InterestingLatest MD&A
OncoQuest Inc.
OncoQuest is a private Canadian biotechnology company developing next generation of combinatorial immunotherapy products for the treatment of cancer. On April 22, 2020, OncoQuest announced a definitive agreement to sell its drug portfolio to Dual Industrial Co, Ltd. (subsequently renamed OncoQuest Pharmaceuticals, Inc. (“OQP Korea”)) in exchange for OQP Korea bonds and cash with a notional value of US$308.4 million and a commitment to fund the Oregovamab Phase 3 Clinical Trial. A second closing of the asset transfer transaction occurred in February 2021 and as a result all legal title and registrations for OncoQuest’s immunotherapy assets were transferred to OQP Korea. In return, OncoQuest received US$125 million of OQP Korea bonds convertible into OQP Korea shares, US$8.4 million in cash, and an OQP Korea unsecured 1% interest bearing corporate bond for USD$175 million, exchangeable into 65,229,709 shares of OQP Korea with an ascribed notional value of US$175 million upon the receipt of regulatory approval. As the requisite approvals have not yet been received and the trading in the shares of OQP Korea was suspended on the KOSDAQ Exchange in March 2021, OncoQuest management have been working with OQP Korea management to resolve these issues as quickly as possible and monetize the consideration received in the transaction with OQP Korea. In May 2021, OQP Korea determined to reorganize its biotechnology business, comprised of the immunotherapy assets acquired from OncoQuest, by transferring these assets to 3 separate subsidiary company. In August 2021, the reorganization was implemented and OQP Korea’s biotechnology business assets were transferred to OQP Bio, Inc. (Korea), a private Korean company. OQP Korea bonds held by OncoQuest can be converted into shares of OQP Bio, Inc. (Korea).
Quest has a 45% interest in OncoQuest
Look like there is a new site: https://oqpbio.co.kr
Also this: https://oqpbio.co.kr/pr/news/ (Google Translated from Korean to English - Excerpt)
OQP SUCCEEDS IN HUMAN DIVISION OF THE BIO-BUSINESS
Automaker OQP succeeded in human division of the bio-business, which was the reason for the rejection of this year. The company is focused on stabilizing its business this year and plans to trade next year.
According to the 26th OQP, at the interim shareholders' meeting held on the 23rd, the agenda for human division of biopartycubio and uollic acid holdings in the investment and manufacturing management sector was approved.
The split ratios are OQP, Okyubio, and Dullic Acid Holdings, respectively, 0.678, 0.052, and 0.27. The split new company is issued 83 million 6958 shares, respectively, equal to OQP.
This human split is to resolve the reaction of the 2020 year audit that occurred in March. Multidisciplinary corporations continue to view and comment on the uncertainty of the company's assumptions, such as the adequacy of the amount of intangible assets related to the Canadian New Drug Development Company on-coquest transferred through the asset transfer agreement in April 2020, and the significant uncertainty of the spot, the debt ratio of bio-assets paid in bad costs. Subsequently, the Korea Exchange Kozak Market Headquarters give the improment period April 14, 2022.
The human segmentation divides the shares of a new established company to shareholders by the equity rate. Thus, OQP's shareholders will have bad blocks of Okyubio and Dullic Acid Holdings, and OQP will be be able to resolve the reasons for the reaction of the audit because the relations with the bio-business is broken.
An OQP official said, "The human division has lifted the uncertainty of the titration of bio-related intangible assets, whatich is the essential reason for OQP's comment on the financial statements," and said, "It is part of the illustement.".
OQP is the key to respecting to the 2021 auditor and improving examing business performance by the end of the April 14, 2022 improvement period. According to the Korea Exchange's Kosdaq listing rules revised in March 2019, if a reason for the abolition of the listing occurred due to the refusal of the audit, the business year audit will change to a reasonable one, or the next year will also be deemed to be disissed as a reason for the listing.
The official said, "The 2021 auditor can already casually perform an OQP audit after human division.".