VANCOUVER, BC--(Marketwired - November 18, 2016) - Pacgen Life Science Corporation ("Pacgen" or the "Company") (TSX VENTURE: PBS) announced today it has granted incentive stock options to executives, directors and consultants of the Company for the right to purchase up to an aggregate of 3,025,000 common shares of the Company. These stock options are exercisable at a price of $0.08 per share, for a term of five years, and vest immediately. The terms of these stock options are in accordance with the Company's Stock Option Plan.
The issuance of these stock options is consistent with Pacgen's compensation strategy to attract and retain key personnel necessary to build shareholder value and establish Pacgen as an emerging life sciences company.
As a result of the above grant, Pacgen now has stock options outstanding to purchase up to an aggregate of 3,075,000 common shares of the Company or approximately 5.76% of the Company's presently issued and outstanding common shares.
Pacgen is a life sciences company focused on the commercialization of innovative life science products. The Company has an exclusive worldwide license to develop and commercialize a novel antifungal called P113, also known as PAC-113. The Company has sublicensed its P113 right to General Biologicals Corporation ("GBC"), who has recently launched non-prescription over-the-counter ("OTC") products containing P113. In accordance with the sublicense arrangement, Pacgen is entitled to royalties based on product sales and sublicensing revenue.
P113 is a 12 amino-acid antimicrobial peptide derived from a naturally occurring histatin protein found in saliva. Histatin proteins play important roles in the human body's natural defense system against oral diseases including oral cavity, oral candidiasis and esophagus infection among others. P113, invented by Professor Frank Oppenheim of the Boston University, has been tested in research studies for its antimicrobial activity against a number of fungal and bacterial strains. For both bacteria and fungi, the compound had been shown to kill cells as opposed to simply inhibiting their growth. P113 was evaluated in Phase 1 and Phase II clinical studies for treatment of gingivitis and oral candidiasis up to Phase II. Clinical data to date suggest that P113 is safe and effective in the treatment of gingivitis and oral candidiasis. GBC has recently launched non-prescription OTC products including mouthrinse solution, oral mouth spray, feminine cleansing wash, feminine soothing spray, as well as anti-bacterial hand cream. These products are marketed in Taiwan under a tradename P113+ with an assigned INCI (International Nomenclature of Cosmetic Ingredients) name called sh-oligopeptide-81.
For additional information, please visit www.pacgenlife.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 product development, 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, acquisition of new products, and the successful and timely completion of corporate collaborations or licensing arrangements for its 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 product development and obtaining regulatory approval, going concern assumption, dependence on collaborative and license partners, our ability to protect our intellectual property, our ability to stay competitive in a rapidly changing industry environment, and our ability to raise new capital.
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 29, 2016, 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.