MONTREAL, March 28 /CNW Telbec/ - (TSX.V: BUG) Biophage Pharma Inc. (the
"Corporation") reports today that over the past months, the Corporation was
actively seeking to increase revenues through grants, service contracts and
equity financing. Although several grants applications have been successful;
financing was much more difficult and has been limited to small insider loans.
Notwithstanding these loans, the Corporation is presently unable to maintain
its operations without important restructuring. The Board of Directors has
decided to substantially reduce the Corporation's activities to control
operation costs, and will seek opportunity to refinance, licence its
technologies or sell part or all its assets. As a consequence, the Corporation
will be unable to file its Annual Financial Statements on time.
About Biophage Pharma Inc.
Biophage is a Canadian biotechnology company focused on the development
of innovative phage-based products and technologies for the detection,
prevention and control of bacterial infections. Biophage also operates the
Immunotox Labs division, which provides services in Immunogenicity and
Immunotoxicity, screening for Beryllium sensitization (the BeLPT test) and
exclusive MELISA(R) for the detection of sensitization to more than
200 different allergens including metals, penicillin, gluten, pollens and more
recently Lyme disease (Boreliosis).
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
For further information:
For further information: Rosemonde Mandeville, M.B., Ch.B., PhD.,
President and CEO, Biophage Pharma Inc., (514) 496-1488,