PharmaGap to begin licensing lead cancer drug PhGalphal

By Lisa Kerner

Charlotte, N.C., June 19 - PharmaGap Inc. said it has begun the process of licensing and selling its lead cancer drug PhGalphal.

Led by Dundee Securities Corp. and Wellington West Capital, PharmaGap is targeting pharmaceutical companies, biotech firms, in-licensing firms and other companies interested in treating cancer through the cell signaling processes.

The process is expected to take four to six months, during which time PharmaGap will continue its series of animal testing designed to support the value of PhGalpha1 in colon, lung and ovarian cancers.

"The pharmaceutical industry itself has continued to evolve toward a model of drug compound acquisition and in-licensing and away from primary reliance on development of products internally, president and chief executive officer Robert McInnis said in a company news release.

Located in Ottawa, Ont., PharmaGap is a biotechnology company developing novel therapeutic compounds for the treatment of cancer.

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