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PharmaGap Announces Agreement for the Issuance of Shares to National Research Council of Canada

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^{Published in Health and Fitness on Tuesday, June 23rd 2009 at 5:28 GMT, Last Modified on 2009-06-23 05:29:03 by Market Wire}  

 OTTAWA, June 23 /CNW Telbec/ - PharmaGap Inc. (TSX-V: GAP) ("PharmaGap" or "the Company") today announced that it has reached agreement with the National Research Council of Canada (the "NRC") to convert $215,201 owed by the Company to the NRC into common shares at a price of $0.15 per common share. Pursuant to this agreement, a total of 1,434,676 common shares will be issued to the NRC as full settlement of the debt. Following the conversion, the NRC will hold a total of 2,740,101 common shares, being approximately 3.2% of the 86,160,756 common shares then outstanding. Said Robert McInnis, President of the Company, "We are pleased that the NRC recognizes the value potential in our Company, and appreciate its continued support as a valued partner". The common shares will be issued pursuant to TSX Venture Exchange ("TSX-V") Policy 4.3, "Shares for Debt", and the issuance is subject to approval by the TSX-V. The Company also announces the appointment of Ms. Sue Kavanagh as Corporate Secretary of the Company effective immediately. Sue is Manager, Corporate Services at Perley-Robertson, Hill & McDougall LLP, with over 30 years of experience in corporate and securities law. Sue has acted, and continues to act, as Corporate Secretary for numerous private and public corporations. The Company also clarifies its press release issued on June 17, 2009. The number of warrants issued to Capital Street Group as finders fees for its distribution group was 275,965 warrants and not the 275,695 warrants referred to in that press release. 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. The Company's strategy is to out-license drug compounds to larger life sciences companies at the preclinical stage. For more information please visit [ www.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. 

For further information: Robert McInnis, President & CEO, (613) 990-9551, [ bmcinnis@pharmagap.com ]