08.07.2007

PharmaGap Announces Option Grants to Officers and Directors

Ottawa, Ontario/ August 7, 2007 – PharmaGap Inc. (TSX-V: GAP) (“PharmaGap” or “the Company”), a Canadian biotechnology company developing novel compounds to treat cancer, today announced the grant of options to purchase common shares to a number of its directors and officers as follows.

The options were granted on August 2, 2007 and will vest in two equal amounts on December 31, 2007 and December 31, 2008 respectively.  The options have an exercise price of $0.16 per common share and expire on August 2, 2012.

In addition to granting the shares set out above, the company also granted options to other employees and consultants. The grant of options to Mr. Goulet is subject to acceptance of the TSX Venture Exchange pursuant to its Policy 4.4, and, subject to that acceptance, 295,000 options granted in 2003 with an exercise price of $0.59 will be surrendered to the company for cancellation.

About PharmaGap Inc.
PharmaGap Inc. (TSX-V: GAP), based in Ottawa, ON, is a biotechnology company with a core focus on developing novel therapeutic compounds for the treatment of cancer. PharmaGap's research platform targets cellular signaling pathways controlled by protein kinase C (PKC) isoforms. PharmaGap's lead drug compound, PhGalpha1, is in preclinical development. The Company's strategy is to out-license drug compounds to larger life sciences companies at the preclinical stage. For more information please visit the Company's website at www.pharmagap.com.

For information relating to this release, please contact:
Robert McInnis, President & CEO
(613) 990-9551 bmcinnis@pharmagap.com

Note: The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.  No Securities Commission or other regulatory authority having jurisdiction over PharmaGap has approved or disapproved of the information contained herein.  This release contains forward-looking statements that may not occur or may change materially.