ALDA Pharmaceuticals Corporation Grants Incentive Stock Options

VANCOUVER, BRITISH COLUMBIA--(Marketwire - October 16, 2009) - ALDA Pharmaceuticals Corp. (TSX VENTURE: APH)(OTCBB: APCSF) (“ALDA”) announces that it has granted incentive stock options to certain directors, senior officers, employees and consultants to purchase an aggregate of 750,000 common shares at an exercise price of $0.55 and a term of five years, expiring on October 15, 2014. The options and shares issuable upon exercise, if any, will be subject to a four-month hold period from the date of grant in accordance with TSX Venture Exchange policy. The grant was pursuant to the Company’s Rolling Stock Option Plan, which was re-affirmed by the shareholders of the Company at an Annual General Meeting held on December 12, 2008 and subsequently accepted by the Exchange. The total number of options outstanding after this grant will be 5,620,000.

About ALDA Pharmaceuticals Corp. (www.aldacorp.com)

ALDA is focused on the development of infection-control therapeutics derived from its patented T36® technology. The company trades on the TSX Venture Exchange under the symbol APH and on the OTCBB under the symbol APCSF.

Terrance G. Owen, Ph.D., MBA, President & CEO

ALDA Pharmaceuticals Corp.

Retail Sales

London Drugs (http://www.londondrugs.com/Cultures/en-US/StoreLocator.htm)

Commercial Sales

Acklands-Grainger Inc. (www.acklandsgrainger.com)

Cautionary Note Regarding Forward-looking Statements: Information in this press release that involves ALDA’s expectations, plans, intentions or strategies regarding the future are forward-looking statements that are not facts and involve a number of risks and uncertainties. ALDA generally uses words such as “outlook,” “will,” “could,” “would,” “might,” “remains,” “to be,” “plans,” “believes,” “may,” “expects,” “intends,” “anticipates,” “estimate,” “future,” “plan,” “positioned,” “potential,” “project,” “remain,” “scheduled,” “set to,” “subject to,” “upcoming,” and similar expressions to help identify forward-looking statements. The forward-looking statements in this release are based upon information available to ALDA as of the date of this release, and ALDA assumes no obligation to update any such forward-looking statements. Forward-looking statements believed to be true when made may ultimately prove to be incorrect. These statements are not guarantees of the future performance of ALDA and are subject to risks, uncertainties and other factors, some of which are beyond its control and may cause actual results to differ materially from current expectations.

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 news release.