Back To: Home

CLICK HERE FOR WHAT'S NEW IN:
 




 

VioQuest’s sale of its subsidiary valued at up to $3 million.
May 2007
SHARING OPTIONS:

BASKING RIDGE, N.J.—VioQuest Pharmaceuticals , a biopharmaceutical company focused on cancer compounds, is selling its subsidiary, Chiral Quest Inc., to Chiral Quest Acquisition Corp. (CQAC), a corporation formed by Chiral Quest's management and others.
 
The sale of Chiral Quest is valued up to $3 million. A total of $1.7 million in cash is expected to be paid to VioQuest Pharmaceuticals upon closing, and CQAC will assume Chiral Quest's liabilities of up to $1.3 million.
 
"This transaction represents another key, corporate strategic milestone for 2007, which is to solidify VioQuest as a focused drug development company," says Daniel Greenleaf, VioQuest's president and CEO. "Between the sale of Chiral Quest and the transfer of our net operating losses, VioQuest will have generated approximately $2 million of non-dilutive funding over the past six months. This funding will be used to support our drug development programs."
 
Dr. Xumu Zhang, Ph.D., chairman of CQAC and current Chiral Quest CTO, says: "This is a major step for Chiral Quest. Chiral Quest currently has 30 employees in China and 15 in New Jersey, a very good mix that enables us to maximize our growth capacity as a technology and chiral products company."

Back



PAGE UTILITIES


CONTACT US
DDNEWS
1000 N West Street, Suite 1200,
Wilmington, Delaware, 19801
Ph: 888-781-0328 |  Fax: 705-528-0270
 
© Copyright 2020 Old River Publications LLC. All righs reserved.  |  Web site managed and designed by OffWhite.