GBC Globeecom International Inc. (Tier2)

Pacgen Biopharmaceuticals Corporation ("Pacgen" or the "Company") (TSX
VENTURE:PGA) announced today that it will be complete its previously announced
private placement (the "Private Placement") of 5,376,350 common shares to
CurieMed Corporation (CurieMed") upon obtaining regulatory approval. The common
shares will be issued at a subscription price of $0.0558 per share, for
aggregate subscription proceeds of $300,000.


Following completion of the Private Placement, the number of common shares owned
by CurieMed will increase from 78,550 common shares (0.18% of issued and
outstanding common shares) to 5,454,900 common shares (11.56% of issued and
outstanding common shares on a post-transaction basis). CurieMed is a
wholly-owned subsidiary of General Biologicals Corporation ("GBC"). GBC directly
owns 4,166,667 common shares, and indirectly owns the 78,550 common shares
currently held by CurieMed. Following completion of the Private Placement, the
number of common shares directly or indirectly owned by GBC will increase from
4,245,217 common shares (10.15% of issued and outstanding common shares) to
9,621,567 (20.38% of issued and outstanding common shares on a post-transaction
basis). Mr. Tsong Chin Lin, one of the directors of the Company, is the chairman
and chief executive officer of GBC. As chairman and chief executive officer of
GBC, Mr. Lin exercises control and direction over the common shares owned by GBC
and CurieMed. In addition to the 4,245,217 common shares currently owned by GBC
and CurieMed, Mr. Lin is the direct holder of 1,116,567 Common Shares. Following
completion of the Private Placement, the number of common shares owned by Mr.
Lin, or over which he exercises control and direction, will increase from
5,361,784 common shares (12.82% of issued and outstanding common shares) to
10,738,134 (22.74% of issued and outstanding common shares on a post-transaction
basis).


The rules and policies of the TSX Venture Exchange require that security holder
approval be obtained for any private placement by an issuer that will result in
the creation of a new "control person". This rule is triggered by the Private
Pla cement on account of the fact that the aggregate number of common shares (i)
directly or indirectly owned by GBC and (ii) over which Mr. Lin exercises
control and direction will, in each case, be greater than 20%. As previously
announced, the Private Placement was approved by shareholders at the Company's
annual general and special meeting held on December 28, 2012.


About Pacgen

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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