I am getting this error while launching the application on device:
Error launching remote program: No such file or directory (/private/var/mobile/Application
If just restarting Xcode and the iPhone does not help, look at your provisioning profiles. Shift-Command-2 brings it up from within Xcode. You can then select the device and then provisioning profiles within that. Deleting your profiles (mine had numerous similar-looking entries created by Xcode) and then restarting Xcode and the iPhone clears the problem.
If your app is a background app you will need to manually delete the app before deploying the new version. For example, say you've an iBeacon aware app, and mark yourself as a background consumer of Bluetooth Low Energy then the OS keeps some record of your app even when it is not running. This record is not properly cleared out when a new version is deployed (iOS 7.0.4). That will cause the reported error, as well as hang the debug and deployment protocol to the handset. The handset will need a restart.
A hack to sidestep the problem is to change the bundle id of your app to something that the phone has not seen. Then it deploys to the handset as a newly seen app avoiding problems from references to the old app.