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Quest Pharmatech Inc V.QPT

Alternate Symbol(s):  QPTFF

Quest PharmaTech Inc. is a Canadian biopharmaceutical company. The Company is developing products to improve the quality of life. It is developing the proprietary, MAb-AR9.6, targeting MUC16 as a diagnostic agent for cancer. MAb-AR9.6 is licensed from the University of Nebraska Medical Centre and is in late preclinical stage development. The Company has a 42.5% ownership interest in OncoQuest Inc., which is a biotechnology company developing combinatorial immunotherapy products for the treatment of cancer. OncoQuest Inc.’s technology platform includes a panel of tumor antigen specific monoclonal antibodies of the immunoglobulin G (IgG) and E (IgE) class targeting CA125, MUC1, PSA, Her2/neu, CA 19.9 and TAG72; and the application of combinatorial immunotherapy to enhance tumor specific immunity and clinical outcome. The Company also has a 23% ownership interest in OncoVent, which is developing antibody-based immunotherapeutic products for cancer in the Greater China territory.

TSXV:QPT - Post by User

Comment by ARIMA11on Sep 22, 2023 3:17pm
Post# 35649892


ARIMA11 wrote:
The assets transfer could be a good "how not to" case for business schools.
Three years plus after the sale not a dime.

i) Correction: It Iooks like OncoQuest got some... cash:

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 subject to regulatory approval.

II) What are the chances that a payment is made in December 2023?

During the six months ended July 31, 2023 (during May 2023), the Company agreed in principle with OQP Bio Inc., to exchange the Company’s OQP Bio bonds for 77.5 billion KRW ($79,979,000) in cash and 64.6 billion KRW ($66,700,000) in bonds of Canaria Bio M (K-OTC – 118970) (“CABM”). The cash is receivable in 3 tranches (immediately – 21.6 billion KRW ($22,291,000), end of December 2023 – 25.9 billion KRW ($26,728,600) and en d of June 2024 – 30.0 billion KRW ($30,959,800)).

Good thing that legal action was taken but difficult to understand why OncoQuest/QPT accepted this deal with such a low amount of cash upfront requirement. .  

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.

III) This at least is good news.
In May 2023, the Company was granted a second US patent entitled ‘MUC16 monoclonal antibodies and uses thereof’ for its lead product candidate MAb AR9.6.

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