VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 20, 2014) - Pacgen Life Science Corporation ("Pacgen" or the "Company") (TSX VENTURE:PBS) announced that it has closed its previously announced partnership agreement (the "Agreement") with General Biologicals Corporation ("GBC"). Pursuant to the Agreement, the Company has agreed to grant GBC a right to develop and commercialize PAC-113, a 12 amino-acid antimicrobial peptide derived from a naturally occurring histatin protein found in human saliva.
The Company held an annual and special meeting of shareholders on March 18, 2014 (the "AGM") for its shareholders to consider the Agreement, among other annual shareholder meeting matters. At the AGM, Pacgen shareholders unanimously approved the Agreement. The Company has now obtained the approval from the TSX Venture Exchange to proceed with the closing of the transaction with GBC.
Under the terms of the Agreement, Pacgen has granted GBC its worldwide exclusive right to develop and commercialize prescription and non-prescription pharmaceutical products containing PAC-113 or one or more related peptides for the treatment of any oral condition (excluding transitional skin-mucous membrane areas), as well as vaginal, dermatological and ophthalmic conditions. In exchange, GBC has paid an upfront payment and will pay minimum annual royalty payments. GBC will also pay Pacgen milestone payments and royalty payments linked to marketing approvals and product sales, respectively.
At the AGM, Mr. Chung-Yu Wang, Mr. John Hsuan, Mr. Fred Huang, Dr. Telvin Ju and Dr. Jeng-Horng Her were re-elected to the board of directors of the Company.
Pacgen is a life science technology company focused on the commercialization of biomedical products and services, including its previous development of novel therapeutic drug candidates. For additional information, please visit www.pacgenlife.com.
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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 August 5, 2013, 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.