Pacgen Biopharmaceuticals (TSXV: PGA) of Vancouver, Canada signed a letter of intent to negotiate the purchase of XPhase Pharmaceuticals of Toronto. The leadership of XPhase will take over management of Pacgen. As its major asset, XPhase has a signed letter of intent for global rights (ex-China) to a new anti-anxiety chemical entity, named AF-5, discovered by the Institute of Materia Medica, Chinese Academy of Medical Science in Beijing (IMM). In China, IMM has obtained SFDA approval to begin clinical trials of AF-5 and is expected to initiate a Phase I test of the entity in early 2009. More details...