OTTAWA , Feb. 6, 2013 /CNW/ - PharmaGap Inc. (GAP.V) (PHRGF) ("PharmaGap" or "the Company") today received notice from the TSX Venture Exchange (the "Exchange") advising the Company of deficiencies in the exchange's Tier 2 listing requirements related to a Working Capital and Assets and Operations. The Exchange has placed the Company on notice, with a deadline of May 7, 2013 by which time the Company is required to provide a submission to the Exchange evidencing that it meets the Tier 2 continued listing requirements. If the Company is not able to satisfy the Exchange that it meets all Tier 2 continued listing requirements by May 7, 2013 , the Exchange will proceed to transfer the Company's listing to NEX, without further notice.
NEX is a separate board of the Exchange for companies previously listed on the Exchange which have failed to maintain compliance with the ongoing financial listing standards of the Exchange. NEX has been designed to provide a forum for the trading of publicly listed companies while they seek and undertake transactions in furtherance of their reactivation as companies which will carry on an active business.
At this time the company does not expect to make a submission to Exchange to seek delay of transfer to NEX.
The Company also reported that Robert C. McInnis, President and Chief Executive Officer has assumed the role of Corporate Secretary on the resignation of Ms. Sue Kavanagh from that position effective immediately.
About PharmaGap Inc.
PharmaGap Inc. (GAP.V), 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 effective in numerous cancer types, including chemo-resistant cancers, in vitro.
Forward Looking Statements
This news release contains certain statements that constitute forward-looking statements as they relate to the Company and its management. Forward-looking statements are not historical facts but represent management's current expectations of future events, and can be identified by words such as "believe", "expects", "will", "intends", "plans", "projects", "anticipates", "estimates", "continues", and similar expressions. Although management believes that expectations represented in such forward-looking statements are reasonable, there can be no assurance that they will prove to be correct.
By their nature, forward-looking statements include assumptions and are subject to inherent risks and uncertainties that could cause actual future results, conditions, actions or events to differ materially from those in the forward-looking statements. If and when forward-looking statements are set out in this news release, PharmaGap will also set out the material risk factors or assumptions used to develop the forward-looking statements. Except as expressly required by applicable securities laws, the Company assumes no obligation to update or revise any forward-looking statements. The future outcomes that relate to forward-looking statements may be influenced by many factors, including, but not limited to: results of ongoing product testing and development; regulatory approvals required to complete development of products; ability to manufacture product at quality and scale for human use on an economically sound basis; patient reimbursement by private and public health insurance programs; unintended side effects of products; competitive products; product liability; intellectual property; reliance on key personnel; risks of future legal proceedings; income tax matters; availability and terms of financing; distribution of securities; effect of market interest rates on price of securities, and potential dilution.
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.
SOURCE: PHARMAGAP INC.