Pacgen Announces Private Placement Financing

Pacgen Biopharmaceuticals Corporation (the "Company" or "Pacgen") (TSX
VENTURE:PGA) announced today that it has reached an agreement in principle with
CurieMed Corporation ("CurieMed") with respect to a non-brokered private
placement (the "Financing") of $300,000 of common shares ("Common Shares").
Completion of the Financing is subject to satisfactory completion of certain
conditions, including the approvals of the Company's shareholders and the TSX
Venture Exchange.


Under the Financing, the Company will issue an aggregate of 5,376,344 Common
Shares at a price of $0.0558 per Common Shares to CurieMed. The proceeds of the
Financing will be used by the Company for working capital and for other general
corporate purposes, including without limitation to support ongoing negotiations
with CurieMed with respect to the potential acquisition of certain assets of
CurieMed previously announced by Pacgen on March 14, 2011.


CurieMed and its parent, General Biologicals Corporation ("GBC"), collectively
own an aggregate of 4,245,217 Common Shares, representing an aggregate of 10.15%
of the issued and outstanding Common Shares. Following completion of the
Financing, CurieMed and GBC will collectively own an aggregate of 9,621,561
Common Shares, representing an aggregate of 20.38% of the issued and outstanding
Common Shares.


The Company also announced that its unaudited financial statements for the first
quarter ended June 30, 2011, together with its management discussion and
analysis for the same period, have been filed on the SEDAR system.


This press release does not constitute an offer to sell or a solicitation of an
offer to sell any of the Common Shares in the United States. The Common Shares
have not been and will not be registered under the U.S. Securities Act of 1933
or any state securities laws and may not be offered or sold within the United
States unless registered under the U.S. Securities Act of 1933 and applicable
state securities laws or an exemption from such registration is available.


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.


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 21, 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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