From most recent MD&A
Quest’s funding needs will vary as its drug development products move into and through clinical trials. Based on current operating budgets, management believes that the capital resources of the Company should be sufficient to fund operations into the first quarter of fiscal 2025. Let's hope QPT can get some cash from this transaction before then. The fear is that QPT can get
crushed from OQP Bio Inc. and never get shares of CanariaBio.
Highlights for the Nine Months Ended October 31, 2023
In May 2023, the Company agreed in principle with OQP Bio Inc., to exchange the Company’s OQP Bio bonds for 77.5 billion KRW ($75,536,000) in cash and 64.6 billion KRW ($62,962,900) in bonds of Canaria Bio M (K-OTC –118970) (“CABM”). The cash is receivable in 3 tranches (immediately – 21.6 billion KRW ($21,052,600), end of December 2023 – 25.9 billion KRW ($25,243,600) and end of June 2024 – 30.0 billion KRW ($29,239,800)). The CABM bonds will carry a feature that permits the Company to convert its CABM bonds into shares of Canaria Bio (“CAB”), a KOSDAQ traded company (KOSDAQ trading symbol – 016790).
In September 2023, the Company announced that the May, 2023 agreement with OQP Bio has been breached although is still considered to be legally valid. The breach was related to OQP Bio’s failure to identify a third party in a timely manner to buy 50% of the OQP Bio bonds. The parties continue to negotiate in good faith to convert all of the Company’s OQP Bio bonds into CABM bonds.
Quest also announced that OncoQuest has commenced legal proceedings in Korea against OQP Bio / CABM seeking payment of approximately 18.8 billion KRW or USD$14.5 million that remains unpaid in respect of the exercise of a put option by OncoQuest in connection with the sale of its immunotherapy technology assets to a predecessor to OQP Bio in April 2020.
No money yet despite a May 2023 deal. The rub is deals are being made on our back.
https://stabiopharma.com/specialised-therapeutics-signs-exclusive-license-agreement-with-canariabio-for-new-ovarian-cancer-therapy