|
|
|
NOTE 2 - COMMITMENTS (continued):
|
|
|
|
|
|
The
acquisition is to be accounted for by the purchase method. The purchase price
will be allocated to in-process research and development.
|
|
|
|
|
b.
|
On March 27, 2008, the Subsidiary sent a notice of termination,
effective March 31, 2008, to Tel HaShomer-Medical Research Infrastructure
and Services LTD. (
THM
) terminating the Research and
Licensing Agreement originally entered into on December 13, 2005, as amended
during the term (the
THM Agreement
). The warrants to acquire
500,000 shares of the Companys common stock
that the Company issued to THM were cancelled.
|
|
|
|
NOTE 3 - STOCK BASED COMPENSATION:
|
|
|
The
following is a transaction that took place during the quarter ended March 31,
2008:
|
|
|
|
On March 19,
2008, options to purchase 600,000 shares of the Companys common stock were
granted under the Companys 2007 Global Share Option Plan to the Companys
new Chief Financial Officer. The options are exercisable at $0.40 per share
(equivalent to the traded market price on the date of grant) with one third
vesting on each of the first, second and third anniversary of the date of
grant. The fair value of these options on the date of grant was $160,292,
using the Black Scholes option-pricing model and was based on the following
assumptions: dividend yield of 0% for all years; expected volatility of 83%;
risk-free interest rates of 2.36%; and expected lives of 5.02 years.
|
|
|
NOTE 4 - LOSS PER SHARE:
|
|
|
The total
number of common stock options and warrants excluded from the calculations of
diluted net loss was 24,972,558 for the six months ended March 31, 2008
(24,782,558 for the six months ended March 31, 2007).
|
|
|
NOTE 5 SUBSEQUENT EVENTS:
|
|
|
On April 10,
2008, options to purchase 50,000 of the Companys common stock were granted
under the Companys 2007 Global Share Option Plan to an employee. The options
are exercisable at $0.37 per share (equivalent to the traded market price on
the date of grant) with one third vesting on each of the first, second and
third anniversary of the date of grant. The fair value of these options on
the date of grant was $12,332, using the Black Scholes option-pricing model
and was based on the following assumptions: dividend yield of 0% for all
years; expected volatility of 82%; risk-free interest rates of 2.66%; and
expected lives of 5.02 years.
|
ITEM 2 - MANAGEMENTS DISCUSSION AND ANALYSIS
OF PLAN OF OPERATION
The following information should be read in
conjunction with the financial statements and notes thereto appearing elsewhere
in this Quarterly Report.
We have included in this Quarterly Report certain
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995 concerning our business, operations and financial
condition. Forward-looking statements consist of all non-historical information,
and the analysis of historical information, including the references in this
Quarterly Report to future revenues, collaborative agreements, future expense
growth, future credit exposure, earnings before interest, taxes, depreciation
and amortization, future profitability, anticipated cash resources, anticipated
capital expenditures, capital requirements, and our plans for future periods.
In addition, the words could, expects, anticipates, objective, plan,
may affect, may depend, believes, estimates, projects and similar
words and phrases are also intended to identify such forward-looking
statements.
Actual results could differ materially from those
projected in our forward-looking statements due to numerous known and unknown
risks and uncertainties, including, among other things, unanticipated
technological difficulties, the length, scope and outcome of our clinical
trial, costs related to intellectual property, cost of manufacturing and higher
consulting costs, product demand, changes in domestic and foreign economic,
market and regulatory conditions, the inherent uncertainty of financial
estimates and projections, the uncertainties involved in certain legal
proceedings, instabilities arising from terrorist actions and responses
thereto, and other considerations described as Risk Factors in our other
filings with the SEC. Such factors may also cause substantial volatility in the
market price of our common stock. All such forward-looking statements are
current only as of the date on which such statements were made. We do not
undertake any obligation to publicly update any forward-looking statement to
reflect events or circumstances after the date on which any such statement is
made or to reflect the occurrence of unanticipated events.
As
used in this Quarterly Report, the terms we, us, our, Company and
GammaCan mean GammaCan International, Inc. and our subsidiary, GammaCan,
Ltd., unless otherwise indicated.
All
dollar amounts refer to US dollars unless otherwise indicated.
Overview
We
are a development stage company and currently have no revenue from operations.
Other than existing cash reserves and our intellectual property we have no
significant assets, tangible or intangible. Presently, we do not have
sufficient cash resources to meet our liquidity requirements
through September 30, 2008 and
we expect to seek to raise additional funds during that time period. There can
be no assurance that we will raise additional funds on a timely basis, on terms
acceptable to us or at all and there can be no assurance that we will generate
revenues in the future, or that we will be able to operate profitably in the
future, if at all. We have incurred net losses in each fiscal year since
inception of our operations.
12
Plan
of Operation
Short Term Business Strategy
We
are a life science company focused on the development of immunotherapy and
related approaches to treat cancer. Until recently, we have focused on the use
of intravenous immunoglobulins, or
IgGs
, derived from human plasma to treat
melanoma, prostate, and colon cancers. We believe that IgG therapy may be the
basis of a more effective and efficient cancer treatment both as mono and as
combination therapy as well as an adjuvant for cancer treatments (IgGs used in
concert with other proprietary pharmaceuticals). Our business objective is to
become a recognized leader in the development of immunotherapy including
IgG-based therapies and related approaches to treat cancer.
IgG-based
immunotherapy will require regulatory approval before being commercially
marketed for human therapeutic use. Clinical trials generally include three
phases that, together, may take several years to complete. Phase I clinical
studies are conducted primarily to establish safety and determine the maximum
tolerated dose, or
MTD
. Phase II studies are designed to determine preliminary
efficacy and establish dosing. Phase III studies are conducted to demonstrate
therapeutic efficacy in a statistically significant number of patients, at an
optimal dose level, method or route of delivery into the body, and a schedule
of administration. Once clinical trials are successfully completed, products
may receive regulatory approval.
We
are pursuing the development of IgG-based technology to develop therapies for
the treatment of melanoma, as well as therapies directed
toward disrupting the blood supply to cancers, referred to as
anti-angiogenesis.
Melanoma:
Our lead product
candidate, VitiGam, is a first-in-class anti-cancer immunotherapy derived
entirely from the plasma of donors with vitiligo, a benign autoimmune skin
condition affecting up to two percent of the general population. We have
demonstrated that
plasma from individuals with vitiligo contains anti-melanoma activities. Based
on this, we are developing VitiGam to initially address Stage III and Stage IV
melanoma and possibly earlier stages of melanoma at a future time.
In
June 2007, we completed a non-FDA Phase II clinical trial designed to test the
safety and efficacy of standard IgG (collected and manufactured from general
population donors, which may have included donors with vitiligo) in patients
with prostate cancer, colon cancer and melanoma. In this trial, no serious
untoward effects of IgGs were noted. In one patient with melanoma, the cancer
remained stable or improved over eight cycles of therapy (approximately ten
months).
In
addition to the pre-clinical evidence we have accumulated using
vitiligo-derived plasma, the above observations provide further validation for
our plan to develop VitiGam.
We
plan to file an Investigational New Drug Application, or
IND
, for VitiGam in
the near future. We believe that the FDA is well acquainted with IgG-based
therapies and their safety profiles resulting from a long history of regulatory
approvals of IgG-based products.
In
addition to VitiGam, we are also developing the following:
|
|
|
Next generation (recombinant) VitiGam
-
VitiGam is currently manufactured as a mixture that largely consists of IgG
molecules (antibodies of the IgG type). We
anticipate that within this mixture, only a subset of IgG molecules will be
responsible for the biological activity of VitiGam. Next generation
VitiGam will be composed of
only the IgGs
required to exert the anti-melanoma effect
, thereby creating a
more effective compound. Identifying the relevant IgGs may also permit cost
reductions; and
|
13
|
|
|
|
|
Cancer vaccines based on VitiGam
- An
off-the-shelf cancer vaccine is considered a silver bullet in cancer
therapy. We anticipate that based on our evolving understanding of the
specific IgG molecules responsible for the biological activity of VitiGam,
we may be in a position to identify the corresponding antigens that may be
used to develop melanoma cancer vaccines.
|
Anti-angiogenesis:
We
are developing additional novel IgG-based therapies for cancer and other
diseases. These therapies are based on the disruption of the blood supply to
cells. Our scientists have shown that several mechanisms may be involved in
mediating the anti-cancer effects of IgG-based immunotherapies. Angiogenesis is
one of a number of well known pathways to deprive cells from their blood supply.
In
June 2007, we announced the discovery of proprietary IgG sub-fractions in human
plasma, which contain potent anti-angiogenic properties. These
sub-fractions may be used for treatment of disorders resulting from neovascularization
(the formation of new
blood vessels or angiogenesis).
We
have established a pre-clinical development program to define and characterize
these anti-angiogenic anti-cancer fractions and to test their biological activity in
animal models. We believe that successfully developed therapies derived
from our novel IgG sub-fractions have the potential to address multi-billion
dollar markets. For example, Avastin®, also known as
bevacizumab
, counteracts
VEGF, a growth factor which stimulates neovascularization, and is approved to
treat colon and other cancers. Sales for Avastin® in 2007 were in excess of $2
billion.
We are also contemplating conducting additional clinical trials to test new formulations and/or combinations of IgG-based
immunotherapy candidates and to test these formulations and/or methods for different cancers at different stages of disease
progression with varying dosages and routes of administration. To achieve this, we may elect to partner with a pharmaceutical company
to conduct these further clinical trials, although there can be no
assurance that we will locate a pharmaceutical company able, or willing, to
partner with us on terms commercially acceptable to us, in order to attain
broad-based regulatory approval.
Although
there can be no assurance that the FDA will approve VitiGam, or any other IgG
immunotherapy candidate, we expect that, at a minimum, it will take a number of
years to receive final approval and registration for commercial use as an
anti-cancer agent. Our strategy is to collaborate with a suitable partner,
although there can be no assurance that we will locate a suitable partner, to
support late stage (Phase III) clinical development, registration and/or sales
for our IgG-based cancer products.
Long Term Business Strategy
If
our IgG-based cancer immunotherapy candidates show significant promise in
clinical trials, and at this preliminary stage there can be no assurance that
any such immunotherapy candidates will show significant promise, we plan to
ultimately seek a strategic commercial
14
partner, or partners, with extensive experience in the
development, commercialization, and marketing of cancer drugs and/or other
infused therapeutic proteins, although there can be no assurance that we will
locate a strategic commercial partner or partners on terms commercially
acceptable to us. We anticipate such partner or partners would be responsible for, or substantially support,
late stage clinical trials (Phase III) to ensure regulatory approvals and
registrations in the appropriate territories in a timely manner. We further
anticipate that the partner, or partners, would be responsible for sales and
marketing of our IgG-based immunotherapies in certain agreed upon territories.
Such planned strategic partnership, or partnerships, may provide a marketing
and sales infrastructure for our products as well as financial and operational
support for global clinical trials, post marketing studies, label expansions
and other regulatory requirements concerning future clinical development in the
United States and elsewhere. Any future strategic partner, or partners, may
also provide capital and expertise that would enable the partnership to develop
new formulations of IgG cancer immunotherapy suitable for patients at different
stages of disease progression as well as IgG derivatives. Under certain
circumstances, we may determine to develop one or more of our IgG based cancer
immunotherapies on our own, either world-wide or in select territories.
Other Planned Research and Development Activities
In
addition to conducting early-stage clinical trials, we plan to conduct
pre-clinical research to accomplish the following:
|
|
|
|
Further
deepen and broaden our understanding of the biology of our IgG products in
cancer;
|
|
|
|
|
Develop
alternative delivery systems and determine the optimal dosage for different
patient groups;
|
|
|
|
|
Investigate
alternative sources of immunoglobulin other than human plasma;
|
|
|
|
|
Develop
novel IgG-based therapies; and
|
|
|
|
|
Develop
successor products.
|
Our
plan is to patent any successful inventions resulting from our future research
activities and to exploit any other means that may exist to protect our future
IgG anti-cancer therapies in the commercial markets; although at this early
stage there can be no assurance that there will be any successful inventions
resulting from such research activities.
Other Planned Strategic Activities
In
addition to developing our own IgG-based anti-cancer therapies drug portfolio,
we are, on an on-going basis, considering in-licensing and other means of
obtaining additional lead molecules of technologies to complement and/or expand
our current product portfolio. Our goal is to create a well-balanced product
portfolio that includes lead molecules in different stages of development and
addresses different medical needs.
15
Critical accounting policies and estimates
Managements
discussion and analysis of the financial condition and results of operations is
based upon the consolidated financial statements, which have been prepared in
accordance with accounting principles generally accepted in the United States
of America. The preparation of these financial statements requires us to make estimates
and judgments that affect the reported amounts of assets and liabilities,
expenses and related disclosure of contingent assets and liabilities. On an
on-going basis, we evaluate our estimates and judgments. We base our estimates
on various factors, including historical experience that we believe to be
reasonable under the circumstances, the results of which form the basis for
making judgments about the carrying values of assets and liabilities that are
not readily apparent from other resources. Actual results may differ from these
estimates under different assumptions or conditions.
We
believe the following critical accounting policies affect our more significant
judgments and estimates used in the preparation of our consolidated financial statements.
Going concern assumption
The
accompanying financial statements have been prepared assuming that we will
continue as a going concern. We have net losses for the period from inception
(October 6, 1998) through March 31, 2008 of $11,225,467, as well as
negative cash flow from operating activities. Based upon our existing spending
commitments, we may not have sufficient cash resources to meet our liquidity
requirements through September 30, 2008. Accordingly, these factors raise substantial
doubt about our ability to continue as a going concern. Management is in the process of evaluating various
financing alternatives as we will need to finance future research and
development activities and general and administrative expenses through fund
raising in the public or private equity markets. Although there is no assurance
that we will be successful with those initiatives, management expects to secure
the necessary financing as a result of ongoing financing discussions with third
party investors and existing shareholders.
The
financial statements do not include any adjustments that may be necessary
should we be unable to continue as a going concern. Our continuation as a going concern is dependent on our
ability to obtain additional financing as may be required and ultimately to
attain profitability.
Valuation of options and warrants
We
granted options to purchase shares of our common stock to employees and
consultants and issued warrants in connection with fund raising.
On
October 1, 2006 we adopted the revised Statement of Financial Accounting
Standards (
FAS
) No. 123,
Share-Based Payment
(
FAS 123R
), which addresses
the accounting for share-based payment transactions in which we obtain employee
services in exchange for (a) equity instruments of the Company or (b)
liabilities that are based on the fair value of our equity instruments or that
may be settled by the issuance of such equity instruments. FAS 123R eliminates
the ability to account for employee share-based payment transactions using APB
25, and requires instead that such transactions be accounted for using the
grant-date fair value based method.
16
The
fair value of each stock option grant was estimated at the date of grant using
a Black-Scholes option pricing model. The volatility is based on a historical
volatility, by statistical analysis of the weekly share price for past periods.
The expected term is the length of time until the expected dates of exercising
the options, based on estimated data regarding employees exercise behavior.
FAS
123R applies to all awards granted or modified after the Statements effective
date. In addition, compensation cost for the unvested portion of previously granted awards that remain
outstanding on the Statements effective date shall be recognized on or after
the effective date, as the related services are rendered, based on the awards
grant-date fair value as previously calculated for the pro-forma disclosure
under FAS 123.
We
applied the modified prospective application
transition method, as permitted by the Statement. Under such transition method,
upon the adoption of FAS 123R, our financial statements for periods prior to
the effective date of the Statement are not restated.
We
account for equity instruments issued to third party service providers
(non-employees) in accordance with the fair value based on an option-pricing
model, pursuant to the guidance in EITF 96-18
Accounting
for Equity Instruments That Are Issued to Other Than Employees for Acquiring,
or in Conjunction with Selling Goods or Services
. The fair value of
the options granted is revalued over the related service periods and recognized
using the accelerated method.
Deferred income taxes
Deferred
taxes are determined utilizing the assets and liabilities method based on the
estimated future tax effects of differences between the financial accounting and tax bases of assets
and liabilities under the applicable tax laws. Deferred tax balances are
computed using the tax rates expected to be in effect when those differences
reverse. A valuation allowance in respect of deferred tax assets is provided
if, based upon the weight of available evidence, it is more likely than not that
some or all of the deferred tax assets will not be realized. We have provided a
full valuation allowance with respect to our deferred tax assets.
Regarding
our Israeli subsidiary, Gammacan Ltd, paragraph 9(f) of FAS 109,
Accounting for Income Taxes
, prohibits the
recognition of deferred tax
liabilities or assets that arise from differences between the financial
reporting and tax bases of assets and liabilities that are measured from the
local currency into dollars using historical exchange rates, and that result
from changes in exchange rates or indexing for tax purposes. Consequently, the
above mentioned differences are not reflected in the computation of deferred
tax assets and liabilities.
Income Taxes
The
Company adopted FIN 48 effective October 1, 2007. FIN 48 requires significant
judgment in determining what constitutes an individual tax position as well as
assessing the outcome of each tax position. Changes in judgment as to
recognition or measurement of tax positions can materially affect the estimate
of the effective tax rate and consequently, affect the operating results of the
Company. The Company had no unrecognized tax benefits as of October 1, 2007.
The result of the implementation of FIN 48 did not have any impact on the
Companys financial statements.
17
Results of Operations
The
following table summarizes certain statements
of operations data for the Company for the six months period ended March 31,
2008 and 2007 (in US$):
|
|
|
|
|
|
|
|
|
|
Six months
ended
|
|
|
|
|
|
|
|
|
|
Operating Data:
|
|
March 31,
2008
|
|
March 31,
2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development costs
|
|
$
|
900,677
|
|
$
|
482,870
|
|
General and administrative expenses
|
|
|
1,387,419
|
|
|
1,631,800
|
|
Financial income, net
|
|
|
(18,816
|
)
|
|
(10,671
|
)
|
|
|
|
|
|
|
|
|
Loss before tax on income
|
|
|
2,269,280
|
|
|
2,103,999
|
|
Taxes on Income
|
|
|
|
|
|
16,856
|
|
|
|
|
|
|
|
|
|
Net loss for the period
|
|
$
|
(2,269,280
|
)
|
$
|
(2,120,855
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per common share basic and diluted
|
|
$
|
(0.05
|
)
|
$
|
(0.07
|
)
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding
|
|
|
44,958,917
|
|
|
31,204,923
|
|
|
|
|
|
|
|
|
|
Research and development costs
Research
and development expenses are the costs incurred in the process of our
pre-clinical research and our clinical trials. Clinical trial and pre-clinical
expenses include regulatory consultant compensation and fees, research
expenses, purchase of plasma,
the cost of manufacturing IgG and payments to clinical research organizations
and to medical centers for patient recruitment and treatment.
During
the six months ended March 31, 2008 and 2007, research and development expenses
included, among others, the cost
of IgG used in the clinical trials and research work, payments to medical
centers and research labs for clinical trial and pre-clinical trial work,
regulatory and scientific consultants compensation, costs related to the
maintenance of our registered patents, costs related to the filings of patent applications as well as
salaries and related expenses of research and development staff.
During
the six months ended March 31, 2008, research and development expenses totaled
$900,677, compared to $482,870 for
the six months ended March 31, 2007. The increase is attributable to assay
development as well as pre-clinical work related to the filing of the IND for
VitiGam.
General and administrative expenses
General
and administrative expense includes the salaries and related expenses of our management,
consulting costs, legal and professional fees, traveling, business development
costs, insurance expenses and other general costs.
For
the six months ended March 31, 2008, general and administrative expenses
totaled $1,387,419 compared to $1,631,800 for the six months ended March 31,
2007. Costs incurred related to general and administrative activities in the
six months ended March 31, 2008 reflect a
18
decrease of $362,000 in salary and
related expenses due to lower stock based compensation expense and a reduction
of headcount and a decrease of $155,000 in stock based compensation expenses
for consultants, offset by an increase of $75,000 in professional, $94,000 in
legal and $83,000 in consulting expenses and an increase in general expenses
such as office and maintenance expenses.
Financial income/expense, net
During
the six months ended March 31, 2008 and 2007, we generated interest income on
available cash and cash equivalents balance as well as bank charges.
Liquidity and Capital Resources
Through
March 31, 2008, we incurred losses in an aggregate amount of $11,225,467. We have financed our
operations from the private placements of equity and debt financing. Through
March 31, 2008, we raised a total of $9,538,553, net of transaction costs, through private placements of
equity. We anticipate that additional financing will be through similar
sources. As of March 31, 2008, we had $2,081,377 of available cash, most
of which is deposited in short term, interest bearing, bank deposits. To implement
our business plan, as currently contemplated, we anticipate we will need
approximately $4 million for the remainder of our fiscal year, and
approximately $11 million for the twelve months following April 1, 2008.
Although
we do not have material financing commitments, management is in the process of
evaluating various financing alternatives as we will need to finance future
research and development activities and general and administrative expenses
through fund raising in the public or private equity markets. Although there is
no assurance that we will be successful with those initiatives, management is
confident that it will be able to secure the necessary financing as a result of
ongoing financing discussions with third party investors and existing
shareholders.
Off-Balance Sheet Arrangements
We
have no off-balance sheet arrangements.
Planned Expenditures
The
estimated expenses referenced herein are in accordance with our business plan.
As our technology is still in the development stage, it can be expected that
there will be changes in some budgetary items. Our planned expenditures for the
twelve months following April 1, 2008 are as follows:
|
|
|
|
|
Category
|
|
Amount
|
|
|
|
|
|
|
Research & Development
|
|
$
|
8,079,000
|
|
General & Administrative Expenses
|
|
|
3,219,000
|
|
Finance Income, net
|
|
|
(116,000
|
)
|
|
|
|
|
|
Total
|
|
$
|
11,182,000
|
|
As
previously indicated, we are planning to file an IND with the FDA for VitiGam
TM
.
Our ability to proceed with this IND application as well as the commencement of
the related
clinical trial is dependent on several major
factors including the ability to attract sufficient financing on terms acceptable
to us.
19
ITEM 3A(T) - CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
As of March 31, 2008, our management carried
out an evaluation, under the supervision of our Chief Executive Officer and the
Chief Financial Officer, of the effectiveness of the design and operation of
our system of disclosure controls and procedures (as defined by Rule 13a-15(e)
and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the
Exchange Act)). Based upon that evaluation, the Chief Executive Officer and
Chief Financial Officer concluded that our disclosure controls and procedures
were effective, as of the date of their evaluation, for the purposes of
recording, processing, summarizing and timely reporting material information
required to be disclosed in reports filed by us under the Exchange Act.
Changes in internal controls
There
were no changes in our internal controls over financial reporting, that
occurred during the quarter ended March 31, 2008 that have materially affected,
or are reasonably likely to materially effect, our internal control over
financial reporting.
20
PART II
ITEM 1 - LEGAL PROCEEDINGS
From
time to time we may become subject to litigation incidental to our business.
We are not currently a party to any legal proceedings.
ITEM 2 - UNREGISTERED SALES OF EQUITY SECURITIES AND
USE OF PROCEEDS
On
April 10, 2008, we granted options to purchase 50,000 shares of our common
stock under our 2007 Global Share Option Plan to an employee. The options are
exercisable at $0.37 per share which was the fair market value at the close of
business on April 10, 2008 with one third vesting on each of the first, second
and third anniversary of the date of grant. The issuance of these options was
exempt from registration requirements pursuant to Section 4(2) of the
Securities Act of 1933, as amended, as a transaction by an issuer not involving
a public offering.
ITEM 3 - DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY
HOLDERS
None.
ITEM 5 - OTHER INFORMATION
None.
21
ITEM 6 - EXHIBITS
|
|
Number
|
Exhibit
|
31.1
|
Certification
of Principal Executive Officer pursuant to Rule 13a-14 and Rule 15d-14(a),
promulgated under the Securities and Exchange Act of 1934, as amended
|
|
31.2
|
Certification
of Principal Financial Officer pursuant to Rule 13a-14 and Rule 15d 14(a),
promulgated under the Securities and Exchange Act of 1934, as amended
|
|
32.1
|
Certification
pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002 (Chief Executive Officer)
|
|
32.2
|
Certification
pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002 (Chief Financial Officer)
|
22
SIGNATURES
In
accordance with the requirements of the Securities Exchange Act of 1934, the
registrant caused this report to be signed on its behalf by the undersigned,
hereunto duly authorized.
|
|
|
|
GAMMACAN INTERNATIONAL, INC.
|
|
|
|
|
|
Registrant
|
|
|
|
Date: May
14, 2008
|
By:
|
/s/ Limor Zur-Stoller
|
|
|
|
|
|
Limor Zur-Stoller
|
|
|
Chief Financial Officer
|
23
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