PharmaGap fka GAP

[Ubertino]

PharmaGap Seeks Licensing Deal

Press Release Source: PharmaGap Inc. On Thursday June 3, 2010, 8:30 am EDT

OTTAWA, ONTARIO--(Marketwire - 06/03/10) - PharmaGap Inc. (TSX-V:GAP - News)(OTC.BB:PHRGF - News) ("PharmaGap" or "the Company") announced today that it is seeking a Licensing Agreement with a major pharmaceutical company for its lead cancer drug.

The Company has maintained contact with and continues to provide data to the in-licensing groups in several major companies active in the cancer field. Recent tests at the National Cancer Institute and results from current and near term studies have been important in advancing these discussions.

A key element in the licensing interest is the toxicity profile of the drug. Very low to no toxicity within the effective dose range has been observed in earlier animal tests conducted by the Company and confirmed in the results of animal tests recently completed at the Ottawa Hospital Research Institute ("OHRI").

A number of testing activities are underway or are about to start that will provide the Company with additional data for the selection of the cancer target, route of administration and dose levels for GAP-107B8. Results of formal toxicology tests will be announced when available, and additional tests will be designed and pursued in order to complete the data dossier required for clinical trial application and for building value with potential licensing partners. Tests currently underway include:



-- a test designed to determine the duration of time the drug remains
active in blood plasma (using rat subjects at the National Research
Council), in collaboration with Tandem Laboratories. Results of this
study are expected to be available in the next few weeks;
-- an in vitro test of efficacy in melanoma and sarcoma cancer cells at
Memorial Sloan Kettering Cancer Centre, with results expected during
June;
-- a test of GAP-107B8's relative effect against non-cancerous "normal"
cells, an indicator of the drug's toxicity profile, with results
expected in July;

"Targeted testing will continue at an accelerated pace as we work to deliver the data required for a valuable licensing agreement and the introduction of our lead drug to clinical use", said President Robert McInnis. "I hope to announce soon the addition to the company of an experienced executive to lead in this opportunity to deliver an exciting new choice of treatment for cancer sufferers and reward to those who have carried the company to this position", he said.

About PharmaGap Inc.

PharmaGap Inc. (TSX-V:GAP - News), 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.

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.

Contact:

Contacts:
PharmaGap Inc.
Robert McInnis
President & CEO
613-990-9551
[e-mail]
PharmaGap Inc.
Martin Tremblay
IR Consultant
514-351-3736
[e-mail]