MONMOUTH JUNCTION, N.J., Oct. 5, 2005 (PRIMEZONE) -- VioQuest Pharmaceuticals, Inc. (OTCBB:VQPH) reported revenue of approximately $533,000 for the third quarter of 2005 compared to $367,000 for the third quarter of 2004, an increase of approximately $170,000, or 45% quarter-over-quarter.
For the nine months ended September 30, 2005, VioQuest reported revenue of approximately $2.6 million, compared to revenue of $1.1 million for the nine months ended September 30, 2004, or an increase of approximately 136%.
During the third quarter, the Company's subsidiary, Chiral Quest signed a license agreement with Merck & Co. to supply a variety of chiral catalysts and ligands. As a pioneer in asymmetric synthesis, Chiral Quest aims to provide cost-effective products and services to pharmaceutical manufacturers from its solid portfolio of proprietary chemical catalysts and intermediates. As of the end of the third quarter, VioQuest had in excess of 60 customers, up from 50 in the same quarter last year. Over 85% of sales to these customers were repeat sales.
Also during the third quarter, VioQuest's developing therapeutics business was substantially advanced through the initiation of patient dosing in a Phase I clinical trial of its proposed drug acquisition candidate, sodium stibogluconate (SSG). SSG is an oncology compound to be acquired by the Company upon completion of its proposed acquisition of Greenwich Therapeutics. The Phase I trial of SSG is designed to examine the effectiveness, safety and tolerability for the treatment of solid tumors, lymphoma and myeloma in defined doses.
"We at VioQuest are extremely pleased with the results of the fiscal third quarter," commented Daniel Greenleaf, President and CEO of VioQuest. "Our revenues continue to grow, stemming from the increased demand for our proprietary ligands, catalysts, and contract research synthesis services, as well as from our expanded customer base, which includes such important partners as Merck. Also critical to the execution of our business strategy is the continued development of our proposed acquisition of two anti-cancer therapeutics. We are very excited about the Phase I clinical trial of SSG currently underway at the Cleveland Clinic."
About VioQuest Pharmaceuticals, Inc.
VioQuest Pharmaceuticals, Inc.'s strategy is to acquire and develop late preclinical and early clinical-stage therapies for oncological, viral and autoimmune diseases. The Company recently entered into a definitive merger agreement to acquire Greenwich Therapeutics, which owns exclusive license rights to two anti-cancer agents - sodium stibogluconate (SSG) and triciribine (TCN-P). VioQuest's life science subsidiary, Chiral Quest, Inc., a pioneer in asymmetric synthesis, offers proprietary chiral catalysts and synthesis expertise for creating important chiral intermediates and products, which improve the safety and efficacy of pharmaceutical products. Through Chiral Quest, VioQuest provides products and services to fine chemical manufacturers and twelve of the top eighteen pharmaceutical companies worldwide. For more information please visit www.vioquestpharm.com.
Forward-Looking Statements: This press release contains forward-looking statements that involve risks and uncertainties that could cause VioQuest's actual results and experiences to differ materially from the anticipated results and expectations expressed in these forward-looking statements. These statements are based on current expectations, forecasts and assumptions that are subject to risks and uncertainties, which could cause actual outcomes and results to differ materially from these statements. Among other things, there can be no assurances that any of VioQuest's research programs and compounds will be successfully commercialized, or that the proposed acquisition of Greenwich Therapeutics will be completed. Risks, uncertainties and assumptions also include the possibility that the market for the sale of certain products may not develop as expected; and that development of these products may not proceed as planned. Additional risks are described in VioQuest's Annual Report on Form 10-KSB for the year ended December 31, 2004. VioQuest assumes no obligation and does not intend to update these forward-looking statements, except as required by law.