Biophage Pharma Inc. Announces a $550,000 Loan from Investment Quebec

MONTREAL, July 16 /CNW Telbec/ - (TSX.V: BUG). Biophage Pharma Inc. (Biophage) is pleased to announce that its wholly-owned subsidiary, Biophage Inc., has secured a $550,000 loan facility from Investment Quebec ("IQ") payable in installments. In connection with the Loan, Biophage will issue 136,363 non transferable bonus warrants to IQ, each warrant entitling IQ to purchase one treasury common share of Biophage at a price of $0.11, until July 16, 2009. A resale restriction applies to the warrants and underlying common shares of IQ until November 17, 2007. Today, a first installment of $150,000 was made and 38,181 warrants were issued to IQ.