BUG-V (aka: BIPMF) BIOPHAGE PHARMA INC JUL 07 2006 06:13 AM
Signs an MOU with Two U.S. Companies
Indus & ISC to develop & manufacture a new generation of PDS(R)
biosensors
Biophage Pharma Inc. ("Biophage") announces that it has signed a
memorandum of understanding with two U.S. companies, Indus Instruments,
Houston, Texas ("Indus"), and International Science Consulting, LLC, West
Haven, Connecticut, ("ISC"), for the development and manufacturing of the a
new generation of PDS(R) biosensors.
Under this MOU, Indus and ISC will develop for Biophage proprietary
equipment for the detection of live bacterial pathogens and their toxins.
As compensation, Indus and ISC will receive US$50,000 and 3,800,000
non-transferable warrants, each such warrant entitling the holder thereof
to purchase one common share of the capital of Biophage at any time, for a
period of two years after the date of its grant. Out of the 3,800,000
abovementioned warrants, 2,800,000 will be exercisable at a price of
CAN$0.12 and 1,000,000 will be exercisable at a price of CAN$0.30. The
parties have agreed to enter into a more detailed development agreement.
"Over the coming weeks and months, I look forward to sharing with our
stockholders the new technologies and commercial markets we will be
entering with our new generation of biosensor technologies," commented Dr
Mandeville, President and CEO of Biophage Pharma Inc.
"We are very excited with the opportunity to partner with Biophage
Pharma and help them acquire in an opportune time, a competitive PDS(R)
Biosensor units that will be reasonably priced and will offer a higher
level of performance over conventional testing standards," stated Dr
Sridhar Madala, President of Indus Instruments.
About Biophage Pharma Inc.
Biophage Pharma is a high potential Canadian biotechnology company
focused on the development of novel phage-based technologies for the
detection and management of live pathogens and cell cytotoxicity testing.
Founded in 1995, Biophage Pharma has completed the development of its first
prototype PDS (R) Biosensor and is entering in the pre-commercialization
stage. The Corporation has also an important profit center that provides
services in Immunogenicity and Immunotoxicity, in Beryllium sensitivity
testing and MELISA (R) for the detection of allergy to more than 20
different metals and a very large number of allergens including antibiotics
(penicillin, Gentamycin) and pollens. (www.biophagepharma.com;
www.immunotoxlabs.com).
About Indus Instruments
Indus Instruments is a Texas based company specialized in the design,
development, and manufacture of electronic devices and computer systems for
the medical, industrial, and scientific instrumentation markets. Since 1992
Indus has helped numerous clients in a wide variety of fields turn their
ideas into products. Indus offers services ranging from design reviews, R&D
proposal assistance, prototype development, patent applications to
manufacturing assistance. (www.indusintruments.com).
About International Science Consulting, LLC
International Science Consulting, LLC is a Connecticut based scientific
and general management consulting firm whose mission is to help early stage
companies create and sustain a competitive advantage. ISC uses its
knowledge and resource capabilities to assist products, systems and
technologies development. ISC provides focused, practical and high
value-added scientific, management and business development services to
individuals and corporations.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Capitalization Report for Biophage Pharma Inc
Shares Issued: 32221312
Shares Escrow: 7090832
TSX Venture closing price for Biophage Pharma I
Date: 2006/07/06
Closing Price: 0.110
TEL: (514) 496-1488 Biophage Pharma Inc.
Rosemonde Mandeville M.B. Ch.B. PhD
President and Chief Executive Officer
EMAIL: rosemonde.mandeville@biophagepharma.com
TEL: (514) 939-3989 Renmark Financial Communications Inc.
Investor Relations: Christine Stewart
EMAIL: cstewart@renmarkfinancial.com
Christina Lalli
EMAIL: clalli@renmarkfinancial.com
INET : www.renmarkfinancial.com
TEL: (281) 286-1130 Indus Instruments: Sridhar Madala PhD
President
EMAIL: Sridhar@indusinstruments.com
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