VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 25, 2012) - Pacgen Biopharmaceuticals Corporation ("Pacgen" or the "Company") (TSX VENTURE:PGA) announced today that it has closed its previously announced private placement (the "Private Placement") of 5,376,350 common shares to CurieMed Corporation. The common shares are issued at $0.0558 per common share, for aggregate subscription proceeds of $300,000.
All securities issued pursuant to the Private Placement will be subject to a four-month hold period ending on May 26, 2012. The Company intends to use the net proceeds of the Private Placement for working capital and to support corporate and partnership transaction discussions. The Private Placement is subject to regulatory approval, including the final approval of the TSX Venture Exchange.
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. The Company is currently looking to facilitate its corporate transformation from a bio-pharma R&D business into a revenue-generating company. 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 November 28, 2011 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.
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