Ottawa, Ontario/February 19, 2009 – PharmaGap Inc. (TSX-V: GAP) (“PharmaGap” or “the Company”) today announced the grant of options to purchase common shares to a number of its directors and officers as follows:
Dr. Jenny Phipps, Chief Scientific Officer and Director 350,000
Dr. Michel Phipps, Director 170,000
Mr. Dan Larkin, Director 100,000
Mr. Robert Letellier, Director 170,000
Mr. Simon Goulet Chief Operating Officer 250,000
Mr. Gerald Leahy Chief Financial Officer 150,000
The Options granted have an exercise price of $0.15 per common share, expire on February 18, 2014, and vest immediately.
In addition to granting the shares set out above, the Company also granted options to other employees and consultants.
About PharmaGap Inc.
PharmaGap Inc. (TSX-V: GAP), based in Ottawa, ON, is a biotechnology company with a core focus on developing novel therapeutic compounds for the treatment of cancer. PharmaGap’s research platform targets cellular signalling pathways controlled by Protein Kinase C (PKC) isoforms. PharmaGap’s lead drug compound, PhG-alpha-1, is in preclinical development and targets PKC alpha. The Company’s strategy is to out-license drug compounds to larger life sciences companies at the preclinical stage. For more information on PharmaGap please visit the Company’s website at www.pharmagap.com.
For information relating to this Release, please contact:
Robert McInnis, President & CEO
(613) 990-9551 bmcinnis@pharmagap.com
Note: The TSX-Venture Exchange does not accept 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.