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PharmaGap Inc. (GAP) Grants of Options to Directors and Officers; Approves Conversion of Debt to National Research Council of Canada


9/9/2010 10:01:18 AM

OTTAWA, ONTARIO--(Marketwire - September 09, 2010) - PharmaGap Inc. (TSX VENTURE: GAP)(OTCBB: PHRGF) ("PharmaGap" or "the Company") today reported the granting of 2,000,000 options to Directors and Officers of the Company pursuant to the Company's Employee Stock Option Plan ("ESOP"). These options have a five year term and an exercise price of $0.18 per common share.

The Company also announced today the agreement of both the Board of Directors of the Company and the National Research Council ("NRC") to convert $219,889 owed by the Company to the NRC, principally on account of office and laboratory rent for the period 2003 through early 2007 plus interest thereon, into common shares at a price of $0.17 per common share. Pursuant to this agreement, a total of 1,293,462 common shares will be issued to the NRC as full settlement of the debt.

The common shares will be issued pursuant to TSX Venture Exchange ("TSX-V") Policy 4.3, "Shares for Debt", and the issuance is subject to approval by the TSX-V.

About PharmaGap Inc.

PharmaGap Inc. (TSX VENTURE: 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 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.


Contacts:
PharmaGap Inc.
Robert McInnis
President & CEO
613-990-9551
bmcinnis@pharmagap.com



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