VANCOUVER, March 13 /PRNewswire-FirstCall/ - Pacgen Biopharmaceuticals Corporation (“Pacgen”) 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 University.
“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. DuFresne.
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 presentation.
To listen live on audiocast, please visit: www.newswire.ca/en/webcast/viewEvent.cgi?eventID=1768140
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).
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 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 Legislation Reform.
CONTACT: Fred Salari, Manager, Investor Relations, Pacgen Biopharmaceuticals, Phone: (604) 629-3380, Email: fsalari@pacgenbiopharm.com
Pacgen Biopharmaceuticals Corporation
CONTACT: Fred Salari, Manager, Investor Relations, PacgenBiopharmaceuticals, Phone: (604) 629-3380, Email:fsalari@pacgenbiopharm.com
