Chemaphor Inc.
TSX VENTURE : CFR

Chemaphor Inc.

April 25, 2007 08:30 ET

Chemaphor Inc. Provides Update on Business at Annual General Meeting

OTTAWA, ONTARIO--(CCNMatthews - April 25, 2007) - Chemaphor Inc. (TSX VENTURE:CFR), a biotechnology research and development company, today provided a corporate update as presented at its shareholders' annual general meeting.

"We at Chemaphor are proud of our accomplishments in the past year", said Dr. Graham Burton, President and Chief Executive Officer. "We have signed a major partnership agreement, completed a significant financing and now have in place an important federal funding arrangement. We recognize that these are just the initial building blocks necessary for achieving commercial success with our products and increasing shareholder value. Our primary focus continues to be driving early revenue from the platform that we have built. We are also happy to report that our new Nutrisciences team in Prince Edward Island is already beginning to produce tangible benefits that may lead to significant advancements in our technology base and our ability to pursue additional commercial opportunities. We have advanced our corporate governance substantially since becoming a public company less than two years ago and we are pleased with the strong slate of directors that has been elected for the coming year. We feel that the plan for OxBC we have envisioned for some time is coming together well and we are excited by the prospects it holds both for us and our shareholders."

In addition to the proceedings of the annual general meeting, options to purchase up to 674,000 common shares of Chemaphor were granted to directors and officers. The options were granted pursuant to the terms of Chemaphor's stock option plan and are exercisable at $0.39 per share. These grants form part of a total remuneration package. Stock option grants are subject to necessary regulatory approvals.

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 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. 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. 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.)

Contact Information

  • Investor Relations:
    Evolution Group Inc.
    Sylvain Archambault
    514-448-4887 or 866-703-4887 (toll free)
    s.archambault@evolutiongrp.com
    or
    Chemaphor Inc.
    Dr. Graham Burton
    613-990-0969