PharmaGap Inc. Completes Conversion of NRC Debt to Shares

OTTAWA, ONTARIO--(Marketwire - November 04, 2010) - PharmaGap Inc. (TSX VENTURE: GAP)(OTCBB: PHRGF) (“PharmaGap” or “the Company”) today announced that it has exchanged final documentation with the National Research Council of Canada (“NRC”) required to complete the conversion of debt owed by PharmaGap to the NRC in the amount of $219,888.62 into 1,293,462 common shares of PharmaGap. These common shares are restricted from trading until January 21, 2011.

About PharmaGap Inc.

PharmaGap Inc. (TSX VENTURE: GAP)(OTCBB: PHRGF), 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.

Note: 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.