Apollomics, a Company Developing Novel Oncology Therapies to Address Difficult-to-Treat Cancers, Announces Closing of Business Combination and Listing on Nasdaq

FOSTER CITY, Calif., Mar 30, 2023 – (ACN Newswire) – Apollomics Inc. ("Apollomics" or the "Company"), a clinical-stage biopharmaceutical company developing multiple oncology drug candidates to address difficult-to-treat and treatment-resistant cancers, today announced the completion of its business combination (the "Business Combination") with Maxpro Capital Acquisition Corp. ("Maxpro", Nasdaq: JMAC). Apollomics' Class A ordinary shares and public warrants are expected to commence trading today, March 30, 2023, on the Nasdaq Capital Market (Nasdaq) under the symbols "APLM" and "APLMW," respectively. The Business Combination, which was approved by Maxpro's shareholders on March 20, 2023, along with a $23.65 million private investment in public equity (PIPE) financing raised in connection with the Business Combination, provides access to capital that is expected to enable the Company to advance its pipeline of drug candidates.

Apollomics' mission is to improve treatment options for patients diagnosed with difficult-to-treat, high mortality cancers. Apollomics' pipeline includes nine novel oncology drug candidates, six of which are currently in clinical stage of development. By using targeted therapy, immuno-oncology agents, and other innovative approaches, Apollomics' novel drug candidates have the potential to address a range of cancers, including lung cancer, brain cancer, acute myeloid leukemia, and other solid tumors.

Apollomics expects results from its global Phase 2 multi-cohort clinical trial of vebreltinib (APL-101), a highly specific cMet inhibitor, in non-small cell lung cancer and other solid tumors with cMet dysregulation, this year, which the Company believes may support its first new drug application with the U.S. Food and Drug Administration (FDA) while generating clinical data on other indications. Apollomics is also developing uproleselan (APL-106), an E-selectin inhibitor, in China as an adjunct to chemotherapy to enhance its anti-cancer effects for adult patients with relapsed or refractory acute myeloid leukemia. The FDA granted Breakthrough Therapy Designation to GlycoMimetics, Apollomics' collaboration partner in the United States, for uproleselan, and the China National Medical Products Administration (NMPA) designated it as a breakthrough therapy in China. The Company expects to complete patient recruitment of its Phase 3 study for uproleselan (APL-106) in China this year.

"Becoming a public company represents a major milestone in our journey to provide solutions for patients with difficult-to-treat cancers worldwide," said Dr. Guo-Liang Yu, Ph.D., Chairman and Chief Executive Officer of Apollomics. "The funds now available to us are expected to facilitate development of our oncology pipeline and further our mission to provide patients with effective therapies and hope."

Moses Chen, Chief Executive Officer of Maxpro, said, "We are thrilled to have completed the Business Combination with Apollomics. We're confident that the Company's cutting-edge drug candidates will deliver value to investors while advancing the Company's ability to provide treatment options for patients diagnosed with difficult-to-treat, high mortality cancers."

Apollomics will continue to be led by Dr. Yu, a serial entrepreneur and pharmaceutical researcher with more than 300 patents, as its Chief Executive Officer and Chairman of the Board of Directors.

The Apollomics executive leadership team will also consist of:
— Dr. Sanjeev Redkar, Ph.D., MBA, Apollomics' Co-Founder, who will continue to serve as President and will serve as a Director;
— Dr. Jane Wang, Ph.D., who will continue to serve as Chief Scientific Officer; and
— Dr. Peony Yu, MD, who will continue to serve as Chief Medical Officer.

In addition to Dr. Yu and Dr. Redkar, Apollomics' Board of Directors will also consist of: Dr. Jonathan Wang, Ph.D., MBA; Dr. Kenneth C. Carter, Ph.D.; Dr. Hong-Jung (Moses) Chen, Ph.D.; Wendy Hayes, MBA; and Glenn S. Vraniak, MBA.

Advisors

EF Hutton, division of Benchmark Investments, LLC served as capital markets advisor and exclusive placement agent to Maxpro. Nelson Mullins Riley & Scarborough LLP served as legal advisor to Maxpro. White & Case LLP served as legal advisor to Apollomics.

About Apollomics Inc.

Apollomics Inc. is an innovative clinical-stage biopharmaceutical company focused on the discovery and development of oncology therapies with the potential to be combined with other treatment options to harness the immune system and target specific molecular pathways to inhibit cancer. Apollomics currently has a pipeline of nine drug candidates across multiple programs, six of which are currently in the clinical stage of development. Apollomics' lead programs include investigating its core product, vebreltinib (APL-101), a potent, selective c-Met inhibitor for the treatment of non-small cell lung cancer and other advanced tumors with c-Met alterations, which is currently in a Phase 2 multicohort clinical trial in the United States, and developing an anti-cancer enhancer drug candidate, uproleselan (APL-106), a specific E-Selectin antagonist that has the potential to be used adjunctively with standard chemotherapy to treat acute myeloid leukemia and other hematologic cancers, which is currently in Phase 1 and Phase 3 clinical trials in China.

Cautionary Statement Regarding Forward-Looking Statements

This press release includes statements that constitute "forward-looking statements" within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements, other than statements of present or historical fact included in this press release, regarding the Company's future financial performance, as well as the Company's strategy, future operations, revenue guidance, projected costs, prospects, plans and objectives of management are forward-looking statements. When used in this press release, the words "could," "should," "will," "may," "believe," "anticipate," "intend," "estimate," "expect," "project," the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management's current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Apollomics cautions you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Apollomics. In addition, Apollomics cautions you that the forward-looking statements contained in this press release are subject to unknown risks, uncertainties and other factors, including: (i) the impact of any current or new government regulations in the United States and China affecting Apollomics' operations and the continued listing of Apollomics' securities; (ii) the inability to achieve successful clinical results or to obtain licensing of third-party intellectual property rights for future discovery and development of Apollomics' oncology projects; (iii) the failure to commercialize product candidates and achieve market acceptance of such product candidates; (iv) the failure to protect Apollomics' intellectual property; (v) breaches in data security; (vi) risks related to the ongoing COVID-19 pandemic and response; (vii) the risk that Apollomics may not be able to develop and maintain effective internal controls; (viii) unfavorable changes to the regulatory environment; and those risks and uncertainties discussed in the Form F-4 (as amended) filed by Apollomics, Inc. with the U.S. Securities and Exchange Commission ("SEC") under the heading "Risk Factors" and the other documents filed, or to be filed, by the Company with the SEC. Other unknown or unpredictable factors also could have material adverse effects on the Company's future results and/or could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements. Should one or more of the risks or uncertainties described in this press release materialize or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. New risk factors that may affect actual results or outcomes emerge from time to time and it is not possible to predict all such risk factors, nor can Apollomics assess the impact of all such risk factors on its business, or the extent to which any factor or combination of factors may cause actual results to differ materially from those contained in any forward-looking statements. Forward-looking statements are not guarantees of performance. You should not put undue reliance on these statements, which speak only as of the date hereof. Additional information concerning these and other factors that may impact the operations and projections discussed herein can be found in the reports that Apollomics has filed and will file from time to time with the SEC. These SEC filings are available publicly on the SEC's website at www.sec.gov. Apollomics undertakes no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. If Apollomics updates one or more forward-looking statements, no inference should be drawn that Apollomics will make additional updates with respect to those or other forward-looking statements.

CONTACTS

Investor Relations
Peter Vozzo
ICR Westwicke
Peter.Vozzo@westwicke.com
443-213-0505

Media Relations
Sean Leous
ICR Westwicke
Sean.Leous@westwicke.com
646-866-4012

Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Q’Apel Medical Inc. Granted CE Mark Under MDR for Their Walrus Balloon Guide Catheter

FREMONT, CA, Mar 28, 2023 – (ACN Newswire) – Q'Apel Medical Inc. was granted the CE Mark under MDR for Walrus, their U.S. market-leading Balloon Guide Catheter (BGC) utilized in treating patients suffering an acute ischemic stroke. The Walrus BGC has been utilized by Neuro Interventional physicians since 2019 and has successfully treated over 20,000 patients in the United States.

The Walrus BGC is a unique development in the field of Mechanical Thrombectomy procedures. It provides physicians with not only the known benefits of BGC use clinically, but unique to Walrus, superior ease of use in preparation in these urgent procedures. Importantly, Walrus enables the physicians to navigate the catheter into a more distal location easily and safely compared to other systems, which is associated with improved patient outcomes from stroke.

"The anticipation of Walrus in our international markets has been enormous, and we look forward to the same performance and loyalty around Walrus we have been fortunate to experience in the United States," said King Nelson, Q'Apel Medical's CEO.

"We are thrilled to be entering the EU and other international markets with Walrus and providing more physicians in more countries the unparalleled performance of our flagship catheter. This CE Mark certification represents a significant growth milestone for Q'Apel Medical providing access to new markets," commented Jodie Fam, Chief Marketing Officer & GM International.

About Q'Apel Medical

Q'Apel Medical designs highly innovative technologies for neurovascular interventions and unmet clinical needs. Q'Apel's portfolio comprises three products, the Walrus Balloon Catheter System, the Wahoo Hybrid Access System and Armadillo Radial Access System. Before Walrus came along, balloon-based variable stiffness catheters brought all manner of technological constraints. Not anymore. By blending flow control, trackability, support, and access into one revolutionary solution, Walrus offers truly unmatched functionality. The Wahoo Hybrid Access System and Armadillo Radial Access System are dual-mode catheters and part of the SelectFlex(TM) Family of Neurovascular Catheters. These devices feature two distinct operational modes, allowing physicians to easily switch modes at any point during a clinical case and reducing the need for multiple catheters in challenging procedures.

Media Contact:

Jodie Fam
415 244 9885
+44 7500702108
jfam@qapelmedical.com
info@qapelmedical.com
www.qapelmedical.com

Contact Information
Jodie Fam
Chief Marketing Officer & GM International
jfam@qapelmedical.com
4152449885

SOURCE: Q'Apel Medical Inc.

Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Envision Pharma Group Appoints Richard Gorman as President, Strategic Consulting

Philadelphia, PA, Mar 28, 2023 – (ACN Newswire) – Envision Pharma Group (Envision) has appointed Richard "Rich" Gorman to the role of President, Strategic Consulting and member of the Executive Leadership Team.

Rich is a 30-year veteran of the life sciences industry and a respected leader with a track record of success in pharmaceutical commercialization. He is an experienced head of high-performing teams that build go-to-market strategies to deliver on business development and revenue generation goals.

Rich will be responsible for leading the Strategic Consulting business across Envision's commercial, medical, and technology sectors. He will lead a team of scientific, medical, and commercial strategists with deep expertise in the life sciences industry while combining its technology and AI platforms to accelerate the business and scientific momentum of clients' strategies.

Prior to joining Envision, Rich served as Chief Commercial Officer and Global Head of Strategy for Amplity Health. Before that, he held various leadership positions and senior business development roles at Syneos Health. His background includes serving as a CEO for a specialty pharmaceutical company, as well as several positions within the field of contract pharmaceutical development and manufacturing.

Rich shares, "I am delighted to be joining Envision Pharma Group at this pivotal and exciting time. I am honored to have the opportunity to lead this talented team of strategy consultants. Combining their proven capabilities with the Envision technology platform will create a powerful option for manufacturers looking to efficiently bring new science and products to patients."

Meg Heim, Chief Executive Officer of Envision Pharma Group, states, "We are so excited to have Rich join our team as we continue to accelerate Envision's business expansion, mission, and commitment to our clients' needs. Rich's proven expertise will be critical in partnering with our clients to execute upon their goals, improve performance, and meet their unique business needs with the support of our technology platforms and strategic advisory expertise."

About Envision Pharma Group

Founded in 2001, Envision Pharma Group is a leading global technology-enabled strategic solutions partner for the life sciences industry, working with over 200 pharma and biotech companies, including 18 of the top 20 pharmaceutical companies. Envision supports clients across the product life cycle through a comprehensive suite of services and industry-leading technology solutions that include artificial intelligence and natural language processing, commercialization and integrated strategic consulting, evidence-based scientific communications and engagement, HEOR/market access and data analytics, medical capabilities, and omnichannel solutions. Learn more at www.envisionpharmagroup.com.

Contact Information
Colleen Carter
Communications
colleen.carter@envisionpharma.com
1 (508) 505 8856

SOURCE: Envision Pharma Group

Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com

OrbusNeich Plans to Set up Its Largest R&D and Production Base in Fuchun Bay New Town, Hangzhou, the PRC

HONG KONG, Mar 28, 2023 – (ACN Newswire) – OrbusNeich Medical (Zhejiang) Company Limited ("OrbusNeich Zhejiang"), a wholly-owned subsidiary of OrbusNeich Medical Group Holdings Limited ("OrbusNeich" or the "Group"; stock code: 6929), a major global medical device manufacturer specialized in interventional instruments for percutaneous coronary intervention (PCI) and percutaneous transluminal angioplasty (PTA) procedures, today entered into a commercial agreement with Hangzhou Fuchun Bay New Town Management Committee in relation to the investment in and construction of an R&D and production base for vascular interventional medical devices (the "Project"), with investment in fixed assets amounting to approximately RMB300 million. Upon completion of construction and commencement of production, the Project is expected to have an annual production capacity of approximately 2.4 million units of products.

(From Left to Right) Mr. David Chien Chairman, Executive Director and Chief Executive Officer of OrbusNeich and
Mr. Yu Naiqun, Member of the Standing Committee of Fuyang District Committee/ Member of the Party Leadership Group,
Fu Yang District People's Government, Hangzhou

Pursuant to the commercial agreement, the Group is to build its R&D and production base in Fuchun Bay New Town, Hangzhou, on a site of about 20,000 m2 and with construction area reaching 50,000 m2. When completed, the facility will focus mainly on R&D and production of medical devices such as PCI and PTA intervention products, as well as structural heart disease interventional products, among others. The land parcel destined for industrial use will be sold by the Ministry of Natural Resources through open tender, auction and listing in open market. OrbusNeich Zhejiang will follow the required procedures to obtain land use right.

Mr. David Chien, Chairman, Executive Director and Chief Executive Officer of OrbusNeich, said, "Since listed on HKEX last December, the Group has pushed forward with implementing its corporate development strategies, with capacity expansion being an important component. In recent years, Fuchun Bay New Town has vigorously developed such emerging strategic industries as information technology, artificial intelligence, biotechnology, high-end equipment, with preferential policies in place in relation to land, talent and R&D for such enterprises. As a major global medical device manufacturer owning more than 180 granted patents, OrbusNeich setting up an operation base there will bring new and advanced technologies into the region and facilitate local industrial upgrading. We believe the cooperation will benefit the development of both the Group and Fuchun Bay New Town."

Currently, the Group has production facilities in Shenzhen, the PRC and Hoevelaken, the Netherlands, with an aggregate annual designed capacity of approximately 1,350,000 units of balloon products and approximately 56,000 units of stent products. According to the report from China Insights Industry Consultancy, the global PCI instruments and PTA instruments markets are expected to grow at a CAGR of 12.1% and 11.1%, respectively, between 2021 and 2030, pointing to huge growth potential. For the Group, it has in the pipeline about 40 products in different development stages for new business segments such as neuro-intervention and structural heart disease intervention products, and new product series. All circumstances considered, the Group expects its existing production capacity to be saturated in the future, commanding building of new production facilities to meet medium to long-term market demand and for effective capacity allocation.

Fuchun Bay New Town is in Fuyang District, Hangzhou. After the completion of construction of the new base, it will not only be the Group's largest R&D and production facility, but also a strategic location in the Yangtze River Delta. Capitalizing on the advantages of Yangtze River Delta as a transportation hub and talent pool, the Group can expand its production capacity, while enhancing its overall operational capabilities.

About Hangzhou Fuchun Bay New Town Management Committee
Hangzhou Fuchun Bay New Town Management Committee was established in January 2013. It is authorized by the Fuyang District Government of Hangzhou to develop, build and manage the Fuchun Bay New Town. It is responsible for construction in mainly the key area that reaches south of Fuchun River and parts north of the Hangzhou-Qiandaohu Expressway, spanning in all about 53.3 km2, with the goal of building in the area a new green industry-city integrated town that has creative and intelligent R&D, energetic entrepreneurship, smart manufacturing, cultural and leisure offerings, tourism and sight-seeing experiences, and transportation convenience all under one roof.

About OrbusNeich Medical Group Holdings Limited
OrbusNeich is a major global medical device manufacturer specialized in interventional instruments for percutaneous coronary intervention (PCI) and percutaneous transluminal angioplasty (PTA) procedures. Headquartered in Hong Kong, China, OrbusNeich sells products to over 70 countries and regions worldwide, and it is also the only PCI balloon manufacturer headquartered in China that ranked among the top 6 players in all major overseas PCI balloon markets including Japan (Ranked No. 2), Europe (Ranked No. 4), and the U.S. (Ranked No. 6) in terms of sales volume of PCI balloons in 2021 in accordance with the CIC Report. In addition, in terms of sales volume of PTA balloons in 2021, it ranked No. 3 in Japan and No. 4 in the U.S., respectively. It also specializes in coronary stent products and is actively expanding into neuro vascular intervention and structural heart disease areas. OrbusNeich owns more than 180 granted patents globally as of December 2022. Its in-house R&D team has over twenty years of product development experience and has developed proprietary, world leading technologies.

For more details, please visit the Group's official website: https://orbusneich.com/

Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com

EC Healthcare Collaborates with New Horizon Health to form Strategic Partnership To Jointly Launch CerviClear in Hong Kong

HONG KONG, Mar 24, 2023 – (ACN Newswire) – EC Healthcare (2138.HK) and New Horizon Health (6606.HK) host ceremony today to form an exclusive strategic partnership. Both parties will consolidate the resources to empower the launching, distribution, and promotion of CerviClear in Hong Kong. It is expected this home-use cancer screening product will help to increase the awareness penetration of Cervical cancer prevention, and achieve better prevention efficacy. Under the Partnership, EC Healthcare is the exclusive partner of New Horizon Health.

Left to right: Mr. ZHENG Weixian Senior Director of Operation management, New Horizon Health, Dr. Rita Shih Head of International R&D Center, New Horizon Health, Mr. Li Yan Vice President, New Horizon Health, Mr. Zhu YeQing Chairman and CEO, New Horizon Health, Mr. Leslie LU Executive Director and Co-Chief Executive Officer, EC Healthcare,Dr. Eric CHU Chief Business Officer, EC Healthcare, Dr. Julie CHOW Chief Proposition Officer (Healthcare), EC Healthcare

Cervical cancer is a common malignant tumor for women. The morbidity and mortality have been rising in recent years, with a notable trend of rejuvenation. Cervical cancer is also the only cancer with evident cause and can be eliminated through early intervention. Developed by New Horizon Health, CerviClear is the first Urine-based HPV Detection and Cervical Cancer Screening Test in the world . It is the only product comprehensively covering all 14 high-risk HPV virus and achieves non-invasive home-based urine self-sampling. The product has already obtained a CE Mark, and is qualified for launching in Hong Kong and the Greater Bay Area.

Mr. Leslie Lu, Executive Director and Co-CEO of EC Healthcare said, "We are glad to partner with New Horizon Health, a leading cancer screening company. The Group treasures strategic cooperation with upstream partners in the pharmaceutical field as the core strategy. Through collaboration with partners in biotech and pharmaceutical industry, the Group will further improve the preventive medicine market influence and further consolidate its industry leading position. This Partnership enables the Group to further diversify its service product mix by leveraging vaccination, health check and multiple medical specialties services to complete the one-stop ecosystem. We believe the collaboration will also accelerate the Group to achieve vertical integration of the industry value chain."

Mr. Zhu Yeqing, Executive Director and CEO of New Horizon Health said: "The effective way to promote the prevention of high-risk cancer is to provide convenient, reliable and compliant innovative screening products. CerviClear is the first product in the world that achieves urine self-sampling. Compared with the clinical examination, patients no longer needs to visit a hospital and the sampling procedure is non-invasive and painless. It is expected to significantly lower the time cost and pressure level for patients. EC Healthcare is the leading healthcare services provider in both Hong Kong and the Greater Bay Area. We are glad to partner with EC Healthcare and believe the partnership becomes a milestone for our pipeline and innovation commercialization."

About EC Healthcare
EC Healthcare is Hong Kong's largest non-hospital medical service provider*, leveraging its core businesses of preventive and precision medicine, and committed to developing medical artificial intelligence by integrating its multi-disciplinary medical services. The move, which is supported by the Group's high-end branding and quality customer services, is aimed at offering customers safe and effective healthcare and medical services with professionalism. The Group is a constituent stock of the Hang Seng Composite Index and the MSCI Hong Kong Small Cap Index.

The Group principally engages in the provision of one-stop medical and health care services in Greater China. The Group provides a full range of services and products under its well-known brands, including those of its one-stop aesthetic medical solutions provider DR REBORN which has ranked first in Hong Kong by sales for years, a professional hair care center HAIR FOREST, primary care clinics jointly established with health management centre re:HEALTH, a vaccine centre Hong Kong Professional Vaccine HKPV, General outpatient clinic Tencent Doctorwork, the largest one-stop pain management centre in Hong Kong New York Medical Group, the comprehensive dental centres Bayley & Jackson Dental Surgeons, EC DENTAL CARE and Health and Care Dental Clinic, an advanced diagnostic and imaging centre HKAI, an oncology treatment centre reVIVE, a day procedure centre HKMED, a specialty clinic PREMIER MEDICAL CENTRE, SPECIALISTS CENTRAL and NEW MEDICAL CENTER, a paediatric centre PRIME CARE, a gynaecology specialist ZENITH MEDICAL CENTER AND PRENATAL DIAGNOSIS CENTRE, PathLab Medical Laboratories, Ophthalmology Center VIVID EYE and EC Veterinary Hospital and Imaging Center.

*According to independent research conducted by Frost and Sullivan in terms of revenue in 2020 and 2021

About New Horizon Health
Founded in 2015, New Horizon Health is a pioneer and leader in China's cancer screening market, focusing on early home screening of high-incidence cancers, aiming to promote innovation in cancer screening technology and accelerate the popularity of cancer screening technology in China. On February 18, 2021, New Horizon Health was successfully listed on the SEHK with stock code 6606.HK, which became "the first listed Chinese cancer early screening company".

New Horizon Health has three marketed products. ColoClear, Pupu Tube and UU Tube have all been approved by the National Medical Products Administration of China and are officially commercialized. ColoClear is the only cancer screening product approved by the National Medical Products Administration of China for people aged 40-74 who are at high risk of colorectal cancer. UU Tube is the only consumer self-test product for Helicobacter pylori approved by the National Medical Products Administration of China. Pupu Tube is the first FIT at-home self-test device approved in China. In addition, the Company has three pipelines of products in development for liver cancer (LiverClear), cervical cancer (CerviClear ) and nasopharyngeal cancer screening. The Company has global rights to all of its marketed and pipeline products.

New Horizon Health works extensively with hundreds of hospitals, health check-ups, insurance companies, pharmacies and online channels. The Company has a class 100,000 clean production workshop that meets ISO13485 and ISO9001 international certification standards. The third parties medical testing laboratories in Beijing, Hangzhou and Guangzhou have been certified by international quality standards and the local health care commission and issued licenses to practice, with an annual testing capacity of 2 million people.

Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com

With U.S. Health Systems Under Growing Pressure to Fill Staff Vacancies, CGFNS Alliance Releases Updated Standards for Ethical Recruitment of Foreign Health Workers

Philadelphia, PA, Mar 21, 2023 – (ACN Newswire) – As U.S. healthcare employers confront major staffing challenges, the Alliance for Ethical International Recruitment Practices, a division of CGFNS International, Inc. (CGFNS), has updated and strengthened its ethical recruitment code, which establishes best practice standards for fair and transparent recruitment of foreign-educated health professionals into the U.S.

The fourth edition of the Health Care Code for Ethical International Recruitment and Employment Practices, known as the "Alliance Code," strengthens recommendations around contract transparency and orientation programs. The Alliance Code was developed by a multistakeholder group representing interests across the sector, including employers, unions, recruiters, and representative nurse organizations.

It comes at a time when a growing global health worker shortage has left health systems struggling to fill vacancies and considering a variety of options, including sometimes turning to recruiting trained professionals from abroad. In the past five years, CGFNS has seen a doubling of its applications from foreign-trained health workers who are seeking eligibility to work in the U.S.

This trend has raised further concerns about ensuring that international recruitment practices are ethical, that they protect the rights of migrating health workers while establishing their obligations, and that recruiting agencies and employers are held accountable in the process. First published in 2008, the Alliance Code is reviewed and updated every five years to adapt to changes in the recruitment landscape and ensure its provisions continue to address basic rights and responsibilities of both migrating health professionals and those who recruit them to work in the U.S. The Code provides guidelines for recruitment agencies and employers, addressing migrant rights including the right to receive a fair contract, to provide informed consent and to access justice.

The Code has been voluntarily adopted by 12 firms that collectively recruit thousands of employees each year and that have undergone the Alliance's rigorous certification process, including a contract review and health professional survey. A list of recruitment firms that have been certified as in compliance with the Alliance Code can be found here. https://www.cgfnsalliance.org/certification_process/view-certified-recruiters/

The 2023 Alliance Code is being released after a year of internal and external review by the Alliance's Board of Governors.

"With the recent pandemic having further driven the growth in global demand for nurses and other health workers, there is increasing concern about ensuring that international recruitment processes are ethical and sustainable," said Alliance Director, Mukul Bakhshi, JD. "This updated 2023 Code reflects recent changes in the recruiting landscape, and we hope it will help push the industry forward in ensuring that recruitment practices are fair and respect basic rights."

"Our organization has been engaged in the work of the Alliance since its inception and fully endorses the Alliance Code," said AONL Chief Executive Officer, Robyn Begley, DNP, RN, NEA-BC, FAAN, Chief Executive Officer of the American Organization for Nursing Leadership (AONL). "A fair and equitable process of recruiting foreign-educated nurses is foundational to achieving a professional practice environment for all nurses. We remain committed to the advancement of high standards of treatment for all staff."

"As the global leader in international credentials evaluation to support health worker mobility, at CGFNS we know that health worker migration into the U.S. brings individuals with critical skills to provide life-saving care. With the shortage persisting and employers stepping up their recruitment of foreign-trained nurses and other health workers, we must all work together to provide better protections to prevent exploitation," said CGFNS President and Chief Executive Officer, Peter Preziosi, PhD, RN, CAE. "We are proud of our work through the Alliance to continue to do our part to support nurses coming into the U.S."

About CGFNS International, Inc.

Founded in 1977 and based in Philadelphia, CGFNS International is an immigration-neutral not-for-profit organization, proudly serving as the world's largest credentials evaluation organization for the nursing and allied health professions. For more information, visit www.cgfns.org.

About The Alliance for Ethical International Recruitment Practices

Since 2008, the Alliance has fostered compliance to standards that advocate responsible, ethical, and transparent recruitment practices in the health care sector. The Alliance monitors certified recruitment organizations and verifies their processes to ensure that these standards are upheld and provides foreign-educated professionals resources to make informed decisions. The Alliance became a division of CGFNS International, Inc., in September 2014. For more information, visit www.cgfnsalliance.org.

Contact Information:
Mukul Bakhshi, Esq.
Chief of Strategy and Government Affairs
mbakhshi@cgfns.org
(215) 243-5825

SOURCE: CGFNS International

Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Singapore family cord blood bank Cryoviva upgrades to AXP II System for cord blood processing

Widely recognised as a benchmark for volume reduction of cord blood processing, this FDA-cleared, functionally closed automated system allows for high recovery rate of mono-nuclear cells (MNCs) with greater safety and better quality, benefiting families storing their child’s cord blood.

Singapore, Mar 21, 2023 – (ACN Newswire) – Cryoviva Singapore, reputed to be among the top family cord stem cell banking companies in Southeast Asia, is making a significant upgrade to its cord blood processing capability with a switch to the AXP^® II system.

The fully automated and programmable cell separation and recovery system, that allows for a fast and reproducible separation of cord blood in a sterile environment, reduces human error, accurate processing without damage to the cells and delivers consistent results. The AXP^® II system, which has received both the CE mark and FDA 510K clearance, complies with good tissue practices (cGTP) and good manufacturing practices (cGMP). Globally, the system has already processed over a million cord blood units (CBU).

Designed to provide high-quality stem cell concentration from cord blood, the AXP^® II system has demonstrated viable CD34⁺ stem cell recovery of >97% that is higher than most other known available systems. Moreover, CBUs processed with this system are seen to be richer in MNC than units that are conventionally processed with similar total nucleated cells (TNC).

“We are excited to be upgrading to the AXP^® II system, which we believe provides the best outcomes for both our customers and us. Not only will our customers benefit from the quality and consistency of cord blood processing, but the system will also enhance the efficiency of our lab operations significantly with complete automation and software-driven tracking capabilities,” said Dr.Toh Keng Kiat, Medical Director.

“Cryoviva Singapore is committed to provide our customers with quality that is of the highest standard. Our upgrade to the AXP^® II system is another investment towards that goal. The faster speed and efficiency accorded by the system’s capabilities will also improve our scalability and help us serve even more families. We will continue to invest in technologies and systems that will help us fulfil our mission to enable every family to discover the miracle of cord stem cells,” said Rajesh Nair, CEO of Cryoviva Singapore.

About Cryoviva Singapore

Established in 2014, Cryoviva Singapore (https://cryoviva.com.sg) is a reputed home-grown family cord blood bank in Singapore. The company is backed by reputed multinational investor organisations like RJ Corp, Indorama and MMI Singapore. The Cryoviva group has successfully stored over 160,000 umbilical cord blood units. Cryoviva Singapore’s cord blood storage facility is MoH-licensed, AABB accredited for both cord blood and cord tissue and ISO 9001:2015 QMS Certified. Cryoviva Singapore adheres to stringent processes and quality standards. Thanks to being centrally located and proximity to most major maternity hospitals in Singapore, cord blood samples reach its facilities very quickly and efficiently to ensure top quality maintenance upon storage.

Media Contact:
Natalie Lim
Marketing Manager
Tel: +65-83398482
E-mail: marketing@cryoviva.com.sg

Avantor Named Best Bioprocessing Company in Chromatography at the Asia-Pacific Bioprocessing Excellence Awards

Singapore, Mar 16, 2023 – (ACN Newswire) – Avantor, a leading global provider of mission-critical products and services to customers in the life sciences, education, government and advanced technologies & applied materials industries, has been accorded the Best Bioprocessing Company for Chromatography at the Asia-Pacific Bioprocessing Excellence Awards 2023 (ABEA).

Narayana Rao Rapolu, Vice President – Biopharma AMEA and General Manager, SEAT (left) receiving the award from Dr Wei Kuang Chi (right) Distinguished Consultant, Development Center for Biotechnology

The award recognizes Avantor's ongoing efforts to provide innovative chromatography solutions that enable biopharmaceutical manufacturers to optimize processes and enhance product quality. With over four decades of experience in bioprocessing, Avantor is committed to addressing the complex challenges of downstream chromatography by providing a comprehensive range of equipment, products and services.

"Chromatography is one of the most important components in enabling scientific breakthroughs and bringing promising biologics to market effectively. This award is a testament to our commitment to developing and delivering innovative solutions that help our customers optimize their bioprocessing operations," said Narayana Rao Rapolu, Vice President – Biopharma AMEA and General Manager, South East Asia & Taiwan (SEAT) at Avantor. "Our chromatography solutions can play a critical role in supporting biopharmaceutical manufacturers' acceleration of their drug development timelines and improving the quality of their products."

"We are exceptionally proud to have been selected by the panel of industry experts and honored at this year's ceremony as the Best Bioprocessing Company – Chromatography. Avantor's chromatography solutions have demonstrated innovation and effectiveness in addressing the challenges faced by biopharmaceutical manufacturers, and we are excited to see the continued impact of these solutions in the industry," said Christophe Couturier, Executive Vice President of Asia, Middle East & Africa.

About Avantor

Avantor, a Fortune 500 company, is a leading global provider of mission-critical products and services to customers in the biopharma, healthcare, education & government, and advanced technologies & applied materials industries. Our portfolio is used in virtually every stage of the most important research, development and production activities in the industries we serve. Our global footprint enables us to serve more than 300,000 customer locations and gives us extensive access to research laboratories and scientists in more than 180 countries. We set science in motion to create a better world. For more information, visit avantorsciences.com and find us on LinkedIn (www.linkedin.com/company/avantorinc/, Twitter (https://twitter.com/Avantor_News) and Facebook (www.facebook.com/Avantorinc/).

About Asia Pacific Bioprocessing Excellence Awards (ABEA)

The Asia-Pacific Bioprocessing Excellence Awards (ABEA) seeks to give recognition to exceptional Asian bioprocessing, biologistic, clinical trials and aseptic fill & finish experts, organizations and technologies over the past year. It celebrates outstanding achievements and innovations in the bioprocessing industry across the Asia Pacific region. The awards are judged by a panel of industry experts, and winners are selected based on their contributions to the advancement of the bioprocessing industry.

Regional Media Contact
Christina Koh
Director, Communications – AMEA
Avantor
M: +65 9720 0169
Christina.Koh@avantorsciences.com

SOURCE: https://bit.ly/3yMsNic

Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Prenetics Announces Fourth Quarter and Full Year 2022 Financial Results, New Business Strategy Focused on Precision Oncology

LONDON AND HONG KONG, Mar 14, 2023 – (ACN Newswire) – Prenetics Global Limited (NASDAQ: PRE) ("Prenetics" or the "Company"), a leading genomics and precision oncology company, today announced financial results for the fourth quarter and full year ended December 31, 2022.

Financial Highlights
— Revenue of US$275.8 million in the full year 2022
— Revenue of US$52.3 million in the fourth quarter 2022
— Adjusted EBITDA of US$58.3 million in the full year 2022
— Adjusted EBITDA of US$12.1 million in the fourth quarter 2022
— Cash and other short-term assets of US$242.1 million as of December 31, 2022

Recent Highlights
— Embarked on a new business strategy focused on precision oncology, as the Company exits the COVID-19 testing business.
— Acquired ACT Genomics, the first Asian company to receive FDA clearance for its comprehensive genomic profiling test for solid tumors, a significant milestone for Prenetics in executing its new focus in precision oncology.
— Formed a new Scientific Advisory Board with a diverse group of highly respected experts in precision oncology and genomics, to provide strategic input and guide the further development of Prenetics' cancer genomics diagnostic platform.
— Reposition CircleDNA into a global consumer health business, leveraging on its 300,000+ global affluent customers and over 1 million subscribers as an entry way into the precision oncology.

Danny Yeung, Chief Executive Officer and Co-founder of Prenetics, said "Looking back over the last twelve months, we are pleased with our recent transformative progress. When the pandemic started three years ago, we made a strategic decision to pivot from our core genomics business to play a leading role in fighting COVID-19 in the United Kingdom and Hong Kong. We are extremely proud to have safe-guarded those communities with more than 28 million COVID-19 tests processed. It was truly a monumental team effort and something that I'm sure my team and I will remember for the rest of our lives. With the pandemic behind us, our team has rehomed our focus back to our foundational genomics business. This has already been evidenced with the formation of our distinguished Scientific Advisory Board, our acquisition of ACT Genomics, enabling us to offer an FDA-cleared cancer genomics profiling test. Furthermore, I am immensely optimistic with our new business strategy in precision oncology. With our strong balance sheet, we intend to make significant investments to develop our oncology product pipeline, especially in early detection for cancer. Given our progress, we believe our current market cap (currently below cash and cash equivalent) is not reflective of our true value and will now look to execute upon our previously announced US$20 million share buy-back program in which we believe our shareholders will benefit from it."

Danny continued: "We are also proactively restructuring our operations with a focus on streamlining resources and reducing cost, including executing a global workforce reduction of approximately 60% since December 2022, resulting in annual headcount reduction costs of approximately US$10 million. These are important moments to sharpen our focus, control our costs, and deploy our resources and capital to our highest priorities. While implementing such changes are challenging, we are confident this restructuring will allow us to effectively and efficiently achieve our new objective of delivering innovative solutions in precision oncology."

New Business Strategy on Precision Oncology
Prenetics is focusing its business strategy to genomics and precision oncology, and is dedicated to transforming patients' care through advanced genomic and molecular technologies. The acquisition of ACT Genomics marked Prenetics' first milestone in positioning itself in the global precision oncology market. ACT's flagship product ACTOnco+ is currently the first and only Asia-based product to receive FDA clearance for a comprehensive genomic profiling test for solid tumors.

Recently, the Company also appointed Prof. Tony S. K. Mok, Chairman of the Department of Clinical Oncology of the Chinese University of Hong Kong, non-executive director of AstraZeneca PLC., independent director of HUTCHMED (China) Limited and a world-renowned expert in the application of precision medicine for advanced lung cancer, as Chairperson of its Scientific Advisory Board. Prof. Mok will lead the Scientific Advisory Board in advancing Prenetics' mission to acquire, develop, and commercialize innovative solutions in the field of precision oncology, and overcome cancer through early detection and precision medicine.

COVID-19 Update and Rebalancing of Resources
Prenetics has been at the forefront of the fight against COVID-19 by providing highly accurate and rapid testing at scale and dedicating significant resources to the social responsibility of protecting our community. With the pandemic and COVID-19 testing now behind us, the company has been developing a new strategic focus on genomics and precision oncology. In view of the Company's new strategic focus, it is undergoing a rebalancing of resources to improve efficiency, reduce costs in less strategic areas, and deploy resources and capital to areas of high priority. Prenetics believes that these initiatives are important to enable it to achieve its largest growth opportunities in genomics and precision oncology. Prenetics remains committed to investing in strategic areas of its business, aligning talent to delivering innovative solutions in genomics and precision oncology, especially in early detection of cancer.

Fourth Quarter 2022 Financial Highlights
— Revenue was US$52.3 million for the fourth quarter 2022 compared to US$64.7 million for the fourth quarter 2021, a decrease of 19.2% year-over-year.
— Gross margin was 51.6% for the fourth quarter 2022 compared to 36.7% for the fourth quarter 2021.
— Profit from operations was US$4.6 million for the fourth quarter 2022 compared to loss from operations of US$30.8 million for the fourth quarter 2021.
— Adjusted profit attributable to equity shareholders of Prenetics was US$9.7 million for the fourth quarter 2022 compared to adjusted loss of US$10.3 million for the fourth quarter 2021.
— Adjusted EBITDA was US$12.1 million for the fourth quarter 2022 compared to US$(5.9) million for the fourth quarter 2021.

Full Year 2022 Financial Highlights
— Revenue was US$275.8 million for the year ended December 31, 2022 compared to US$275.9 million for the year ended December 31, 2021.
— Gross margin was 47.7% for the year ended December 31, 2022 compared to 38.5% for the year ended December 31, 2021.
— Loss from operations was US$23.3 million for year ended December 31, 2022 compared to US$10.2 million for year ended December 31, 2021, an increase of 128.1% year-over-year.
— Adjusted profit attributable to equity shareholders of Prenetics was US$39.2 million for the year ended December 31, 2022 compared to adjusted loss of US$17.7 million for the year ended December 31, 2021.
— Adjusted EBITDA was US$58.3 million for the year ended December 31, 2022 compared to US$34.0 million for the year ended December 31, 2021.

Full Year 2022 Financial Results
The Company had net loss for the year mainly due to non-cash and/or non-recurring: (i) impairment loss in respect of restructuring costs in relation to diagnostic business; (ii) fair value loss on preference shares liabilities; (iii) fair value loss on financial assets; and (iv) share-based payment on listing. After adjusting for such non-cash losses and other non-recurring items, the Company recorded an adjusted profit attributable to equity shareholders of Prenetics of US$39.2 million and adjusted EBITDA was US$58.3 million for the year ended December 31, 2022.

Fair value loss on preference shares liabilities
This loss was attributable to Prenetics' preference shares issued prior to our listing on NASDAQ. This is a non-cash loss and would not recur subsequent to our listing on May 18, 2022.

The Company had preference shares with mandatory conversion provision that required them to be converted in full to ordinary shares at time of listing. These preference shares were accounted for as financial liabilities under IFRS, and its conversion provision was recognized as derivative financial liabilities and measured at fair value through profit or loss. An increase of the equity value of the Company (prior to our listing) therefore would result in a corresponding increase in the derivative financial liabilities and a non-cash fair value loss.

For the year ended December 31, 2022, the fair value loss on preference shares liabilities was US$60.1 million. At completion of our listing on NASDAQ on May 18, 2022, all of the preference shares were fully converted into ordinary shares, and therefore such fair value loss would not recur going forward.

Share-based payment on listing
Share-based payment on the listing was US$89.5 million and was non-cash and non-recurring in nature. Prenetics was listed on NASDAQ on May 18, 2022 via a de-SPAC transaction by merging with Artisan Acquisition Corp. ("Artisan"). This acquisition of the net assets of Artisan has been accounted for as a share-based compensation for the service of a stock exchange listing and is charged to our profit and loss upon the completion of the transaction. The amount of this payment is calculated based on the excess fair value of consideration transferred over the fair value of Artisan's identifiable net assets acquired.

Fair value loss on financial assets at fair value through profit or loss
This loss is unrealized. Fair value loss on financial assets at fair value through profit or loss was US$9.4 million due to market volatility.

Restructuring costs (including assets write-downs) in relation to diagnostic business
This is a non-cash and non-recurring item. Restructuring costs (including assets write-downs) in relation to the diagnostic business were US$30.4 million, due to impairment loss arising from our exit from the COVID-19 testing business, recognised on (i) intangible assets of US$19.1 million; (ii) goodwill of US$3.3 million; (iii) property, plant and equipment of US$4.5 million; and (iv) write-off of prepayment of US$3.5 million.

The restructuring primarily involves realigning workforce to ensure the Company's resources are focused on business areas with more robust growth prospects and higher profitability. This restructuring of operation will result in significant cost savings in the long run and position the Company for sustainable growth. Prenetics holds positive outlook toward the future of business and are committed to transparent communication with our stakeholders.

2023 Financial Guidance
The Company will be discussing guidance upon release of Q1 2023 results and providing an update on M&A discussions.

About Prenetics
Prenetics is a leading genomics and precision oncology company dedicated to transforming patient care through advanced genomic and molecular technologies. Our new business focus is on precision oncology, specifically on early detection and treatment. We recently acquired ACT Genomics, the only Asia-based company to receive FDA clearance for a comprehensive genomics profiling test for solid tumors. ACT has also enabled us to expand our capabilities and offer comprehensive cancer solutions to patients worldwide. Our team of world-class scientists, healthcare experts, and technology innovators are committed to driving forward precision oncology to improve patient outcomes. At Prenetics, we believe that every patient deserves personalized, effective, and affordable cancer care, and we are dedicated to making that a reality. Prenetics is listed on NASDAQ with the ticker PRE. To learn more about Prenetics, visit www.prenetics.com.

Investor Relations Contact:
investors@prenetics.com

ICR Westwicke:
Caroline Corner +1 415 202 5678 Email: caroline.corner@westwicke.com

Forward-Looking Statements
This press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company's goals, targets, projections, outlooks, beliefs, expectations, strategy, plans, objectives of management for future operations of the Company, and growth opportunities are forward-looking statements. In some cases, forward-looking statements can be identified by words or phrases such as "may," "will," "expect," "anticipate," "target," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. Forward-looking statements are based upon estimates and forecasts and reflect the views, assumptions, expectations, and opinions of the Company, which involve inherent risks and uncertainties, therefore should not be relied upon as being necessarily indicative of future results. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to: the Company's ability to further develop its business, including new products and services; its ability to execute on its new business strategy in genomics and precision oncology; its ability to identify and execute on M&A opportunities, especially in precision oncology; its ability to reduce costs and improve efficiencies through its restructuring efforts; its expectations on ACT Genomics' contribution to its revenues. In addition to the foregoing factors, you should also carefully consider the other risks and uncertainties described in the "Risk Factors" section of the Company's registration statement on Form F-1 and the prospectus therein, and the other documents filed by the Company from time to time with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law.

Basis of Presentation
Unaudited Financial Information and Non-IFRS Financial Measures has been provided in the financial statements tables included at the end of this press release. An explanation of these measures is also included below under the heading "Unaudited Financial Information and Non-IFRS Financial Measures."

Unaudited Financial Information and Non-IFRS Financial Measures
To supplement Prenetics' consolidated financial statements prepared in accordance with International Financial Reporting Standards ("IFRS"), the Company is providing non-IFRS measures, adjusted EBITDA, adjusted gross profit and adjusted profit/(loss) attributable to equity shareholders of Prenetics. These non-IFRS financial measures are not based on any standardized methodology prescribed by IFRS and are not necessarily comparable to similarly-titled measures presented by other companies. Management believes these non-IFRS financial measures are useful to investors in evaluating the Company's ongoing operating results and trends.
Management is excluding from some or all of its non-IFRS results (1) Employee equity-settled share-based payment expenses, (2) depreciation and amortization, (3) finance income and exchange gain or loss, and (4) certain items that may not be indicative of our business, results of operations, or outlook, including but not limited to non-cash and/ or non-recurring items. These non-IFRS financial measures are limited in value because they exclude certain items that may have a material impact on the reported financial results. Management accounts for this limitation by analyzing results on an IFRS basis as well as a non-IFRS basis and also by providing IFRS measures in the Company's public disclosures.

In addition, other companies, including companies in the same industry, may not use the same non-IFRS measures or may calculate these metrics in a different manner than management or may use other financial measures to evaluate their performance, all of which could reduce the usefulness of these non-IFRS measures as comparative measures. Because of these limitations, the Company's non-IFRS financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with IFRS. Investors are encouraged to review the non-IFRS reconciliations provided in the tables captioned "Reconciliation of profit/(loss) from operations under IFRS and adjusted EBITDA (Non-IFRS)", "Reconciliation of gross profit under IFRS and adjusted gross profit (Non-IFRS)" and "Reconciliation of profit/(loss) attributable to equity shareholders of Prenetics under IFRS and adjusted profit/(loss) attributable to equity shareholders of Prenetics (Non-IFRS)" set forth at the end of this document.

Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Essex Bio-Technology Announces 2022 Annual Financial Results

HONG KONG, Mar 8, 2023 – (ACN Newswire) – Essex Bio-Technology Ltd ("Essex" or the "Group", Stock Code: 1061.HK) today announced the annual results for the year ended 31 December 2022.

Financial Performance

During the year under review, the financial results of the Group, have been negatively impacted and ongoing clinical trial programmes have been delayed due to disruptions resulted from sporadic emergence and persistent spread of COVID-19 and the ensuing lockdowns instituted under the "zero-COVID policy" in the PRC. As of the date of the results announcement, the clinical operations of hospitals and outpatient clinics progressively resumed to normalcy.

For the year ended 31 December 2022, the Group achieved a consolidated revenue of approximately HK$1,318 million, with a net profit of approximately HK$225 million. The net profit was weighed down by an impairment loss of approximately HK$ 25.8 million on goodwill arising from the acquisition of YesDok Pte Ltd and its wholly-owned subsidiary in Indonesia.

As of 31 December 2022, the Group had cash and cash equivalents of approximately HK$544 million (2021: approximately HK$671 million). The Board is pleased to propose a final dividend of HK$0.025 (2021: HK$0.055) per ordinary share to be approved at the upcoming annual general meeting of the Group. Together with the interim dividend of HK$ 0.04 per ordinary share paid on 21 September 2022, the total dividend for 2022 would be HK$ 0.065 (2021: HK$ 0.095) per ordinary share.

Revenue of Ophthalmology and Surgical Segments

The Group's revenue is primarily made up of the segments of Ophthalmology and Surgical (wound healing). The revenue of Ophthalmology is approximately HK$554 million, accounted for approximately 42.0% of the Group's revenue, while the revenue of Surgical is approximately HK$764 million, representing approximately 58.0% of the Group's revenue. The core products that are as current growth driver under each segment are:

1. Ophthalmology – Beifushu series (Beifushu eye drops, Beifushu eye gel and Beifushu unit-dose eye drops), Tobramycin Eye Drops, Levofloxacin Eye Drops, Sodium Hyaluronate Eye Drops and Shilishun (Iodized Lecithin Capsules); and

2. Surgical (Wound care and healing) – Beifuji series (Beifuji spray, Beifuji lyophilised powder and Beifuxin gel), Carisolv dental caries removal gel, Dr. YaDian mouth wash and Yi Xue An Granules.

Significant Business Development Activities

The Group is committed to pragmatically investing in new products and technologies to strengthen the Group's product and research and development ("R&D") pipeline as near to mid-term growth driver in ophthalmology and long-term plan for new therapeutics in oncology. During the period under review, significant milestones achieved under business development activities are outlined as follows:

Through acquisition, Shilishun became the company's new added core product

On 8 March 2022, the acquisition of intellectual property rights relating to technologies and process of product R&D, production and right of Marketing Authorisation Holder of Shilishun (Iodized Lecithin Capsules) was completed and Shilishun (Iodized Lecithin Capsules) is being regarded as one of the Group's core products since then.

Secured Exclusive Global Rights and Interests of SkQ1 in the field Ophthalmology from Mitotech

In order to provide the Group with flexibility and independence in the continuing development of the US FDA VISTA programme in the field of dry eye disease and allow the Group to explore further the development of products for other ophthalmic indications to meet the clinical and commercial needs of the Global (as defined below) market, on 13 October 2022, the Group successfully secured (i) a patent assignment deed (the "Patent Assignment Deed"); and (ii) a patent and know-how licence agreement (the "Patent and Know-how Licence Agreement", together with the Patent Assignment Deed, the "Agreements") relating to SkQ1 in the field of ophthalmology from Mitotech.

Pursuant to the Patent Assignment Deed, Mitotech agreed to assign to the Group all the rights of a list of inventions and patents relating to SkQ1 in the field of ophthalmology and all ophthalmic indications.

Pursuant to the Patent and Know-how Licence Agreement, Mitotech agreed to grant the Group an exclusive, transferable and irrevocable Global licence to use a list of patents owned by Mitotech relating to SkQ1 to develop, manufacture, sell and supply any therapeutic products or therapies applied to the eye and its adnexa (the "Products"), including the full global (excluding Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia) ("Global") right to apply for and obtain patents, to apply for and obtain Global regulatory approval for clinical trials, and to obtain marketing authorisation in relation to the Products.

Following the acquisition of the intellectual property rights relating to SkQ1 on 13 October 2022, the Group's priority is to complete the transfer of chemistry, manufacturing and controls (CMC), know-how and intellectual property rights relating to SkQ1. Concurrently, the Group is re-establishing the VISTA programme with regulators for mitigating any identifiable risks before continuing with the clinical trial. According to Frost & Sullivan, the number of patients with moderate-to-severe dry eye disease alone was around 120 million in the PRC in 2020.
The potential market size of the SkQ1 Product is enormous.

EB12-20145P (HLX04-O) global phase 3 clinical study makes significant progress

In 2020, the Group entered into a co-development and exclusive license agreement with Shanghai Henlius Biotech, Inc. to co-develop a pharmaceutical product EB12-20145P, a recombinant anti-vascular endothelial growth factor ("anti-VEGF") humanized monoclonal antibody injection for the treatment of exudative (wet) age-related macular degeneration ("wet-AMD"). During the period under review, the product has been approved to commence the phase 3 clinical trial in Australia, the United States, Singapore, Russia, Serbia and European Union countries such as Hungary, Spain, Latvia, the Czech Republic and Poland. Also, the first patient has been dosed in the phase 3 clinical study of EB12-20145P for the treatment of wet-AMD in the PRC, Latvia, Australia and the United States.

In February 2023, the Group entered into an amendment agreement with Henlius to amend certain terms of the Co-Development License Agreement, which include payments for regulatory and commercial sales milestones and development costs in respect of the Anti-VEGF Licensed Product, details of which are in the announcement dated 22 February 2023 and the annual results announcement on 8 March 2023.

The Anti-VEGF Licensed Product can be used for treating wet-AMD, diabetic macular edema, macular edema caused by retinal vein occlusion and myopic choroidal neovascularisation. According to Frost & Sullivan, the estimated number of patients of these 4 categories of disease is over 15.8 million in the PRC in 2020. Assuming each patient applies 4 doses in the first year of treatment and 2 to 3 doses in subsequent years, the potential market size of the product is enormous.

Honors and Awards Obtained In 2022

The Group has been included in 2022 Forbes Asia's Best Under A Billion list, a testimony to the Group's achievements to date. Forbes Asia's Best Under A Billion list spotlights 200 top-performing publicly listed small and mid-sized companies in the Asia-Pacific region with annual sales under US$1 billion. In addition, the Group was conferred with China Excellent IR – The Best Shareholder Relationship Award and The Best ESG Award. In addition, Zhuhai Essex Bio-Pharmaceutical Company Limited, a wholly-owned subsidiary of the Group, has been recognised as one of the 2021 top 10 pharmaceutical and health manufacturing companies in Zhuhai, and has also been recognised as one of the 2021 top 100 chemical pharmaceutical companies in the PRC. The Group's Beifushu has been awarded as one of the Chinese reputable medicine brands in four consecutive years. This is a testament to the recognition by the industry for the efficacy and quality of our flagship biologic drug.

Market Development Entrenched Market Access Capability

The Group has been relentlessly investing in establishing and strengthening its market access capability. As of 31 December 2022, the Group maintains a network of 43 regional sales offices in the PRC and a total number of about 1,240 sales and marketing representatives, covering more than 10,900 hospitals and medical providers, coupled with approximately 2,130 pharmaceutical stores, which are widely located in the major cities, provinces and county cities in the PRC. Sales to lower-tier cities is supplemented by on-line platform for medical consultation and e-prescription, the on-line platform is further deployed for serving patients with chronic diseases.

The Group's expansion of its market access into Southeast Asian countries via its base in Singapore has been gaining good development traction since 2020.

Research and Development

During the period under review, the Group remains focused executing its 5-year (2021 to 2025) R&D's development plans. As at the date of the announcement, there are 16 R&D programmes in the pre-clinical to clinical stage, out of which the following 4 ophthalmology programmes (inclusive of a new addition of EB11-21148P in 2022) are in late clinical stage and as mid-term growth drivers:

— EB11-18136P: SkQ1 eye drops, second phase 3 clinical trial (US FDA) (VISTA-2) topline data released on 24 February 2021

— EB11-15120P: Azithromycin eye drops, ongoing review by external experts (National Medical Products Administration ("NMPA") in the PRC)

— EB12-20145P: Bevacizumab for wet age-related macular degeneration ("wet-AMD"), phase 3 clinical trial (US FDA, European Medicines Agency, Therapeutic Goods Administration and NMPA in the PRC)

— EB11-21148P: Cyclosporine eye drops, phase 2 clinical trial (NMPA in the PRC)

The Group holds a total of 69 patent certificates or authorisation letters, which include 50 invention patents, 14 utility model patents and 5 design patents. The Group currently has diversified its R&D resources to multiple research sites in Zhuhai (PRC), Boston (United States), London (United Kingdom) and Singapore which support not only our pursuit of new therapeutics but also our recruitment of global talents.

Mr. Patrick Ngiam, Chairman of Essex, said, "Despite yet another difficult year inflicted by the pandemic of COVID-19 on us all, the tenacity, drive and leadership in our DNA were able to deliver sustained stakeholder value. Barring any unforeseen circumstances, being resilient, relevant and growth ready, the Group is optimistic of delivering progressive results.

I would like to take this opportunity to express my sincere gratitude to all stakeholders, business associates and valued customers for the trust, support and cooperation accorded to us, and each and every member of the Group for their relentless efforts rendered in shaping the Group into being a progressive and promising pharmaceutical player."

Full version of Essex's FY2022 Annual Results Announcement can be downloaded at:
https://www1.hkexnews.hk/listedco/listconews/sehk/2023/0308/2023030800766.pdf

About Essex (1061.HK)

Essex Bio-Technology Limited is a bio-pharmaceutical company that develops, manufactures and commercialises genetically engineered therapeutic b-bFGF (FGF-2), having six commercialised biologics marketed in China since 1998. Additionally, it has a portfolio of commercialised products of preservative-free unit-dose eye drops and Shilishun(Iodized Lecithin Capsules) etc.. The products of the Company are principally prescribed for the treatment of wounds healing and diseases in Ophthalmology and Dermatology, which are marketed and sold through approximately 10,900 hospitals and managed directly by its 43 regional sales offices in China. Leveraging on its in-house R&D platform in growth factor and antibody, the Company maintains a pipeline of projects in various clinical stages, covering a wide range of fields and indications.

Media Enquiry:
Strategic Financial Relations Limited (Website: http://www.sprg.com.hk)
Shelly Cheng +852 2864 4857 shelly.cheng@sprg.com.hk
Yan Li +852 2114 4320 yan.li@sprg.com.hk
June Tuo +852 2864 4848 june.tuo@sprg.com.hk
Angela Shen +852 2864 4870 angela.shen@sprg.com.hk
Media: media@essex.com.cn

Investor Enquiry:
Investor Relations: investors@essex.com.cn

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