PharmaGap is doing some interesting cancer drug research.
They were recently written up in the Ottawa Business Journal
http://www.ottawabusinessjournal.com/288807230724848.php
PharmaGap receives $550,000 for cancer drug development
By Krystle Chow, Ottawa Business Journal Staff
Fri, May 4, 2007 8:00 AM EST
Local biotechnology firm PharmaGap Inc. has received an investment of $550,000 from Dundee Securities Corp on a private placement basis, which it will use to develop its lead cancer treatment drug.
The Ottawa-based company said Dundee had purchased two million common equity units and 2.4 million Series I preferred shares, both at 12.5 cents each. Each unit consists of one common share and one purchase warrant.
PharmaGap's president Robert McInnis said in a statement that the issue would allow the company to complete its testing program at Queen's University in Kingston and at Memorial Sloan-Ketting Cancer Center in New York, as well as to undertake specific additional testing of its lead drug requested by potential licensing and development partners.
"Additional funding from the public offering will provide the financial strength required to move our lead drug – PhGalpha1 – toward clinical trials and to finalize design and synthesize and initiate testing of the company's next pipeline compound," Mr. McInnis added.
He said the funds would also be used to explore its options for completing a licensing agreement or equivalent transaction for PhGalpha1 with potential development partners.
The company said it is also offering up to 15.6 million additional units to accredited investors, in the amount of up to $1.95 million. No closing date has yet been announced for the additional offering.
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