PharmaGap Liposomal Formulations Achieve Key Milestones for Clinical Trials

PharmaGap Inc. (TSX VENTURE:GAP)(OTCBB:PHRGF) ("PharmaGap" or "the Company") today announced that liposomal formulations of its cancer drug have proven to meet and surpass expectations for three key elements important for clinical trials - potency, pharmacokinetic profile, and therapeutic index. Peptide half-life has been increased from a range of 0.4 to 0.7 for unformulated peptides to approximately 8 hours using intravenous administration and to approximately 40 hours using intraperitoneal administration. Liposomal associated peptide was detectable up to 72 hours post administration indicating that peptide remains in circulation for extended periods of time.

Rats administered liposomes via the intraperitoneal route in the current PK study were observed for clinical signs over 72 hours and results indicate that liposomal formulations would be well tolerated over a wide dosing range (10-40 mg/Kg). These results would be expected to provide a wide therapeutic index (the dosing range between effective dose and the dose at which toxic effects are seen) for drug administered by this route.

In the order of 250,000 new cancer cases annually in the US are known to arise from cancers with origins in the peritoneal cavity. Intraperitoneal injection is an attractive route to deliver liposomal peptides to tumour sites for certain cancers, including ovarian, pancreatic, colorectal, gastric and liver. While focusing on ovarian cancer for definitive efficacy testing to provide proof of concept for first clinical trial application, the Company continues investigation and development of these liposomal peptides in order to expand initial application to other cancer indications for future marketing.

Dr. Ken Sokoll, Vice President of Clinical Development and Chief Operating Officer for PharmaGap, commented "rapid metabolism and elimination of peptide drugs is known to be a major factor contributing to the failure of peptide drugs. Our ability to overcome this problem using these new liposomal formulations and demonstrating that we have viable formulations when administered by both the intravenous and intraperitoneal routes will be key factors in achieving success for our drug compounds."

About PharmaGap Inc.

PharmaGap Inc. (TSX VENTURE: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. For more information on PharmaGap please visit the Company's website at www.pharmagap.com.

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.

Contacts: PharmaGap Inc. Robert McInnis President & CEO 613-990-9551bmcinnis@pharmagap.com

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