TSX Venture: QPT
EDMONTON, Dec. 19, 2018 /CNW/ - Quest PharmaTech Inc.
(TSX-V: QPT) ("Quest" or the "Company"), a biopharmaceutical
company developing and commercializing products to improve the
quality of life, today announced that it has adopted an
amendment to its by-laws, similar to by-law amendments and policies
adopted by a number of other Canadian public companies, requiring
advance notice to the Company for nominations of directors by
shareholders other than through a requisitioned meeting or by
way of a shareholder proposal pursuant to applicable corporate
laws.
The by-law amendment is not intended to discourage director
nominations but rather to facilitate orderly and efficient meetings
at which directors are to be elected and to permit shareholders to
register an informed vote by allowing them to receive sufficient
information with respect to all director nominees and reasonable
time for appropriate deliberation.
The by-law amendment provides shareholders, directors and
management of the Company with a clear framework for nominating
directors in an orderly and fair manner. The by-law amendment fixes
a deadline by which holders of record of common shares of the
Company must submit director nominations to the Company prior to
any annual or special meeting of shareholders and sets forth the
information that a shareholder must include in the notice to the
Company for the notice to be in proper written form in order for
any director nominee to be eligible for election at any annual or
special meeting of shareholders.
In the case of an annual meeting of shareholders, notice to the
Company must be made not less than 30 nor more than 65 days prior
to the date of the annual meeting; provided, however, that in the
event that the annual meeting is to be held on a date that is less
than 50 days after the date on which the first public announcement
of the date of the annual meeting was made, notice may be made not
later than the close of business on the 10th day
following such public announcement.
In the case of a special meeting of shareholders (which is not
also an annual meeting), notice to the Company must be made not
later than the close of business on the 15th day
following the day on which the first public announcement of the
date of the special meeting was made.
The by-law amendment is effective immediately and will be placed
before shareholders for confirmation at the Company's annual and
special meeting of shareholders to be held on January 28, 2019. To be deemed to be timely
delivered, notice in accordance with the by-law amendment of
persons to be nominated for election as directors at the
January 28, 2019 meeting must be
received by the Secretary of the Company no later than 5:00 p.m. (Edmonton time) on December 28, 2018. A copy of the by-law amendment
has been filed and is available under the Company's profile at
www.sedar.com.
The Company also announces the nomination of Ms. Norma Beauchamp as a new director for the
Company's January 28, 2019 annual
general and special meeting of shareholders. Ms. Beauchamp is
currently a director of several Canadian public companies,
including Aurora Cannabis Inc. and Acerus Pharmaceuticals
Corporation and the former CEO of Cystic Fibrosis Canada. "We
are excited that Ms. Beauchamp has agreed to join the Company as a
director nominee, said Dr. Madiyalakan, CEO of Quest. "Ms.
Beauchamp brings over 3 decades of senior leadership experience in
the corporate and non-profit sectors to her role and can help to
guide the Company as it strives to add shareholder value."
About Quest PharmaTech Inc.
Quest PharmaTech Inc is a
publicly traded, Canadian based biopharmaceutical company
developing products to improve the quality of life. The Company
through its subsidiary, OncoQuest and its Chinese joint venture,
OncoVent, is developing antibody based immunotherapeutic products
for cancer. Quest has an ownership interest in Bioceltran which is
focused on SP Technology™ for transdermal delivery of drugs and
photosensitizers for pharmaceutical and cosmetic purposes. Quest
through its subsidiary, Madenco BioSciences, is focusing on the
development of pharmaceutical products for dermatology and wound
healing applications. Quest, through its ownership interest
in OncoCare Therapeutics, is developing an antibody licensed from
University of Nebraska, AR 9.6 mAb
against truncated O-glycan on MUC16, for targeted cancer therapy
applications.
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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.