Dr. Madi Madiyalakan reports

QUEST PHARMATECH PROVIDES CORPORATE UPDATE

Quest Pharmatech Inc. has provided a corporate update and has filed its annual audited financial statements for the year ended Jan. 31, 2025, management's discussion and analysis, and related filings on SEDAR+. The company reported a net loss of $1.8-million, total liabilities of $1.2-million and total assets of $22.6-million, including the company's bonds of OQP Bio Inc. that were valued at $17-million as at Jan. 31, 2025.

Subsequent to its Jan. 31, 2025, year-end, Quest converted all of its OQP Bio bonds into shares of OQPBIOM Inc. OQPBIOM is a private Korean company that owns the immunotherapy assets previously sold by Quest's 42.5-per-cent-owned investee company, OncoQuest Inc., in April, 2020, and is developing these assets and other immunotherapeutic products for the treatment of cancer. Quest received its OQP Bio bonds in connection with the 2020 immunotherapy asset sale. As a result of Quest's bond conversion, the company now owns 26.25 per cent of the shares of OQPBIOM and is OQPBIOM's largest shareholder.

The company intends to engage an independent valuator to prepare a valuation for the OQPBIOM shares to support the carrying value of the shares in the company's future financial statements.

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 Inc., 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 the University of Nebraska and currently is in late preclinical stage.

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