Quest PharmaTech’s subsidiary, OncoQuest, Closes US $13M Preferred Share Private Placement with Hepalink USA to Fund Immunotherapy for Treatment of Cancer
EDMONTON, ALBERTA - Quest PharmaTech Inc., a pharmaceutical company developing and commercializing products for the treatment of cancer, announces that its subsidiary, OncoQuest Inc. has closed a US $13M private placement. This financing is a non-brokered private placement of preferred shares of OncoQuest at US $3.74 per preferred share. The preferred shares carry a 5% cumulative annual dividend rate and are convertible one-for-one into common shares of OncoQuest. The private placement was made to Hepalink USA Inc., a U.S.-based subsidiary of Shenzhen Hepalink Pharmaceutical Co., Ltd. (Shenzhen Hepalink), a China-based global pharmaceutical company. The preferred shares represent a 41% ownership interest in OncoQuest while Quest will retain a 51% ownership interest in OncoQuest. The remaining 8% ownership interest in OncoQuest is reserved for various parties from South Korea who gave up their future revenue sharing rights to the Immunotherapy Technologies held under 2 prior Investment Agreements in return for common shares of OncoQuest.