Chemaphor Inc.
TSX VENTURE : CFR

Chemaphor Inc.

July 29, 2009 09:00 ET

Chemaphor Receives Recognition From Federal Government for Innovative Research and Development

OTTAWA, ONTARIO--(Marketwire - July 29, 2009) - On Thursday, July 23, 2009 in Charlottetown, P.E.I. the Honourable Gary Goodyear, Minister of State (Science and Technology), announced a contribution to Chemaphor Inc. (TSX VENTURE:CFR) from the National Research Council of Canada Industrial Research Assistance Program (NRC-IRAP).

The funding supports an innovative research and development project that will assist Chemaphor in developing high-tech biotechnology solutions for global markets.

Chemaphor is a biotechnology research innovator, developing and commercializing products for animal health, skin care, cosmetics, pharmaceutical, and specialty chemical markets. The company was the first client to reside in NRC's Industry Partnership Facility in Charlottetown when it opened in 2007

The $296,386 contribution from the Government of Canada will support Chemaphor in researching, developing and commercializing leading-edge technology that promotes better human and animal health.

"Investing in science and technology is critical for developing highly skilled people and improving the long-term competitiveness of Canadian firms," said NRC President Dr. Pierre Coulombe. "That's why NRC-IRAP is helping innovative Canadian businesses such as Chemaphor grow stronger, faster and bigger."

Chemaphor is also being recognized as a Canadian Innovation Leader, linking scientific research to commercialization, jobs, and economic growth.

A Canadian Innovation Leader is a small- or medium-sized enterprise (SMEs) that demonstrates specific advances in research and development within its industrial sector. NRC created the Canadian Innovation Leader Certificate Program to recognize Canadian firms that have successfully developed and applied innovative technologies.

"NRC-IRAP is playing an important role in the success of our company," said David Hankinson, Chairman of the Board for Chemaphor. "The financial support we are receiving from NRC-IRAP will help us continue to innovate high-tech biotechnology solutions that benefit all Canadians. In particular, the grant will help accelerate development of the commercialization of products, based on Chemaphor's oxidized carotenoid technology, for applications in improving the health and well-being of companion animals through enhancement of their immune function."

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 press release contains forward-looking statements regarding, among other things, Chemaphor's beliefs, plans, objectives, strategies, estimates, intentions and expectations. Actual results and events may differ materially from those included in, contemplated or implied by such forward looking statements for a variety of reasons. When used in this press release, the words "seek", "believe", "develop", "intends", "will", "may", "potential", "should" and similar expressions are intended to be among the statements that identify forward-looking statements. Forward-looking statements are subject to inherent risks and uncertainties including, but not limited to, market and general economic conditions, the availability to attract and retain key personnel, the availability and terms of financing, the scientific and commercial viability of planned products, changes in Chemaphor's relationship with its key suppliers and partners, competitive factors, changes in regulatory environments affecting Chemaphor's business, and the accuracy in management's assumptions. This list is not exhaustive of the factors that may affect any of Chemaphor's forward-looking statements. Investors and others should carefully consider these and other factors and not place undue reliance on these forward-looking statements. In addition, these forward-looking statements relate to the date on which they were made and Chemaphor disclaims and has no intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

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