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 immediately.
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.