PharmaGap Chooses Ovarian Cancer as Target for First Clinical Trials

PharmaGap Inc. (TSX VENTURE:GAP)(OTCBB:PHRGF) ("PharmaGap" or "the Company") announced today that it has chosen ovarian cancer as its target for completing its preclinical test program and clinical trial program for its cancer drug GAP-107B8. This is a key step, originally expected to be reached only by year end, to allow the Company to proceed with its program for manufacturing to cGMP (current Good Manufacturing Practices) standards, full GLP (Good Laboratory Practices) toxicology testing using this cGMP material, and dossier development required for filing for first clinical trial application by the end of 2012.

PharmaGap has, during the course of 2011, pursued a program designed to provide the basis for choosing between bladder cancer and ovarian cancer as the primary indication by the end of 2011. With this decision now made, it is able to focus 100% of its efforts and resources on ovarian cancer for the continued development of GAP-107B8 toward clinical trials.

The Company has chosen ovarian because it is confident that it represents the best combination of probability of successful trials and scope of market opportunity.

Dr. Ken Sokoll, Vice President, Clinical Development and Chief Operating Officer of PharmaGap stated "We are very pleased that the high quality, innovative model development work done by ITR staff has provided us with very clear evidence for the choice, at this time, to focus all of our efforts on our ovarian cancer program. With this clear decision, we can focus all of our resources on ovarian cancer, in a well validated mouse model of ovarian cancer. This is a very positive, well determined result for our program. At the same time, GAP-107B8 has consistently shown effect in vitro against bladder cancer cells, and as such remains an attractive secondary target for future development and expansion of the GAP-107B8 target platform."

The in vivo test program in ovarian cancer will be undertaken in well-validated cancer models, starting with a Maximum Tolerated Dose ("MTD") study and followed by an efficacy study using GAP-107B8, including enhanced variants and liposomal formulations, and employing three human cancer cell lines. These studies will be undertaken during the next 10 weeks.

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 highly cytotoxic to 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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