OTTAWA, Feb. 6, 2013 /CNW/ - PharmaGap Inc. (TSXV: GAP) (OTC.BB: PHRGF)
("PharmaGap" or "the Company") today received notice from the TSX
Venture Exchange (the "Exchange") advising the Company of deficiencies
in the exchange's Tier 2 listing requirements related to a Working
Capital and Assets and Operations. The Exchange has placed the Company
on notice, with a deadline of May 7, 2013 by which time the Company is
required to provide a submission to the Exchange evidencing that it
meets the Tier 2 continued listing requirements. If the Company is not
able to satisfy the Exchange that it meets all Tier 2 continued listing
requirements by May 7, 2013, the Exchange will proceed to transfer the
Company's listing to NEX, without further notice.
NEX is a separate board of the Exchange for companies previously listed
on the Exchange which have failed to maintain compliance with the
ongoing financial listing standards of the Exchange. NEX has been
designed to provide a forum for the trading of publicly listed
companies while they seek and undertake transactions in furtherance of
their reactivation as companies which will carry on an active business.
At this time the company does not expect to make a submission to
Exchange to seek delay of transfer to NEX.
The Company also reported that Robert C. McInnis, President and Chief
Executive Officer has assumed the role of Corporate Secretary on the
resignation of Ms. Sue Kavanagh from that position effective
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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