Pacgen builds on new leadership and updates options outstanding



    TSX-V: PGA

    VANCOUVER, March 30 /CNW/ - Pacgen Biopharmaceuticals Corporation
("Pacgen" or the "Company") (TSX-V: PGA) announces that it recently granted
options to acquire a total of 997,000 common shares of Pacgen and cancelled
options to acquire 300,000 common shares. These changes in the Company's
outstanding options are consistent with its plan to attract and retain the key
people necessary to build shareholder value and establish Pacgen as an
emerging North American biotechnology company.
    With the support of Dr. David Cheng, Pacgen co-founder and former CEO,
the Company has cancelled his options to acquire 240,000 common shares that
were granted as part of his compensation package as CEO. This decision is a
show of support for the new leadership and also demonstrative of his
commitment to the success of Pacgen and its ability to attract and retain key
members of management.
    As the newly appointed President & CEO of Pacgen, Mr. Robert DuFresne was
granted options to acquire 500,000 common shares at an exercise price of $0.65
per share until March 27, 2015. Twenty percent of these options will vest
immediately and the remaining options will vest annually over a three year
period, in equal instalments, commencing on the first anniversary of the date
of grant.
    Pacgen also granted options to its non-executive directors to purchase
120,000 common shares of Pacgen at $1.05 per share until March 6, 2012. The
options to directors vest immediately. The remaining new options to acquire
367,000 common shares of Pacgen were granted to employees and scientific
advisory board members in accordance to their employment or consulting
agreements. These options are exercisable at various exercise prices ranging
from $1.05 to $1.16 per share and expire from March 6, 2012 to March 6, 2015.
Pacgen also cancelled options to acquire 60,000 common shares following the
termination of an employment agreement with an employee.
    As a result of the changes described above. Pacgen now has options
outstanding to purchase 2,499,000 common shares of Pacgen or approximately
8.19% of the Company's presently issued and outstanding shares.

    About Pacgen
    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 I/II 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 has an early stage research program. The most advanced of three
candidates is a peptide therapeutic, PAC-G31P, which is currently being
investigated in preclinical studies for its potential to treat inflammatory
disease. The Company was founded in 2004, completed its IPO in December 2006
and raised CDN $7M to support the advancement of its programs, as well as
establish itself as an emerging North American biotechnology company. 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
Legislation Reform.

    %SEDAR: 00024179E




For further information:

For further information: Christina Yip, CFO, Pacgen Biopharmaceuticals
Corporation, Phone: (604) 436-4388, Email:cyip@pacgenbiopharm.com

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PACGEN BIOPHARMACEUTICALS CORPORATION

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