
"This demand loan provides the Company with the necessary bridge financing to continue with its drug development programs until we receive future anticipated revenues," said Mr. Pierre Vermette, Chief Financial Officer for Quest.
About Quest PharmaTech Inc.
Quest is a publicly traded, Alberta-based biotechnology company committed to the development and commercialization of oncology product candidates. It is developing a series of products for the treatment of cancer based on its pipeline of SonoLight compounds; and recently acquired monoclonal antibodies which target certain tumor antigens that are presented in a variety of cancers. Quest believes that by combining these antibodies with other cancer therapies such as chemotherapy, photodynamic therapy or radioimmuno therapy, it can potentially further complement and enhance treatment outcomes compared to antibody treatment alone.
"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: For further information: Mr. Pierre Vermette, Chief Financial Officer, Quest PharmaTech Inc., Tel: (780) 448-1400 Ext. 217, Email: firstname.lastname@example.org; Internet: www.questpharmatech.com