Pacgen Announces Corporate Transformation

Pacgen Biopharmaceuticals Corporation ("Pacgen" or the "Company") (TSX
VENTURE:PGA) announced today that it has initiated a corporate transformation by
integrating a diagnostics division into its corporate platform.


Pacgen has obtained an exclusive right to market and distribute the entire
product portfolio of General Biologicals Corporation ("GBC") in regions of North
America and China. GBC, with a manufacturing plant in Hsinchu Science Park in
Taiwan, is a global provider of in-vitro diagnostic products for use in
hospitals, medical laboratories and research organizations. 


Pacgen 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 with annual revenue over NT$60 million (or Cdn $2
million). Pacgen plans to leverage this arrangement to facilitate its corporate
transformation into a self-sustained revenue generating company. The asset
purchase transaction remains subject to the negotiation of a definitive
agreement between Pacgen and CurieMed, a third party assessment for pricing, and
certain other conditions. Upon completion of these negotiations and conditions,
a further comprehensive news release will be issued. 


"Following our recent strategic review, we are excited to begin transforming
Pacgen into an emerging company with diversified portfolio and revenue
generating capability," stated Dr. Y.C. Lee, CEO of Pacgen. "Pacgen will work
closely with GBC to bring in high quality certified products and solutions to
the diagnostics markets in North America and mainland China," added Dr. Lee. 


"Pacgen board and management are committed to creating shareholder value, both
near term and long term, and continue to focus on our business execution," said
Mr. Chung Yu Wang, Chairman of Pacgen. 


About Pacgen

Pacgen Biopharmaceuticals Corporation is an emerging life science company with
diversified portfolio covering both commercial diagnostic products as well as
pharmaceutical drug candidates. Pacgen's pharmaceutical division focuses on the
commercial development of novel therapeutic drug candidates up to Phase II,
proof of concept efficacy in human. Pacgen's portfolio includes PAC-113, a Phase
II 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. Pacgen's newly formed diagnostics division focuses
its operations in marketing and distribution of in-vitro diagnostic products for
use in hospitals, medical laboratories and research organizations in North
America and China. For additional information, please visit
www.pacgenbiopharm.com.


About GBC

General Biologicals Corporation (GBC) was established in 1984 to fulfill a need
in Taiwan's government-sponsored health program. The first company to deliver
Hepatitis B diagnostic kits in the Taiwanese market, GBC has grown from these
humble beginnings into a biotechnology firm with IVD class 3 cGMP certification.
The company is currently distributing more than 80 products in 50 countries
worldwide. With the support of a sound manufacturing and supply value chain
infrastructure, GBC boasts a wide spectrum of horizontal technology platforms in
various diagnostics segments as well as an intensive vertical platform that
includes hybridoma techniques, cell cultures, genetic engineering, protein
purification, and comprehensive immunoassay work. GBC is a publicly traded
company listed on the Taiwan OTC Exchange. For additional information, please
visit www.gbc.com.tw.


About CurieMed 

CurieMed Corporation, a wholly-owned subsidiary of GBC, is based in Hsin Chu
Science Park, Taiwan. Its businesses include hospital build-operate-transfer
(BOT) type medical examinations and central medical laboratory service testing.
The company currently has annual revenue exceeding NT$60 million (or Cdn $2
million). 


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.