April 22 (Reuters) - Quest Pharmatech Inc QPT.V :
* ONCOQUEST SIGNS A DEFINITIVE AGREEMENT TO SELL DRUG PORTFOLIO TO DUAL INDUSTRIAL FOR U.S. $300 MILLION AND COMMITMENT TO FUND THE OREGOVOMAB PHASE 3 CLINICAL TRIAL IN FRONTLINE OVARIAN CANCER
* QUEST PHARMATECH INC - DUAL WILL BE RESPONSIBLE FOR ALL CLINICAL AND NON-CLINICAL DEVELOPMENT EXPENSES FOR ONCOQUEST'S TECHNOLOGY
* QUEST PHARMATECH INC - DUAL WILL SECURE $75 MILLION FOR DEVELOPMENT WHICH IS EXPECTED NO LATER THAN JUNE 30, 2020 AND WILL TRIGGER FIRST CLOSING
* QUEST PHARMATECH - ONCOQUEST-DUAL DEAL IS IN EXCHANGE FOR U.S.$300 MILLION IN A COMBINATION OF DUAL COMMON STOCK AND DUAL PERPETUAL CONVERTIBLE BONDS
* QUEST PHARMATECH INC - AT EXECUTION DATE, ONCOQUEST SHALL RECEIVE U.S. $125 MILLION IN A PERPETUAL CONVERTIBLE BOND
* QUEST PHARMATECH - DUAL COMMITTED TO RETURNING 2.5 MILLION ONCOQUEST SHARES; AS A RESULT, QUEST'S OWNERSHIP INTEREST IN ONCOQUEST WILL RISE TO OVER 40%
* QUEST PHARMATECH INC - ONCOQUEST WILL HAVE RIGHT TO NOMINATE FOUR BOARD MEMBERS TO AN EIGHT-PERSON DUAL BOARD