Pacgen Biopharmaceuticals Files for Initial Public Offering

Vancouver, BC, Canada, August 30, 2006 – Pacgen Biopharmaceuticals Corporation (“Pacgen”) announced today that it has filed a preliminary prospectus with the securities regulatory authorities in British Columbia, Alberta, Saskatchewan, Manitoba and Ontario with a proposed initial public offering of its common shares. The offering will be made through Canaccord Capital Corporation and Jennings Capital Inc. on a commercially reasonable efforts basis.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale or any acceptance of an offer to buy, these securities in the applicable provinces before a receipt for the final prospectus or other authorization is obtained from the securities commission or similar authority in such province. Copies of the preliminary prospectus may be obtained from www.sedar.com.

The securities offered have not and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act"), or the securities laws of any state of the United States of America (the “United States”) and, subject to certain exceptions, may not be offered, sold or otherwise disposed of, directly or indirectly, within the United States or its territories or possessions, or to or for the account or benefit of U.S. persons (as defined in Regulation S of the 1933 Act) except in transactions exempt from the registration under the 1933 Act and under the securities laws of any applicable state. The prospectus does not constitute an offer to sell or a solicitation of an offer to buy any of the securities offered within the United States, its territories or possessions or to or for the account or benefit of a U.S. Person.

About Pacgen

Pacgen Biopharmaceuticals Corporation is an international life sciences company specializing in the development of innovative peptide therapeutics for the prevention and treatment of infectious diseases and immune system regulation diseases where current therapies are inadequate or ineffective. Pacgen’s lead product candidate is PAC-113, a novel antifungal formulated in a mouth rinse solution to treat oral candidiasis (phase I/II). PAC-G31P is the company’s lead product candidate in the area of immune system regulation diseases and is designed to treat inflammatory diseases characterized by non-beneficial neutrophil recruitment (preclinical). Inflammatory lung diseases such as acute respiratory distress syndrome, asthma, pneumonia and chronic obstructive pulmonary disease are currently being considered as lead clinical indications for this product candidate.

Other preclinical or research programs that the company are undertaking include PAC-525, an antibacterial drug candidate for the treatment of ventilator associated pneumonia (preclinical) and PAC- 745, an immune system enhancer with the potential to treat viral diseases such as Hepatitis B and C (research & development).

Pacgen is headquartered in Vancouver, British Columbia, Canada. For additional information, please visit www.pacgenbiopharm.com.

Contact
James Beesley, B.Sc., D.C.
Director of Corporate Communication
Pacgen Biopharmaceuticals Corporation
Tel: (604) 436-4388 Ext. 107
Email: james@pacgenbiopharm.com

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