VANCOUVER, BRITISH COLUMBIA--(Marketwire -03/06/12)- Pacgen Biopharmaceuticals Corporation ("Pacgen" or the "Company") (TSX-V: PGA.V - News) is pleased to announce the appointment of Mr. Peter Sheu as Chief Operating Officer ("COO"). Mr. Sheu will oversee and implement Pacgen's business development programs. His responsibilities will include strategic planning, formulating and negotiating joint venture and partnership agreements, establishing business relationships, and coordinating with partners, regulators and other stakeholders.
Mr. Sheu brings to Pacgen over 20 years of global business development and operational experience from his previous senior executive roles, in both private and publicly traded companies. He has been involved in technology and consumer products industries, and dealt with many strategic business transactions integrating North American and Asian markets. Mr. Sheu was key to the growth of eGene, Inc., a provider of high-tech biotechnology devices and consumables, from its founder stage to its subsequent acquisition by NASDAQ-listed QIAGEN in 2007. He received a Master of Science degree in Finance from the University of Illinois at Urbana-Champaign.
"Business development is critical to Pacgen's current strategic plan to transform itself into a revenue-generating life science company" said Dr. Ming S. Liu, Chief Executive Officer of Pacgen. "Peter will be a great addition to our team and will help accelerate the completion of business initiatives currently undertaken by Pacgen," added Dr. Liu.
The Company also announced that it has granted stock options to Mr. Sheu to acquire 400,000 common shares at $0.06 per share until February 16, 2017.
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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