GBC Globeecom International Inc. (Tier2)

Pacgen Life Science Corporation ("Pacgen" or the "Company") (TSX VENTURE:PBS)
announced that it has entered an agreement (the "Agreement") with General
Biological Corporation ("GBC") pursuant to which the Company will sublicense to
GBC the right to develop and commercialize PAC-113, a 12 amino-acid
antimicrobial peptide derived from a naturally occurring histatin protein found
in human saliva. 


Under the terms of the Agreement, Pacgen will sublicense to GBC its worldwide
exclusive right to develop and commercialize prescription and non-prescription
pharmaceutical products containing PAC-113 or one or more related peptides for
the treatment of any oral condition (excluding transitional skin-mucous membrane
areas), as well as vaginal, dermatological and ophthalmic conditions. In
exchange, GBC will pay Pacgen both an upfront payment and minimum annual royalty
payments. GBC will also pay Pacgen milestone payments and royalty payments
linked to marketing approvals and product sales, respectively. Completion of the
transaction contemplated by the Agreement is subject to approval by the TSX
Venture Exchange and approval by the shareholders of the Company.


GBC currently owns 20.38% of the Company's issued and outstanding common shares.
Mr. Tsong Chin Lin, the Chairman and Chief Executive Officer of GBC, owns an
additional 2.36% of the issued and outstanding common shares and Dr. Ming Sun
Liu, the Executive Vice-President of GBC, owns an additional 0.42% of the issued
and outstanding common shares. Mr. Lin and Dr. Liu had previously resigned as
directors and officers of the Company. 


The Company will be holding an annual and special meeting of shareholders in
February 2014 for its shareholders to consider the Agreement, among other annual
shareholder meeting matters. Mr. Chung-Yu Wang, Mr. John Hsuan, Mr. Fred Huang,
Dr. Telvin Ju and Dr. Jeng-Horng Her will stand for re-election to the board of
directors of the Company at the meeting. 


About Pacgen

Pacgen is a life science technology company focused on the commercialization of
biomedical products and services, including its previous development of novel
therapeutic drug candidates. For additional information, please visit
www.pacgenlife.com.


NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT
TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. 


Forward looking Statements

Certain statements included in this press release may be considered
forward-looking. Statements relating to, among other things, anticipated
financial performance, business prospects, strategies, regulatory developments,
market acceptance and future commitments constitute forward-looking statements.
All forward-looking statements are based on Pacgen's current beliefs and
expectations as well as assumptions relating to the successful completion of its
clinical trials and pre-clinical studies, the time and process required to
obtain regulatory approval for commercialization of its product, the ability of
Pacgen to raise additional capital in future on favourable terms, the impact of
competitive products and pricing in the market, new product development, and the
successful and timely completion of corporate collaborations or licensing
arrangements for its research programs. Such statements involve known and
unknown risks, uncertainties and other factors that may cause actual results,
level of activity, performance or achievements to be materially different from
those implied by such statements, and therefore these statements should not be
read as guarantees of future performance or results. Such factors include, among
others, our stage of development, lack of product revenues, additional capital
requirements, risk associated with completion of clinical trials and obtaining
regulatory approval, dependence on collaborative partners, and our ability to
protect our intellectual property. 


Wherever possible, words such as "anticipate", "believe", "expect", "may",
"could", "will", "potential", "intend", "estimate", "should", "plan", "predict",
"project" or the negative or other variations of such expressions reflect
Pacgen's current beliefs and assumptions and are based on the information
currently available to Pacgen. Certain risks and uncertainties, including those
risk factors identified by Pacgen in its annual management's discussion and
analysis dated August 5, 2013, may cause our actual results, level of activity,
performance or achievements to differ materially from those implied by forward
looking statements. Readers are cautioned not to place undue reliance on these
forward-looking statements, which are made only as of the date of this press
release. Pacgen disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise, except as required by law. For all forward-looking
statements, Pacgen claims the safe harbour for forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Pacgen Life Science Corporation
Chung-Yu Wang
Chairman and Interim Chief Executive Officer
604-436-4388
cy.wang@pacgenlife.com


Pacgen Life Science Corporation
Christina Yip
Chief Financial Officer and Secretary
604-436-4388
christina.yip@pacgenlife.com
www.pacgenlife.com

Globeecom International Inc. (Tier2) (TSXV:GBC)
Historical Stock Chart
From Oct 2024 to Nov 2024

Globeecom International Inc. (Tier2) (TSXV:GBC)
Historical Stock Chart
From Nov 2023 to Nov 2024