Quest PharmaTech Announces Results from AGM

TSX Venture: QPT                                                                     

EDMONTON, AB, July 21, 2022 /CNW/ - Quest PharmaTech Inc. (TSXV: QPT) ("Quest" or the "Company") today announced the results of its July 19, 2022 annual general meeting of shareholders.

The Company is pleased to announce the following 4 directors have been re-elected to the Company's Board of Directors:

J. Mark Lievonen, C.M., FCPA, FCA, LLD
Jeffrey Shon, JD
Shawn Lu, CIM, MFin
Madi R. Madiyalakan, Ph.D.

At the meeting, shareholders reappointed the Company's auditors, Kingston Ross Pasnak, LLP.

"We are pleased with the AGM results and wish to thank our shareholders for their continuing support," said Dr. Madi R. Madiyalakan, Chief Executive Officer for Quest.  "I would also like to thank our Board members for their continuing service.  I am confident that Quest's Board of Directors will be able to help the Company execute its business strategy to add value to our shareholders.

Approximately 77,757,170 shares were voted for the Company's shareholder meeting representing approximately 46% of the Company's shares eligible to vote.

On a corporate matter, Quest announces the granting of 1,300,000 stock options to Directors and Officers, all at a volume weighted average exercise price of $0.09 per common share, expiring 10 years from the date of grant, subject to TSX Venture Exchange approval.

About Quest PharmaTech Inc.

Quest PharmaTech Inc is a publicly traded, Canadian based biopharmaceutical company (TSX-V:QPT) developing products to improve the quality of life. The company has a 42.5% ownership interest in OncoQuest Inc. which sold its immunotherapy technology to OncoQuest Pharmaceuticals, Inc.  Quest also has an equity interest in OncoVent, a Chinese joint venture developing antibody-based immunotherapeutic products for cancer for the Greater China territory. Quest has an ownership interest in Bioceltran which is focused on SP Technology™ for transdermal delivery of drugs and photosensitizers for pharmaceutical and cosmetic purposes. Quest is also developing an antibody licensed from University of Nebraska, AR 9.6 mAb against truncated O-glycan on MUC16, for targeted cancer therapy applications.  To learn more, visit www.questpharmatech.com

Forward Looking Statements
This press release includes forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as "may," "should," "potential," "continue," "expects," "anticipates," "intends," "plans," "believes," "estimates," and similar expressions. These statements are based on management's expectations and assumptions as of the date of this press release and are subject to a number of risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. The information in this release is provided only as of the date of this release and the company undertakes no obligation to update any forward-looking statements contained in this release based on new information, future events, or otherwise, except as required by law.

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.

SOURCE Quest PharmaTech Inc.

Dr. Madi R. Madiyalakan, CEO, Quest PharmaTech Inc., Tel: [phone] Ext. 204, Email: [email protected]