VANCOUVER, March 13 /CNW/ - Pacgen Biopharmaceuticals Corporation
("Pacgen") (TSX-V: PGA) is pleased to announce the appointment of Robert
'Duffy' DuFresne as President and Chief Executive Officer. Mr. DuFresne
replaces Dr. David Cheng who held the position since he co-founded the company
in 2004. Dr. Cheng will continue to lead scientific affairs at Pacgen as Chief
Scientific Officer and also as a Director. Mr. DuFresne will also be joining
the Board as a Director.
"Duffy is a seasoned biotechnology executive who has significant
experience in building successful North American biopharmaceutical companies"
said Mr. Chung-Yu Wang, Chairman of the Board of Directors. "We are very
pleased to have Duffy on board as we focus on building our team, advancing our
lead product, PAC-113, through Phase II studies and increasing our profile as
a leader in peptide based therapeutics," added Mr. Wang.
Mr. DuFresne was President and CEO of Zelos Therapeutics Inc, and prior
to that President and CEO ConjuChem Inc. He has over 25 years of experience in
the biotechnology, pharmaceutical and medical device industries. His
background includes functional responsibilities in the areas of business
development, finance, and general management. Mr. DuFresne also held the
positions of President and COO at Anika Therapeutics and Senior Vice
President, Marketing and Business Development at Alpha-Beta Technology. Mr.
DuFresne's pharmaceutical industry experience includes senior management
positions at the Canadian subsidiary of Boots Pharmaceutical, and at Baxter
International. Mr. DuFresne received his B.A. and M.B.A. from Harvard
"For an emerging biotech company, Pacgen is in an excellent position to
support strategic collaborations and build its investor base in North America"
said Mr. DuFresne. "With its lead product already into a Phase II clinical
program and a solid early stage pipeline of products, I am very much looking
forward to being part of building the value of this company," added Mr.
Conference Call Notification
Pacgen will hold a teleconference and audiocast on Tuesday, March 13,
2007 at 4:30pm EST (1:30pm PST). Please dial 416-644-3418 or toll free
1-800-732-1073 to access the call. Questions can be asked at the end of the
To listen live on audiocast, please visit:
To hear a replay of the presentation if missed, please dial 416-640-1917
(Passcode: 21222739 followed by the number sign), or toll free at
1-877-289-8525 (Passcode: 21222739 followed by the number sign).
Pacgen is a life sciences company focused on the development of peptide
therapeutics for the treatment of infectious and inflammatory diseases. The
Company's lead product, PAC-113, is an antifungal in a phase Ib/IIa clinical
trial in the United States and South Africa. Preliminary efficacy data from
this study is expected during the second quarter of calendar year 2007. Pacgen
also plans to file investigational new drug application or clinical trial
application in North America in late 2007 for PAC-G31P which is currently
being investigated in pre-clinical studies for its potential to treat
inflammatory diseases such as acute respiratory distress syndrome. For
additional information, please visit www.pacgenbiopharm.com.
NO REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE CONTENT OF THIS
RELEASE. THE TSX VENTURE EXHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE
ADEQUACY OR ACCURACY OF THIS RELASE.
Forward looking Statements
Certain statements included in this press release may be considered
forward-looking. Such statements involve known and unknown risks,
uncertainties and other factors that may cause actual results, 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. All forward-looking statements are based on Pacgen's
current beliefs as well as assumptions made by and information currently
available to Pacgen and relate to, among other things, anticipated financial
performance, business prospects, strategies, regulatory developments, market
acceptance and future commitments. Readers are cautioned not to place undue
reliance on these forward looking statements, which speak only as of the date
of this press release. Due to risks and uncertainties, including the risks and
uncertainties identified by Pacgen in its Final Prospectus dated November 28,
2006, actual events may differ materially from current expectations. 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. For all forward-looking statements, Pacgen claims the safe harbour
for forward-looking statements within the meaning of the Private Securities
For further information:
For further information: Fred Salari, Manager, Investor Relations,
Pacgen Biopharmaceuticals, Phone: (604) 629-3380, Email: