OTTAWA, Sept. 19 /CNW Telbec/ - PharmaGap Inc. (TSX-V: GAP) ("PharmaGap"
or "the Company"), a Canadian biotechnology company developing novel compounds
to treat cancer, today announced that it has agreed on revised terms for the
extension of its Convertible Secured Debentures which matured on August 26,
2007 (the "Debentures") and are held by SC Stormont Holdings Inc.
("Stormont"). The agreement previously announced on August 31, 2007 with all
holders of Debentures to extend the maturity date to February 26, 2009 was not
fully approved by the TSX Venture Exchange (the "TSX-V") as it pertains to
Debentures held by Stormont, and therefore cannot be implemented in the manner
approved by the Board of PharmaGap.
