TORONTO - Shares of PharmaGap Inc. (TSXV:GAP), an Ottawa-based drug developer, rose nearly 26 per cent Thursday after the company said it is seeking a licensing deal with a major pharmaceutical company for its lead cancer drug.
PharmaGap sock gained four cents to close at 19.5 cents on the TSX Venture Exchange — a gain of 25.8 per cent in heavy trading of 3.8 million shares.
Before markets opened Thursday, the company said it has been in talks with several major drug companies in the cancer field, while it continues testing its key cancer drug.
"Targeted testing will continue at an accelerated pace as we work to deliver the data required for a valuable licensing agreement and the introduction of our lead drug to clinical use," said president Robert McInnis.