Pacgen Biopharmaceuticals acquires IL Therapeutics

By Jennifer Chiou

New York, April 12 - Pacgen Biopharmaceuticals Corp. announced it entered into an agreement with Western Life Sciences Venture Fund LP to acquire IL Therapeutics Inc.

In the transaction, Pacgen will issue preferred shares, common shares and common share purchase warrants to Western Life Sciences for all of the outstanding shares of IL Therapeutics.

The assets of IL Therapeutics include C$1.5 million and an early-stage drug technology, PAC-G31P, for severe inflammatory diseases characterized with neutrophil over-recruitment.

"We feel that this deal strengthens both our capital structure and product pipeline and we anticipate completing PAC-G31P preclinical development and intend to file an IND to conduct a phase 1 clinical trial in 2007," Pacgen president and chief executive officer David J. Cheng said in a news release.

Based in Vancouver, B.C., Pacgen is a biotechnology company specializing in peptide therapeutics for infectious diseases and immune system regulations. The company has drug candidates for the treatment of oral candidiasis in HIV-infected patients as well as for acute respiratory distress syndrome.

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