- Pacgen Announces Issuance of Stock Options
Pacgen Announces Issuance of Stock Options
Vancouver, BC, Canada (April 4, 2011) – Pacgen Biopharmaceuticals Corporation ("Pacgen") (TSX-V: PGA) announced today the issuance of an aggregate of 1,873,000 stock options to directors and officers of the Company. Each option will have an exercise price of $0.06 per share and expire no later than February 14, 2016.
The Company also announced today that it has issued 149,125 common shares at an average price of $0.10 per share in connection with a conversion of approximately $15,000 of indebtedness into shares. This conversion of debt into equity was completed in connection with previously announced financial restructuring in 2010.
Pacgen Biopharmaceuticals Corporation is an emerging life science company with diversified portfolio covering both commercial diagnostic products as well as pharmaceutical drug candidates. Pacgen’s pharmaceutical division focuses on the commercial development of novel therapeutic drug candidates up to Phase II, proof of concept efficacy in human. Pacgen’s portfolio includes PAC-113, a Phase II anti-fungal for the treatment of oral candidiasis, and PAC-G31P, a novel peptide therapeutic designed to treat inflammatory diseases characterized by non-beneficial neutrophil. Pacgen’s newly formed diagnostics division focuses its operations in marketing and distribution of in-vitro diagnostic products for use in hospitals, medical laboratories and research organizations in North America and China. For additional information, please visit www.pacgenbiopharm.com.
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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 July 19, 2010 and annual information form dated July 19, 2010, 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 contact:
Yiu Chung Lee
Chief Executive Officer
Chief Financial Officer