Chemaphor Inc.
TSX VENTURE : CFR

Chemaphor Inc.

April 09, 2009 12:05 ET

Chemaphor Announces a Contribution Agreement With NRC-IRAP

OTTAWA, CANADA--(Marketwire - April 9, 2009) - Chemaphor Inc., (TSX VENTURE:CFR) a biotechnology research and development company, is proud to announce today that it has entered into a Contribution Agreement with the National Research Council of Canada Industrial Research Assistance Program (NRC-IRAP). This agreement will provide research and development financial support of up to approximately $296,000. The contribution relates to the evaluation of Chemaphor's OxBC product in canines being conducted out of Chemaphor's laboratory in Charlottetown, Prince Edward Island, and provides Chemaphor non-refundable reimbursement of a portion of eligible project

"We are committed to expanding the potential of OxBC in other applications, such as companion animals, skin care and human nutraceuticals and to maximize the returns to not only our shareholders but our community stakeholders through government partnerships and funding programs," said Dr. Paul Dick, CEO of Chemaphor. "We are excited to have the assistance of NRC-IRAP, which provides us value-added and relevant technical and business advisory services to help us to advance these important studies."

"These initiatives are incremental to our existing nutrisciences program," continued Dr. Dick. "For example, we also have an ongoing collaborative project with Dr. James Johnston at the NRC Institute for Nutrisciences and Health on Prince Edward Island to examine the effects of OxBC upon immune function." This project is a component of a program that is supported by a $2.1 million repayable funding contribution from the Atlantic Canada Opportunities Agency. The Chemaphor Nutrisciences Program is also being supported with funding from the Province of Prince Edward Island through the Innovation PEI Pilot Fund. "We appreciate the support provided to date and look forward to future additional partnership and funding opportunities with the federal and various provincial governments in Canada," Dr. Dick concluded.

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. Chemaphor'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.

About OxBC

OxBC is a proprietary product obtained by full oxidation of B-carotene. More detailed information about OxBC and its biological properties can be obtained by visiting the Chemaphor website listed above.

Forward-looking statements

This news release contains forward-looking information. These statements relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management of Chemaphor Inc. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements. A number of factors outside of Chemaphor's control, including but not limited to general market and economic conditions and subscriber interest, could cause the proposed private placement to be delayed or fail to close or cause the proposed terms to be changed significantly from those described in this press release. These forward-looking statements are made as of the date hereof and Chemaphor Inc. 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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