OTTAWA, Feb. 4, 2013 /CNW/ - PharmaGap Inc. (TSXV: GAP) (OTC.BB: PHRGF)
("PharmaGap" or "the Company") today was informed by Clinical Value
Corporation ("CVC") that it has not, to date, been successful in
efforts arranging funding required to complete the license of the
PharmaGap cancer drug program approved by shareholders on August 3,
2012 to CVC.
The Company and CVC have worked with investment advisors over the past
six months to generate financing arrangements with investment firms and
organizations that deal in early stage biotech, in North America and
Europe. However these efforts have not been successful.
The Company has suspended all operations, and has vacated its office and
laboratory space at 100 Sussex Drive in Ottawa as of January 31, 2013.
Intellectual Property assets of the Company have been preserved in
order to maintain the ability to generate future value from the
investment made to date.
The Board of Directors and Management of PharmaGap will continue to
pursue alternative arrangements in order to meet or reduce obligations
to creditors and employees of the Company and to deliver value to
shareholders. These arrangements may include the sale or license of the
intellectual property of the Company and monetization of accumulated
About PharmaGap Inc.
PharmaGap Inc. (TSX-V: GAP), based in Ottawa, ON, is a biotechnology
company with a core focus on developing novel peptide therapeutics for
the treatment of cancer. PharmaGap's GAP-107B8 is a novel peptide drug
that has been shown to be effective in numerous cancer types, including
chemo-resistant cancers, in vitro.
Forward Looking Statements
This news release contains certain statements that constitute
forward-looking statements as they relate to the Company and its
management. Forward-looking statements are not historical facts but
represent management's current expectations of future events, and can
be identified by words such as "believe", "expects", "will", "intends",
"plans", "projects", "anticipates", "estimates", "continues", and
similar expressions. Although management believes that expectations
represented in such forward-looking statements are reasonable, there
can be no assurance that they will prove to be correct.
By their nature, forward-looking statements include assumptions and are
subject to inherent risks and uncertainties that could cause actual
future results, conditions, actions or events to differ materially from
those in the forward-looking statements. If and when forward-looking
statements are set out in this news release, PharmaGap will also set
out the material risk factors or assumptions used to develop the
forward-looking statements. Except as expressly required by applicable
securities laws, the Company assumes no obligation to update or revise
any forward-looking statements. The future outcomes that relate to
forward-looking statements may be influenced by many factors,
including, but not limited to: results of ongoing product testing and
development; regulatory approvals required to complete development of
products; ability to manufacture product at quality and scale for human
use on an economically sound basis; patient reimbursement by private
and public health insurance programs; unintended side effects of
products; competitive products; product liability; intellectual
property; reliance on key personnel; risks of future legal proceedings;
income tax matters; availability and terms of financing; distribution
of securities; effect of market interest rates on price of securities,
and potential dilution.
Note: Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
No Securities Commission or other regulatory authority having
jurisdiction over PharmaGap has approved or disapproved of the
information contained herein. This release contains forward looking
statements that may not occur or may change materially.
SOURCE: PHARMAGAP INC.
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