EDMONTON, Alberta, June 10, 2025 (GLOBE NEWSWIRE) -- Quest PharmaTech Inc. (TSX-V: QPT) ("Quest" or the "Company"), a Canadian based pharmaceutical company developing products to improve the quality of life through investee companies and proprietary technologies, announced today that Quest was not informed or consulted, opposes and will not support the recently announced acquisition by privately held South Korea-based OQPBIOM Inc. ("OQM") of a controlling interest in AdBioTech Co., Ltd. ("AdBioTech"), a public company listed on KOSDAQ in South Korea. OQM has announced that AdBioTech is the corporate vehicle through which it wishes to pursue the funding and advancement of its immunotherapy assets.
As announced by Quest on June 2, 2025, as a result of the conversion of bonds, Quest has acquired a 26.25% share ownership interest in OQM and become its largest shareholder. OQM was established in April 2024 to conduct clinical trials for oregovomab, a novel ovarian cancer drug candidate, which was developed by Quest investee company, OncoQuest Inc., and sold in 2020, which ultimately resulted in Quest holding the bonds in OQM that were recently converted.
Dr. Madi Madiyalakan, CEO of Quest, stated, "As the largest shareholder of OQM, we were never informed or consulted about OQM's acquisition of a controlling interest in AdBioTech and OQM's intention to use this vehicle to advance oregovomab." He added that Quest strongly opposes this acquisition and strategy, deeming it inappropriate for ensuring stable funding for oregovomab's clinical trials and not in the best interest of OQM or its shareholders. Quest is consulting with its advisors and evaluating its legal options. Any information or reports disseminated that suggest that Quest is supportive of OQM management in the implementation of this path and strategy for OQM is inaccurate.
About Quest PharmaTech Inc.
Quest PharmaTech Inc is a publicly traded, Canadian based biopharmaceutical company (QPT: TSX-V) developing products to improve the quality of life. The Company has a 42.5% ownership interest in OncoQuest Inc. which sold its immunotherapy technology assets to Korea-based Dual Industrial Co, Ltd. in April 2020. Quest also has a 23% ownership interest in OncoVent, a Chinese joint venture developing antibody-based immunotherapeutic products for cancer for the Greater China territory. Quest is also developing proprietary MAb AR 9.6 targeting truncated MUC16 as theranostic agents for cancer. AR 9.6 was licensed from University of Nebraska and currently is in late preclinical stage. To learn more, visit www.questpharmatech.com.
Forward Looking Statements
This news release contains "forward-looking information" within the meaning of applicable securities laws. All statements contained herein that are not historical in nature contain forward-looking information. Forward-looking information can be identified by words or phrases such as "may", "expect", "likely", "should", "would", "plan", "anticipate", "intend", "potential", "proposed", "estimate", "believe" or the negative of these terms, or other similar words, expressions and grammatical variations thereof, or statements that certain events or conditions "may" or "will" happen. The forward-looking information contained herein is made as of the date of this press release and is based on assumptions management believed to be reasonable at the time such statements were made. While we consider these assumptions to be reasonable based on information currently available to management, there is no assurance that such expectations will prove to be correct. By its nature, forward-looking information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. A variety of factors, including known and unknown risks, many of which are beyond our control, could cause actual results to differ materially from the forward-looking information in this press release. Such factors include, without limitation, the risk factors that can be found in the Company's securities law filings which have been filed under the Company's SEDAR+ profile at www.sedarplus.ca. Readers are cautioned not to put undue reliance on forward-looking information. The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
For further information:
Dr. Madi R. Madiyalakan, CEO, Quest PharmaTech Inc.
Tel: (780) 448-1400,
E-mail: madi@questpharmatech.com
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.
