OTTAWA, CANADA--(Marketwire - August 24, 2009) - Chemaphor Inc. (TSX VENTURE: CFR), a biotechnology research and development company, is proud to announce today that it has entered into a second Contribution Agreement with the National Research Council of Canada Industrial Research Assistance Program (NRC-IRAP). This agreement will provide research and development financial support of approximately $271,000. The contribution relates to the development of Chemaphor's OxBC product in a variety of dosage forms for canines. Chemaphor will work in collaboration with several leading Canadian specialty formulation companies in Ontario and Quebec to develop several companion animal OxBC prototype formulations that will undergo subsequent stability, palatability and safety testing. This contribution will also allow for the hire of one full-time analytical chemist.
Dr Paul Dick, CEO of Chemaphor comments, "NRC-IRAP support will play an integral part in aiding Chemaphor's efforts in advancing the development and ultimate commercialization of OxBC pet formulations. Having a strategic collaborator like the NRC makes companies such as Chemaphor stronger and more viable for the long term. We sincerely appreciate the support provided by NRC-IRAP."
This project will complement the current NRC-IRAP project that is being conducted in Chemaphor's laboratory in Charlottetown, Prince Edward Island, to evaluate the efficacy and mode of action of OxBC through a series of canine clinical trials and supporting laboratory studies. Taken together, both NRC-IRAP supported projects will significantly contribute to accelerating the development and commercialization of OxBC products for canines.
Chemaphor Inc. (www.chemaphor.com) uses its core expertise in biology and organic chemistry to develop premium products for the animal health, skin care, human nutraceutical, aquaculture and specialty chemical markets. Chemaphor's goal is to fully exploit its proprietary platform of carotenoid oxidation compounds by finding recognized partners to commercialize its products in multiple, large markets.
OxBC is a proprietary product obtained by the full oxidation of Ã¯Â¿1/2-carotene. More detailed information about OxBC and its biological properties can be obtained by visiting the Chemaphor website listed above.
NRC-IRAP works with small- and medium-sized Canadian firms, providing expertise and advice as well as potential funding in developing their innovative ideas. Financial assistance for this project is a direct result of the Government of Canada's Economic Action Plan outlined in Budget 2009.
This press release contains forward-looking statements regarding, among other things, Chemaphor's beliefs, plans, objectives, strategies, estimates, intentions and expectations. Actual results and events may differ materially from those included in, contemplated or implied by such forward looking statements for a variety of reasons. When used in this press release, the words "seek", "believe", "develop", "intends", "will", "may", "potential", "should" and similar expressions are intended to be among the statements that identify forward-looking statements. Forward-looking statements are subject to inherent risks and uncertainties including, but not limited to, market and general economic conditions, the availability to attract and retain key personnel, the availability and terms of financing, the scientific and commercial viability of planned products, changes in Chemaphor's relationship with its key suppliers and partners, competitive factors, changes in regulatory environments affecting Chemaphor's business, and the accuracy in management's assumptions. This list is not exhaustive of the factors that may affect any of Chemaphor's forward-looking statements. Investors and others should carefully consider these and other factors and not place undue reliance on these forward-looking statements. In addition, these forward-looking statements relate to the date on which they were made and Chemaphor disclaims and has no intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. (Neither 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.)