With the support of the Canadian government, Panagin‘s research on dammarane sapogenins and their mechanisms of action has advanced to an international leading position. In April 2003, after a state-level appraisal, Panagin’s research on dammarane sapogenins’ anti-tumor mechanism was listed as a national scientific project and granted funds by the National Research Council of Canada. In November 2003, the Canadian federal government listed Panagin’s preclinical study and clinical trials of its lead product as a state-level clinical research project and approved of long-term funding.

Panagin has completed pre-IND communications with US FDA. In 2004, the Company is preparing to file IND and conduct Phase I clinical studies of PBD-2131B (oral) for the treatment of lung cancer and other solid tumours. In 2005, Panagin plans to advance another drug candidate PAM-200 to the clinic for the treatment of brain metastases from original lung cancer.

PepMetric Technologies Inc.

PepMetric Technologies Inc. specializes in therapeutic and diagnostic peptide discovery. The company offers fast, accurate and economical peptide-based contract research services to academic and commercial customers. Through many years of proteomics research prior to incorporation, founders of the company have accumulated extensive peptide interaction libraries and developed sophisticated algorithms for identifying interacting peptides to target molecules. PepMetric Technologies has patents on several therapeutic and diagnostic peptides for a variety of diseases.

Pegasus Lifecare Inc.

Pegasus Lifecare Inc. focuses on worldwide marketing and sales of natural health products developed by Pegasus. Currently the products have been distributed to over 1,000 naturopathic clinics worldwide through its distributors and direct sale networks.

Shanghai Tian-Bo Biosciences Inc.

Pegasus’ operations in China are part of its long-term plan to increase its presence in the Asian-Pacific. Mainland China is our primary international target because of the size of the market. Pegasus has started its market expansion through Shanghai Tian-Bo Biosciences Inc., a joint venture in Shanghai, China. In June 2004, one of our lead product PBD-2131 INJECTION, has received conditional market approval in China which will be allowed to use a standard standalone treatment in as many as 350 hospitals for the treatment of advanced cancers of lung, breast, pancreas, stomach and colon-rectum.

Pegasus Global Investment Management Inc.

Pegasus Global Investment Management Inc. is focusing on the management of non-medical investment projects of the Pegasus Group worldwide, with current emphasis on real estate, property management, and mining industry.

Hong Sheng Bio-Tech Co., Ltd (Taiwan Branch of Pegasus Pharmaceuticals Group Inc. )

Hong Sheng Bio-Tech Co., Ltd ( Referred to as "Hong Sheng Bio-Tech), a branch office of Pegasus Pharmaceuticals Group Inc. established in October 2004. It specialized in cancerous drug application and sub-health market development in Taiwan area. Hong Sheng Bio-Tech is incorporated with a strong Doctors Team, dedicated in research the market trend and public health needs in terms of Clinical Evidence applied. Furthermore, on the basis of helping people, Hong Sheng Bio-Tech has put Taiwan Biomedical industry toward a great prospect by striving for prolong cancer patient's life and all kinds of civilized diseases prevention.