Pacgen, XPhase Pharmaceuticals Inc. deal

Infectious and inflammatory disease company Pacgen signed a letter of intent to acquire XPhase for 3 million shares or about C$180,000 (US$147,978) based on Pacgen's close of C$0.06 on April 27, the day before the deal was announced. XPhase shareholders are eligible for milestones of 3.5 million Pacgen shares. XPhase signed a letter of intent in November to acquire from the Institute of Materia Medica (Beijing, China) exclusive, worldwide rights outside of China to AF-5. XPhase plans to submit an IND for Phase I testing of the anti-anxiety compound this year. ...