PharmaGap raises $1 million

PharmaGap Inc. sells 5.6 million equity PharmaGap-logo.JPGsecurities, raising over $1 million, which it will use for additional testing of its lead cancer drug PhGalpha1 and general working purposes. Consisting of one common share and one purchase warrant, the units sold for 12.5 cents each in two offerings, with two million units picked up by investors on May 4 and another 3.6 million on June 4. PharmaGap announced in early may that PhGalpha1 had shown in initial tests to improve the effectiveness of a commonly used chemotherapeutic drug in killing cancer cells by approximately 50%.

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