VANCOUVER, BRITISH COLUMBIA--(Marketwire - October 07, 2010) - Pacgen Biopharmaceuticals Corporation ("Pacgen" or the "Company") (TSX VENTURE: PGA) announced today that at its recent Annual and Special Meeting ("AGM"), Mr. John Hsuan has been appointed to the Board of Directors.
Mr. Hsuan, an established business leader in Taiwan, brings to Pacgen a wealth of entrepreneur experience. His extensive background includes global operation management, international business development and venture capital experience. Mr. Hsuan has incubated and co-founded more than 20 public companies. He currently serves as Chairman of NCTU Venture Capital, Ltd., NTCU Spring Venture Capital Co., Ltd., Maxima Capital Management, Inc., as well as Faraday Technology Corporation. Mr. Hsuan also currently serves as the Emeritus Vice Chairman of United Microelectronic Corporation ("UMC"), a leading global semiconductor foundry traded on the New York Stock Exchange and the Taiwan Stock Exchange. During his tenure with UMC for over 20 years, he held several senior positions including Chief Executive Officer, Chairman and Vice-Chairman.
Mr. Hsuan holds a Bachelor Degree in Electronic Engineering and an Honorary Ph.D. Degree from National Chiao Tung University in Taiwan. He has received numerous business achievement awards in Taiwan, and has been awarded 44 patents in USA and 41 patents in Taiwan.
"We are honoured to have Mr. Hsuan joining Pacgen" said Mr. Chung Yu Wang, Chairman and President of Pacgen. "Mr. Hsuan will provide invaluable experience and leadership to guide Pacgen and augment our team" added Mr. Wang. With the appointment of Mr. Hsuan and the reappointments of other Pacgen directors at the AGM, the Board of Directors now consists of Mr. Chung-Yu Wang, Mr. John Hsuan, Mr. Tsong Chin Lin, Dr. Telvin Ju, Mr. Kevin McGarry, Dr. Alan Moore, Mr. Fred Huang and Dr. Yiu Chung Lee.
Pacgen is a life science technology transfer company focused on the commercial development of novel therapeutic drug candidates up to Phase II, proof of concept efficacy in human. Pacgen sources innovative therapeutic drug candidates globally, and develops these drug candidates in accordance to the United States Food and Drug Administration regulatory standards to feed the product development pipelines of the pharmaceuticals industry. Pacgen's technology portfolio is composed of PAC-113, an 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.
PAC-113 is a 12 amino-acid antimicrobial peptide derived from a naturally occurring histatin protein found in human saliva. This peptide alters the permeability of fungal cell membranes causing cell death. In June 2008, Pacgen announced positive results from its Phase IIb clinical trial demonstrating that PAC-113 is effective in the treatment of oral Candidiasis and compares favourably to the efficacy demonstrated by Nystatin, a current standard of care. PAC-G31P is a small recombinant protein that is a synthetic analogue of the human cytokine called Interleukin-8 which is the key chemokine involved in neutrophil recruitment. PAC-G31P is currently being investigated in preclinical studies for its potential to treat inflammatory diseases characterized by non-beneficial neutrophil. For additional information, please visit www.pacgenbiopharm.com.
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 31, 2008, 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.
NO REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE CONTENT OF THIS RELEASE. THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.