OTTAWA,
Feb. 4, 2013 /CNW/ - PharmaGap Inc.
(TSXV: GAP) (OTC.BB: PHRGF) ("PharmaGap" or "the Company") today
was informed by Clinical Value Corporation ("CVC") that it has not,
to date, been successful in efforts arranging funding required to
complete the license of the PharmaGap cancer drug program approved
by shareholders on August 3, 2012 to
CVC.
The Company and CVC have worked with investment advisors over
the past six months to generate financing arrangements with
investment firms and organizations that deal in early stage
biotech, in North America and
Europe. However these efforts have
not been successful.
The Company has suspended all operations, and has vacated its
office and laboratory space at 100 Sussex Drive in Ottawa as of January
31, 2013. Intellectual Property assets of the Company have
been preserved in order to maintain the ability to generate future
value from the investment made to date.
The Board of Directors and Management of PharmaGap will continue
to pursue alternative arrangements in order to meet or reduce
obligations to creditors and employees of the Company and to
deliver value to shareholders. These arrangements may include the
sale or license of the intellectual property of the Company and
monetization of accumulated tax losses.
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.