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PharmaGap announces collaboration with leading cancer research institute

25 Nov 2005 - PharmaGap Inc., a biotechnology company developing novel therapeutic compounds for the treatment of cancer, announced that it has signed a Memorandum of Understanding ("MOU") with the Oregon Health and Science University Cancer Institute to pursue a collaborative development effort for the Company's lead drug compound, PhG-alpha-1, a selective inhibitor of a protein kinase known as PKCalpha, and for the Company's pipeline of PKC inhibitors. Under the terms of the MOU, PharmaGap and the OHSU Cancer Institute will first work toward the development of a formal collaboration agreement, which will include a project work plan and cost and revenue sharing arrangements. PharmaGap will retain all ownership, sale and licensing rights to the compounds.
 
The OHSU Cancer Institute led and was one of five centres worldwide that participated in clinical trials for Gleevec, a tyrosine kinase inhibitor that was developed by Dr. Brian Druker, Director of the Institute's Leukemia Center, in collaboration with Novartis Pharmaceuticals. Gleevec has been approved for use in patients with chronic myelogenous leukemia and gastro-intestinal stromal tumors. Gleevec was the first drug approved that demonstrated that a therapy targeted to a specific molecular defect could be effective in patients. PharmaGap's research platform targets cellular signalling pathways controlled by Protein Kinase C (PKC) isoforms.
 
There can be no assurance at this time that the Company will be successful in reaching agreement with the OHSU Cancer Institute on a binding collaboration agreement.