VIOQUEST PHARMACEUTICALS TO RECEIVE APPROXIMATELY $500,000 OF NON-DILUTIVE FUNDS

VioQuest Pharmaceuticals (OTCBB:VQPH) will receive approximately $500,000 from the sale of its Net Operating Losses (NOLs) pursuant to an agreement with the New Jersey Economic Development Authority (EDA) through its Technology Business Tax Certificate Transfer Program. VioQuest Pharmaceuticals will sell its unused NOLs to corporate taxpayers and anticipates receiving approximately $250,000 in 2005 and $250,000 in 2006.
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