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Quest Provides Update to Immunotherapy Asset Transfer Between OncoQuest Inc and OncoQuest Pharmaceuticals Inc
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TSX Venture: QPT
EDMONTON, AB, Jan. 5, 2021 /CNW/ - Quest PharmaTech Inc. (TSXV:QPT) ( Quest ) provides update to its June 4, 2020 news release to announce that one of its equity investee companies, OncoQuest Inc. ( OncoQuest ), completed the transfer of the immunotherapy technology assets to OncoQuest Pharmaceuticals, Inc, a KOSDAQ traded company ( OQP , 078590.KQ) on November 7, 2020. However, due to COVID-19 related Korean courts restrictions, final payment of 65,229,709 shares of OQP to OncoQuest has been delayed by one month from December 31, 2020 to January 31, 2021. In addition, a 6 month extension has been added for redemption of US$62.5 million of the Convertible Bonds which may now be redeemed for cash not later than June 30, 2021 and could be used by OncoQuest, in part, to pay for the costs of the transaction, including income taxes. OncoQuest has already received US$125 million worth of Convertible Bonds including the above mentioned US$62.5 million Convertible