Dr. Madi Madiyalakan reports

OREGOVOMAB PHASE III CLINICAL STUDY FAILS FUTILITY ANALYSIS; DATA SAFETY MONITORING BOARD RECOMMENDS OVERALL SURVIVAL FOLLOW UP FOR POTENTIAL LATE IMMUNE EFFECTS AND CLINICAL BENEFITS

Quest Pharmatech Inc. has received information that the phase III clinical trial of oregovomab for the treatment of ovarian cancer, sponsored by CanariaBio Inc. (CAB), has received recommendations from the data safety monitoring board (DSMB), an independent committee appointed by CAB to advise on the trials, to discontinue the clinical trial after conducting a futility evaluation for interim progression-free survival in study subjects.

The DSMB also expressed the opinion that due to the characteristics of immunotherapy drugs, there is a possibility of significant efficacy in overall survival and recommended that follow-up observations be continued in study subjects.

Quest holds bonds of Korea-based OQP Bio Inc. received in connection with the sale of the immunotherapy technology assets, including oregovomab, of investee company OncoQuest Inc. in April, 2020. Quest continues to pursue the monetization of the OQP bonds and is currently engaged in discussions with CanariaBio M Co. Ltd. (CABM), the parent company of OQP Bio as well as KOSDAQ (Korean Securities Dealers Automated Quotations) listed CAB. The OQP bonds are currently illiquid, and there can be no assurance that the company will be successful in negotiating monetization terms with CABM for its OQP Bio bonds, that any definitive agreement will be entered into for such monetization, or that the company will ultimately be able to monetize all or any part of its bonds.

Quest is also in discussions with CABM on options available for Quest to continue to support the oregovomab clinical program.

About Quest Pharmatech Inc.

Quest Pharmatech is a publicly traded, Canadian-based biopharmaceutical company developing products to improve the quality of life. The company has a 42.5-per-cent ownership interest in OncoQuest, which sold its immunotherapy technology assets to Korea-based Dual Industrial Co. Ltd. in April, 2020. Quest also has a 23-per-cent 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.

We seek Safe Harbor.