Backing for cancer drug development

PharmaGap Inc. negotiates a private placement PharmaGap-logo-203X42.JPGdeal with Dundee Securities Corporation and will use the $550,000 proceeds to develop its lead cancer treatment drug, PhGalpha1. Dundee purchased two million common equity units and 2.4 million Series I preferred shares, both at 12.5 cents each and consisting of one common share and one purchase warrant. “This issue provides the basis to complete the testing program underway at Queen’s University, and at Memorial Sloan-Kettering Cancer Center in New York,” says Robert McInnis, president of PharmaGap, adding that the investment will also allow the company to undertake specific additional testing requested by potential licensing and development partners.

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