Quest Group raises $20M, acquires cancer compounds

Quest Group (QSTG) raised $20 million in a private placement. The number of shares and deal price were not disclosed. Hunter World Markets was placement agent. Quest also said that it licensed from Vitae (Fort Washington, Penn.) exclusive rights to three undisclosed pharmaceutical programs that include retinoic acid receptor and rexinoid receptor agonists and antagonists, as well as related molecules. QSTG said the lead candidate will begin a Phase II trial to treat acute myelogenous leukemia (AML) this year, and another compound will enter Phase I testing to treat cancer either late this year or early next. Quest previously developed and marketed nutritional products. ...