Chemaphor Inc.
TSX VENTURE : CFR

Chemaphor Inc.

November 21, 2008 09:28 ET

Chemaphor Announces Proposed Private Placement

OTTAWA, CANADA--(Marketwire - Nov. 21, 2008) - Chemaphor Inc. (TSX VENTURE:CFR), a biotechnology research and development company today announced plans to seek financing of approximately $1 million, subject to demand for subscriptions, by way of a non-brokered equity private placement. The definitive terms, total amount and pricing of the private placement will be determined through consultation with Chemaphor's advisors and potential subscribers.

Closing of the proposed private placement remains speculative at this point and will be subject to the execution of appropriate agreements with any brokers or finders and definitive subscription agreements with subscribers and the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold within the United States or to US persons unless registered under such Act and applicable state securities laws or an exemption from such registration is available.

About Chemaphor

Chemaphor Inc. (www.chemaphor.com) uses its core expertise in organic chemistry to develop premium products for the animal health, skin care cosmetics, pharmaceutical and specialty chemical markets. The Company's focus is on two proprietary products, a non pharmaceutical product OxBC and a lead cancer drug compound OCL-1. Chemaphor's goal is to fully exploit its proprietary platform of carotenoid oxidation compounds by finding recognized partners to commercialize its products in multiple, large markets.

Forward-looking statements

This news release contains forward-looking information. These statements relate to future events and reflect management's current expectations and assumptions. Such forward-looking statements are based on information currently available to management of Chemaphor. A number of factors beyond the control of Chemaphor could cause the aforementioned private placement to be delayed or cancelled, including general market conditions, failure to locate subscribers willing to participate or failure to obtain the necessary regulatory and other approvals. These forward-looking statements are made as of the date hereof and Chemaphor does not assume any obligation to update or revise them to reflect new events or circumstances.

The TSX-Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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