Consideration is U.S.$10 million in Cash and U.S.$40 million in a Convertible Bond
EDMONTON, March 13, 2020 /CNW/ - OncoQuest Inc.,
("OncoQuest") a privately held, cancer immunotherapy company, a
subsidiary of Quest PharmaTech Inc. (TSXV: QPT) today announced
that it has closed a private placement totaling U.S.$50 million at U.S.$20.00 per share. The investor, Dual Industrial
Co. Ltd. (Dual), is a publicly traded Korean company on the
KOSDAQ. OncoQuest issued 2.5 million common shares in
exchange for U.S.$10 million in cash
and U.S.$40 million in a bond
convertible into Dual shares. The proceeds will be primarily used
for expenses related to the oregovomab Phase III clinical trial for
the treatment of frontline ovarian cancer.
"We believe the investment by Dual is a validation of
OncoQuest's technology and creates shareholder value to Quest,
which owns 45% of OncoQuest, as well as to other shareholders of
OncoQuest," commented Dr. Madiyalakan, CEO of OncoQuest and Quest
PharmaTech.
About OncoQuest
OncoQuest is a subsidiary of Quest PharmaTech Inc. (TSXV: QPT)
("Quest") and is a private biopharmaceutical company focused on the
development and commercialization of immunotherapies for cancer.
OncoQuest's technology platform includes a portfolio of tumor
antigen specific monoclonal immunoglobulins including CA-125, MUC1,
PSA and Her2/neu. The company is exploring the therapeutic
potential of these antibodies in combination with other immune
modulating drugs or drug combinations to enhance tumor specific
immunity and clinical outcomes. To learn more, visit
www.oncoquestinc.com .
About Dual Industrial Co. Ltd.
Dual Industrial Co., Ltd. ("Dual Industrial") is a publicly traded
Korean company listed on the [KOSDAQ 078590]. Dual Industrial
develops and manufactures Automobile IN/EX materials parts as the
first primary vendor for Hyundai Motors Group in Korea, since the
company's establishment in 1993. Dual Industrial operates an
R&D center and two modern manufacturing facilities that plan,
design, and manufacture automobile interiors with state-of-the-art
equipment. Furthermore, Dual Industrial plans to expand its
operations to the new business of "Biotechnology" with its
strategic partner, OncoQuest Inc., to enhance corporate value and
take advantage of the complementary synergy effects to enable Dual
Industrial to become a corporate leader for the Biotechnology
business in Korea. To learn more, visit www.diac.co.kr
Forward Looking Statements
This press release includes forward-looking statements. In
some cases, forward-looking statements can be identified by
terminology such as "may," "should," "potential," "continue,"
"expects," "anticipates," "intends," "plans," "believes,"
"estimates," and similar expressions. These statements are
based on management's expectations and assumptions as of the date
of this press release and are subject to a number of risks and
uncertainties, many of which are difficult to predict that could
cause actual results to differ materially from current expectations
and assumptions from those set forth or implied by any
forward-looking statements. The information in this release is
provided only as of the date of this release and the company
undertakes no obligation to update any forward-looking statements
contained in this release based on new information, future events,
or otherwise, except as required by law.
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.
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SOURCE OncoQuest Inc.