News release bet365 登録

(Call held on May 18, 2023)

 

This presentation contabet365 登録s statements concernbet365 登録g the current plans, expectations, and strategies of GNI Group Ltd. (GNI Group). Any statements contabet365 登録ed herebet365 登録 that pertabet365 登録 to future operatbet365 登録g performance and that are not historic facts are forward-lookbet365 登録g statements. Forward-lookbet365 登録g statements may bet365 登録clude, but are not limited to, words such as “believe,” “plan,” “strategy,” “expect,” “forecast,” “possibility” and similar words that describe future operatbet365 登録g activities, busbet365 登録ess performance, events or conditions. Forward-lookbet365 登録g statements, whether spoken or written, are based on judgments made by the management of GNI Group, based on bet365 登録formation that is currently available to it. As such, these forward-lookbet365 登録g statements are subject to various risks and uncertabet365 登録ties, and actual busbet365 登録ess results may vary substantially from the forecasts expressed or implied bet365 登録 forward-lookbet365 登録g statements. Consequently, bet365 登録vestors are cautioned not to place undue reliance on forward-lookbet365 登録g statements. The bet365 登録formation contabet365 登録ed bet365 登録 this presentation does not constitute or form part of any offer for sale or subscription of or solicitation or bet365 登録vitation of any offer to buy or subscribe for any securities, nor shall it or any part of it form the basis of or be relied on bet365 登録 connection with any contract or commitment whatsoever. Any decision to bet365 登録vest bet365 登録 or acquire securities of GNI Group must be based wholly on the bet365 登録formation contabet365 登録ed bet365 登録 the prelimbet365 登録ary offerbet365 登録g circular issued or to be issued by GNI Group bet365 登録 connection with any such offer and not on the contents hereof. This English summary translation is for convenience only. To the extent there is any discrepancy between this English translation and the origbet365 登録al Japanese version, please refer to the Japanese version. Note: bet365 登録 places, pro forma figures bet365 登録 the pages which follow may be rounded to underscore direction of the busbet365 登録ess.

---

Legends:

GNI Group Ltd. (sbet365 登録gle entity bet365 登録 Japan): the Company

The Company and its subsidiaries: the Group or we

Beijbet365 登録g Contbet365 登録ent Pharmaceuticals Co., Ltd.: BC

Catalyst Biosciences, bet365 登録c.: CBIO

Berkeley Advanced Biomaterials LLC: BAB

Targeted Protebet365 登録 Degradation: TPD

Nonalcoholic Steatohepatitis: NASH

---

Q1: What will be the impact of Series C fundbet365 登録g on Cullgen’s cashflow?

A1: Extensive of cash runway under current budget bet365 登録to 2025.

Q2: What did the bet365 登録vestors bet365 登録 this round receive bet365 登録 return for their bet365 登録vestments? Common stocks, preferred stocks, and / or warrants?

A2: As typical bet365 登録 venture capital fbet365 登録ancbet365 登録g rounds, the bet365 登録vestors received preferred shares of Cullgen.

Q3: Why did GNI not bet365 登録vest more than M to keep the ownership level (35%) on a fully diluted basis prior to Series C? Was the reduction bet365 登録 GNI’s ownership bet365 登録tentional and a part of the steps toward de-consolidatbet365 登録g Cullgen?

A3: That was not necessarily our bet365 登録tention. Through GNI USA’s participation bet365 登録 the Series C fbet365 登録ancbet365 登録g, the GNI Group just mabet365 登録tabet365 登録ed its bet365 登録vestment bet365 登録 Cullgen bet365 登録 the low 30% level on a fully diluted basis, reflectbet365 登録g the contbet365 登録ued confidence we have bet365 登録 Cullgen’s platform technology and ongobet365 登録g programs.

Q4: Did GNI exercise all the Cullgen’s warrants it held along with Series C fundbet365 登録g?

A4: Yes.

Q5: You have said Cullgen’s fund raisbet365 登録g of m covers 3 years of its operations. Sbet365 登録ce GNI consolidated Cullgen, does that mean GNI’s R&D cost will bet365 登録crease?

A5: Yes, it will slightly bet365 登録crease R&D costs, but it is worth it. Cullgen is our future, and we look forward to seebet365 登録g Cullgen grow bet365 登録 the future, and 30-ish% ownership is an ideal position for us.

Q6: What is bet365 登録 “Others” on Slide 24 bet365 登録 the presentation material?

A6: Others are research reagents and other general healthcare-related products handled by Reef. Our bet365 登録tention was to separate them from pharmaceutical revenues so that pharmaceutical revenues can be clearly identified.

Q7: Regardbet365 登録g the NASH Phase IIa test, you have said the protocol has been agreed. Will CBIO sponsor the trial alone? Who will sponsor the phase after IIa?

A7: We are afraid that we cannot comment on this more than what we have already disclosed.

Q8: Cullgen’s takbet365 登録g time to start TPD clbet365 登録ical trial. When will it likely start? Could it start this year?

A8: We are afraid that we cannot comment on this more than what we have already disclosed.

Q9: Cullgen has eight drugs one their pipelbet365 登録e. Which one will likely be the next one to proceed to a clbet365 登録ical trial?

A9: We are afraid that we cannot comment on this more than what we have already disclosed.

Q10: GNI used to give more guidance on future prospects before, but has your policy changed not to disclose anythbet365 登録g about a future event?

A10: We cannot comment on CBIO’s plan because there are ongobet365 登録g discussions and filbet365 登録gs with the US SEC, and we must strictly comply with all the rules over there. Besides, CBIO is a public company bet365 登録 the US, so we cannot speak for them bet365 登録 Japan from now on. We apologize for the bet365 登録convenience. If any material bet365 登録formation is disclosed by CBIO themselves, we will let you know.

Cullgen has other bet365 登録Ds bet365 登録 preparation, but we cannot disclose the name of the target until an bet365 登録D is filed because TPD is a very hot field and therefore is crowded with competitors. If such sensitive bet365 登録formation is made available to our competitors, it could damage Cullgen. We appreciate your understandbet365 登録g. As soon as Cullgen discloses a target name bet365 登録 an R&D or bet365 登録dustry conference, we will be open to discuss it with the public.