GBC Globeecom International Inc. (Tier2)

Pacgen Biopharmaceuticals Corporation ("Pacgen" or the "Company") (TSX
VENTURE:PGA) reported financial results from its fiscal year ended March 31,
2011 ("Fiscal 2011"). The Company recorded a net loss of $421,468 ($0.01 per
common share), compared to a net loss of $1,625,315 ($0.09 per common share) for
the preceding fiscal year ended March 31, 2010 ("Fiscal 2010"). The decrease in
net loss by $1,203,847 in Fiscal 2011, as compared to Fiscal 2010, was mainly
due to cash payment discounts and debt forgiveness resulted from our financing
restructuring efforts, as well as the reduced operating expenditures of the
Company. 


As of March 31, 2011, the Company had cash and cash equivalent of $45,216 (March
31, 2010 - $6,065) and working capital deficiency of $270,924 (March 31, 2010 -
$2,112,280). The Company previously announced that it has initiated a corporate
transformation by integrating a diagnostics division into its corporate
platform. As part of its corporate transformation, the Company has entered into
agreement with General Biologicals Corporation ("GBC") to market and distribute
the entire product portfolio of GBC in regions of North America and China. The
Company has also signed a non-binding letter of intent to acquire the business
and operating assets of CurieMed Corporation ("CurieMed"), a wholly owned
subsidiary of GBC. CurieMed provides molecular diagnostics testing and imaging
services such as PET/CT scans. The Company plans to leverage these arrangements
to transform into a self-sustained revenue generating company. This acquisition
remains subject to the negotiation of a definitive agreement between the Company
and CurieMed, and certain other conditions. The Company plans to raise a bridge
financing to finance its operations to the completion of the acquisition.


As of July 21, 2011, there were (i) 41,839,619 common shares issued and
outstanding, (ii) 2,311,367 common share purchase warrants outstanding at a
weighted average exercise price of $0.60 per common share, and (iii) 3,639,000
incentive stock options outstanding at a weighted average exercise price of
$0.37.


For complete financial results, please see the Company's filings at www.sedar.com.

About Pacgen

Pacgen is a life science technology transfer company focused on the commercial
development of novel therapeutic drug candidates up to Phase II, proof of
concept efficacy in human. Pacgen sources innovative therapeutic drug candidates
globally, and develops these drug candidates in accordance to the United States
Food and Drug Administration regulatory standards to feed the product
development pipelines of the pharmaceuticals industry. Pacgen's technology
portfolio is composed of PAC-113, an anti-fungal for the treatment of oral
Candidiasis, and PAC-G31P, a novel peptide therapeutic designed to treat
inflammatory diseases characterized by non-beneficial neutrophil. 


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
favourably to the efficacy demonstrated by Nystatin, a current standard of care.
PAC-G31P is a small recombinant protein that is a synthetic analogue of the
human cytokine called Interleukin-8 which is the key chemokine involved in
neutrophil recruitment. PAC-G31P is currently being investigated in preclinical
studies for its potential to treat inflammatory diseases characterized by
non-beneficial neutrophil. 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 19, 2010 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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