PharmaGap Inc. (GAP) Announces Appointment to Clinical Development Group; Search for Chief Operating Officer to Guide Lead Drug to Clinical Trials
OTTAWA, ONTARIO--(Marketwire - June 01, 2010) - PharmaGap Inc. (TSX VENTURE: GAP) (OTCBB: PHRGF) ("PharmaGap" or "the Company") today announced the appointment of Dr. Kenneth K. Sokoll, PhD., to the Company's Clinical Development Group ("CDG"). Dr. Sokoll has extensive hands-on experience in the planning, management, oversight, and delivery of programs to take preclinical drug compounds into and through human clinical trials. The Company also reported that it is actively seeking an experienced drug development executive to assume the key role of Chief Operating Officer as its lead cancer drug GAP-107B8 progresses to Clinical Trials.
Dr. Sokoll stated that "I am very excited about PharmaGap's drug program, and look forward to being a key part of the program at this very critical juncture. I am especially keen to be involved with a Canadian company, in my own backyard, and am pleased to have been invited to join the PharmaGap team."
Dr. Sokoll has served in an executive role in the drug development industry since 2003, and has served in a variety of product development roles since 1994 in Canada, the U.S., and France. He has assumed full responsibility for clinical trials, clinical trial protocol development and delivery, as well as development of strategies for clinical development of lead drug candidates, preclinical development, and chemistry, manufacturing and control (CMC) requirements, among others.
Robert McInnis, President and Chief Operating Officer, commented "We are thrilled to be able to find a drug developer with Dr. Sokoll's background and experience in the Ottawa area, to take hands-on direction of our program toward clinical trials for GAP-107B8. The Company is now at the stage where experience in delivering the vast amount of detail required to gain approval for clinical trials and to be able to direct the Company's effort in this regard is most needed, and the addition of Dr. Sokoll to our team is most welcome. I would like to thank our current Chief Operating Officer, Simon Goulet, who will be leaving the Company, for his efforts in helping us bring the company to where we are today. The continued and accelerating evolution of the Company toward Clinical Trials now demands a different set of skills and experience in this important role to move the Company forward."
Rod Bryden, Chairman of the Company and Chairman of SC Stormont Holdings Inc. ("Stormont"), the Company's largest shareholder, said "These actions are important steps in the development of PharmaGap. As previously announced Stormont is exercising warrants with an exercise price of just over twenty cents a share and will exercise these warrants in a series of elections over the coming weeks to continue to support the Company in funding its operations. Stormont currently holds a total of 2,265,359 of these warrants. I am glad to be able to take this opportunity to add to Stormont's investment in PharmaGap, which I see as a long term position for us."
About PharmaGap Inc.
PharmaGap Inc. (TSX VENTURE: GAP), 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 highly cytotoxic to numerous cancer types, including chemo-resistant cancers, in vitro. For more information on PharmaGap please visit the Company's website at 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.
President & CEO