VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 30, 2012) - Pacgen Biopharmaceuticals Corporation ("Pacgen" or the "Company") (TSX VENTURE:PGA) announced today that the Company has signed an amendment to its license agreement with Demegen, Inc., to expand its exclusive worldwide rights and license to PAC-113 for additional indications, including vaginal, dermatological and ophthalmic applications. There was no payment associated with the amendment license agreement. All other terms of the license agreement remained unchanged. Pacgen has right to sublicense all these additional indications as well as oral indications covered in its original license.
Dr. Ming S. Liu, Chief Executive Officer of Pacgen reports: "We are currently focused on strengthening our technology portfolio and have undertaken a number of business initiatives, with the expanded PAC-113 license being one of them. Antimicrobial peptides are known to have potent broad-spectrum antimicrobial activities against a wide range of microorganisms including bacteria, protozoa, fungi, and yeast. We believe PAC-113 has potential for a number of important hygienic and medical uses. The extensive safety data package together with the expanded PAC-113 license rights will allow Pacgen to pursue broader business opportunity."
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 favorably to the efficacy demonstrated by Nystatin, a current standard of care.
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 July 29, 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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