VioQuest Pharmaceuticals Inc (VOQP)

[krisryden]

MDB Capital Group LLC Initiates Coverage of VioQuest Pharmaceuticals with a “Buy” Rating and a Price Target of $1.50

BASKING RIDGE, N.J., /PRNewswire-FirstCall/ -- VioQuest Pharmaceuticals (OTC Bulletin Board: VQPH), a New Jersey-based biopharmaceutical company focused on acquiring, developing and commercializing targeted cancer compounds, announced today that MDB Capital Group LLC, a California-based broker dealer, has initiated coverage of the Company with a “Buy” rating and a price target of $1.50. Rahul Jasuja, Ph.D., Vice President of Equity Research, initiated the coverage.

Dr. Jasuja, in his report, cited the fact that, “Recently, several positive developments have substantially changed the value proposition in VQPH. While the company was always focused on building a robust oncology pipeline, strategic corporate changes and positive clinical developments, particularly with the AKt inhibitor, have intensified the oncology focus and added to the pipeline.”

MDB Capital LLC provides institutional equity capital markets, investment research and advisory services to U.S. asset management, private equity and venture capital firms. Further information is available at www.mdbcapital.com.
About VioQuest Pharmaceuticals
VioQuest Pharmaceuticals, Inc. http://www.vioquestpharm.com focuses on acquiring, developing, and commercializing targeted late preclinical and early clinical stage therapies with unique mechanisms of action for oncology, viral and autoimmune disorders. VioQuest has two targeted therapeutics in Phase I/IIa clinic trials: VQD-002 which inhibits activation of Akt that is seen at abnormally high levels in breast, ovarian, colorectal, pancreatic, and hematologic tumors; and Lenocta(TM), an inhibitor of specific protein tyrosine phosphatases, which has shown compelling preclinical activity in both renal and melanoma cancers. In addition, VioQuest and the U.S. Army are planning to submit an NDA to the FDA in 2007 for Lenocta(TM) for the treatment of leishmaniasis. VioQuest also has recently in-licensed Xyfid(TM), a topical therapy which has shown early clinical promise in the treatment and prevention of chemo-induced hand-foot syndrome.
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 often, but not always, made through the use of words or phrases such as anticipates, expects, plans, believes, intends, and similar words or phrases. 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 the FDA will approve VioQuest's planned NDA submission relating to Lenocta(TM) for the treatment of leishmaniasis, and even if approved, there is no assurance that VioQuest will be able to successfully commercialize Lenocta(TM) for the treatment of leishmaniasis or any other indication, or that VioQuest will receive any proceeds in connection with a sale or other disposition of its Chiral Quest division. Other risks and uncertainties include the possibility that the results of clinical trials will not support VioQuest's claims, the possibility that VioQuest's development efforts relating to its product candidates, including Lenocta(TM) and VQD-002, will not be successful, the inability to obtain regulatory approval of VioQuest's product candidates, VioQuest's reliance on third-party researchers to develop its product candidates, its lack of experience in developing and commercializing pharmaceutical products, and the possibility that its licenses to develop and commercialize its product candidates may be terminated. Additional risks are described in VioQuest's Annual Report on Form 10-KSB for the year ended December 31, 2006. VioQuest assumes no obligation and does not intend to update these forward-looking statements, except as required by law.
Company Contact:

Daniel Greenleaf, President and Chief Executive Officer
908-766-4400 ext. 115
[e-mail]

Edward Bradley, Chief Scientific Officer
908-766-4400 ext. 118
[e-mail]

Brian Lenz, Chief Financial Officer
908-766-4400 ext. 117
[e-mail]