EDMONTON, Feb. 27 /CNW/ - Quest PharmaTech Inc. ("Quest" or the
"Company") announces that it will grant, subject to TSX Venture Exchange
approval, a 6 month extension to the term of the 4,800,000 share purchase
warrants (the "Warrants") which are currently outstanding and due to expire
during the month of March, 2008. The Warrants are exercisable into common
shares of Quest at a price of $0.20 per common share.
If Exchange approval is received, the Warrants will expire on September
19, 2008. 17.4 percent of the Warrants are held by insiders of the Company.
"With the costs related to the Company's dermatology clinical trials, and
the upcoming Phase I clinical trial for Prostate Cancer, the Company needs to
have as many financing options as possible" said Dr. Madi R. Madiyalakan, CEO.
Quest also announces that it has reached an agreement with its debenture
holders for a one year extension of the maturity date of the convertible
debenture (currently the principal amount of this indebtedness is $500,000).
Under the agreement, the debenture will have a maturity date of March 22,
2009, with all other conditions to remain unchanged.
The Company continues to rely upon licensing fees as the primary source
for funding this year with the scheduled second milestone payment from
Paramount BioSciences LLC in connection with the development of SL017 for
dermatology applications, and $2,000,000 from a multinational strategic
partner for oncology applications.
About Quest PharmaTech Inc: Quest PharmaTech Inc. is a publicly traded
(TSX Venture Exchange: QPT), Alberta-based pharmaceutical company committed to
build shareholder value through discovery, 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. The Company's lead dermatology
product, SL017, is a topical formulation that is currently undergoing a 90
patient clinical trial in Canada for hair removal applications. The Company's
lead oncology product, SL052, is scheduled to enter a Phase I clinical trial
during the second half of 2008.
"TSX Venture Exchange has neither approved nor disapproved of the
information contained herein."
For further information:
For further information: Dr. Madi R.Madiyalakan, CEO, Tel.: (780)
448-1400 (Ext. 204), email@example.com, Web site: