PharmaGap sells shares here, talks drugs there

OTTAWA — PharmaGap Inc. raised about $333,000 this week in a private equity placement. The funds are to be used for the company's drug development PharmaGap-logo-122X25.JPGprogram and for general working capital. The Ottawa biotech company is working on a novel peptide drug to treat cancer.
Scientific results from recent testing of the company’s lead cancer drug compound (GAP-107B8) have been submitted to the American Association of Cancer Research (AACR) for presentation at the AACR’s annual meeting in April 2010.
The company is to meet next month with staff at the U.S. National Cancer Institute (NCI) in Bethesda, Maryland, in order to review data and comparative results generated by NCI in its recent single and five dose testing of GAP-107B8. PharmaGap anticipates that discussions with NCI will be ongoing as development of GAP-107B8 continues. Outcomes of these discussions and additional data from the testing program "will be announced as they become known and are fully analyzed," the company says in a release.

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