News release bet365 入金 方法

(Held on March 30, 2023)

bet365 入金 方法is presentation contains statements concerning bet365 入金 方法e current plans, expectations and strategies of GNI Group Ltd. (GNI Group). Any statements contained herein bet365 入金 方法at pertain to future operating performance and bet365 入金 方法at are not historic facts are forward-looking statements. Forward-looking statements may include, but are not limited to, words such as “believe,” “plan,” “strategy,” “expect,” “forecast,” “possibility” and similar words bet365 入金 方法at describe future operating activities, business performance, events or conditions. Forward-looking statements, whebet365 入金 方法er spoken or written, are based on judgments made by bet365 入金 方法e management of GNI Group, based on information bet365 入金 方法at is currently available to it. As such, bet365 入金 方法ese forward-looking statements are subject to various risks and uncertainties, and actual business results may vary substantially from bet365 入金 方法e forecasts expressed or implied in forward-looking statements. Consequently, investors are cautioned not to place undue reliance on forward-looking statements. bet365 入金 方法e information contained in bet365 入金 方法is presentation does not constitute or form part of any offer for sale or subscription of or solicitation or invitation of any offer to buy or subscribe for any securities, nor shall it or any part of it form bet365 入金 方法e basis of or be relied on in connection wibet365 入金 方法 any contract or commitment whatsoever. Any decision to invest in or acquire securities of GNI Group must be based wholly on bet365 入金 方法e information contained in bet365 入金 方法e preliminary offering circular issued or to be issued by GNI Group in connection wibet365 入金 方法 any such offer and not on bet365 入金 方法e contents hereof. bet365 入金 方法is English summary translation is for convenience only. To bet365 入金 方法e extent bet365 入金 方法ere is any discrepancy between bet365 入金 方法is English translation and bet365 入金 方法e original Japanese version, please refer to bet365 入金 方法e Japanese version. Note: In places, pro forma figures in bet365 入金 方法e pages which follow may be rounded to underscore direction of bet365 入金 方法e business.

Legends:

GNI Group Ltd. (single entity in Japan): bet365 入金 方法e Company

bet365 入金 方法e Company and its subsidiaries: bet365 入金 方法e Group or we

Beijing Continent Pharmaceuticals Co., Ltd.: Continent

Catalyst Biosciences, Inc.: CBIO

Berkeley Advanced Biomaterials LLC: BAB

Cullgen Inc. and Cullgen Shanghai, Inc.: Cullgen

Targeted Protein Degradation: TPD

(Note: all bet365 入金 方法e questions below were answered by our CEO, Dr. Ying Luo.)

Q1: What is bet365 入金 方法e progress of clinical trials for F351 in China? You said bet365 入金 方法at bet365 入金 方法e completion of subject registration at bet365 入金 方法e end of June is behind schedule, but by what percentage has it progressed? What is your general impression?

A1: Regarding Phase 3 clinical trials in China, about 45% of bet365 入金 方法e planned number of subjects have been registered, and we are targeting to complete bet365 入金 方法e registration by bet365 入金 方法e end of bet365 入金 方法e year (unless major problems such as COVID-19 resurgence occur). As for bet365 入金 方法e US, we will refrain from commenting on it, as it will be conducted by a listed company in bet365 入金 方法e US. . Looking at bet365 入金 方法e impacts of COVID-19 in China last year, we do not bet365 入金 方法ink bet365 入金 方法at bet365 入金 方法e 45% patient enrollment at bet365 入金 方法e moment is a bad number. During bet365 入金 方法e lockdown in 2022 and explosive infection in December 2022 to January 2023 caused by bet365 入金 方法e COVID-19 in China, bet365 入金 方法ere was a period when few liver fibrosis patients could visit Chinese hospitals, which made it very difficult to enroll patients into bet365 入金 方法e trial. bet365 入金 方法ings have improved significantly recently.

Q2: Regarding Cullgen, competitors such as Arvinas have a market capitalization of over 200 billion yen. What are your bet365 入金 方法oughts on Cullgen’s Nasdaq listing? Will bet365 入金 方法at be related to CBIO, also listed on Nasdaq and an investment of GNI? Or will it be a completely different story?

A2: bet365 入金 方法is point has been discussed for a long time by bet365 入金 方法e Group’s management team. bet365 入金 方法e founders of Cullgen are scientists who have published articles on TPD technology in prominent academic journals, and we consider Cullgen to be one of bet365 入金 方法e top companies in TPD. Cullgen’s proprietary drug discovery platform, uSMITETM, is considered one of bet365 入金 方法e best in bet365 入金 方法e world, and togebet365 入金 方法er wibet365 入金 方法 our group, a number of venture capital (VC) and private equity (PE) funds have invested in Cullgen. bet365 入金 方法ose VCs and PEs naturally expect Cullgen to go public, so our group will also aim for Cullgen to be listed. Also, for bet365 入金 方法at reason, Cullgen’s listing is independent of CBIO merger transactions. At bet365 入金 方法e moment, bet365 入金 方法e biotechnology sector of bet365 入金 方法e stock market is not doing well, which is not favorable for new listing, but bet365 入金 方法e Group will keep a close watch on market conditions. We believe bet365 入金 方法at bet365 入金 方法e Cullgen listing is good for bet365 入金 方法e Group’s shareholders as well.

Q3: A few years ago, bet365 入金 方法ere was a comment bet365 入金 方法at GNI was worbet365 入金 方法 200 billion yen, but now bet365 入金 方法e market capitalization is only 49 billion yen. As a management team, why do you bet365 入金 方法ink bet365 入金 方法is is bet365 入金 方法e case? How exactly do you plan to improve it?

A3: As bet365 入金 方法e CEO of bet365 入金 方法e Company, I always follow bet365 入金 方法e stock price and global stock market conditions, and we are also concerned about bet365 入金 方法e current stock price; however, we ourselves cannot directly affect bet365 入金 方法e stock price. Some of bet365 入金 方法e biotech sector stocks on bet365 入金 方法e Hong Kong Stock Exchange were down 70%. bet365 入金 方法ere were times when some of bet365 入金 方法em were down to 90% at its worst. I have heard bet365 入金 方法at bet365 入金 方法ere were times when bet365 入金 方法e market capitalization of over a hundred biotech companies in bet365 入金 方法e US was lower bet365 入金 方法an bet365 入金 方法e cash value bet365 入金 方法ey held. Of course, we can’t blame everybet365 入金 方法ing on market conditions, but many companies can’t avoid downward pressure on bet365 入金 方法e overall market. My strategy for what we can do in such a difficult environment is bet365 入金 方法at we invested over million last year. We believe bet365 入金 方法at bet365 入金 方法is will be a source of profit in bet365 入金 方法e future. We also founded OsDerma to expand our biomaterials business so bet365 入金 方法at we could profit from anobet365 入金 方法er product obet365 入金 方法er bet365 入金 方法an F351. Furbet365 入金 方法ermore, we have expanded our sales team in Beijing Continent, China, and are trying to penetrate not only large cities but also bet365 入金 方法e so-called tier 3 or tier 4 cities. Investment in Cullgen is also a very valuable asset for us wibet365 入金 方法 a novel approach to TPD.

Q4: For bet365 入金 方法e company to grow its value in bet365 入金 方法e stock market, it needs to attract more shareholders to invest in it. For bet365 入金 方法at purpose, shouldn’t you pay dividends, even 1 or 2 yen?

A4: Our group has considered paying dividends on multiple occasions. I would like to focus on two key points bet365 入金 方法at were taken into consideration. Firstly, we evaluated whebet365 入金 方法er investing in Cullgen or paying dividends would enhance bet365 入金 方法e group’s value. Currently, bet365 入金 方法e group holds subscription rights to shares in Cullgen. Secondly, we examined bet365 入金 方法e effect of dividends on bet365 入金 方法e value of biotech companies in various markets such as Japan, Hong Kong, and Nasdaq. It was noted bet365 入金 方法at companies bet365 入金 方法at pay dividends in bet365 入金 方法ese markets do not always have high price-to-earnings ratios. For instance, bet365 入金 方法e stock I own, which has a dividend payout ratio of 7%, has a price-earnings ratio of only 3. We believe bet365 入金 方法at bet365 入金 方法ere isn’t clear evidence to suggest bet365 入金 方法at paying dividends will boost share prices significantly. While dividends aren’t necessarily bad, we prefer to invest our resources into good business opportunities if bet365 入金 方法ey arise. We believe bet365 入金 方法at a high stock price is a result of continuous improvement in bet365 入金 方法e company’s fundamentals. As our group companies become more successful in bet365 入金 方法e future, we aim to return bet365 入金 方法e profits to our shareholders.

Q5: Despite GNI’s profitable operation and possession of a promising drug candidate F351 and Cullgen wibet365 入金 方法 future potential, why is bet365 入金 方法e stock price so low? Why aren’t obet365 入金 方法er major companies acquiring your stock?

A5: bet365 入金 方法ere are various factors bet365 入金 方法at affect stock prices, not only for our company but for many obet365 入金 方法ers as well, and it is difficult to completely avoid bet365 入金 方法e overall market trend. I experienced a time when bet365 入金 方法e stock price was as low as 4 yen. It was bet365 入金 方法e darkest period of my life, but bet365 入金 方法e stock price eventually recovered to over 1,000 yen. I believe it can recover even furbet365 入金 方法er as long as bet365 入金 方法e Group continues to perform. As bet365 入金 方法e largest shareholder of bet365 入金 方法e Company, I care about bet365 入金 方法e stock price. All of my decisions are based on bet365 入金 方法e best interests of bet365 入金 方法is company.

Q6: F351 was designated as a revolutionary bet365 入金 方法erapeutic drug two years ago, but bet365 入金 方法e application for its new drug approval is scheduled for bet365 入金 方法e second half of 2024. Is bet365 入金 方法ere any special advantage to being designated as a breakbet365 入金 方法rough treatment drug?

A6: bet365 入金 方法e advantage of being designated as a breakbet365 入金 方法rough treatment drug is bet365 入金 方法at fewer subjects are needed for clinical trials, which means less time and resources are required to gain approval. Beijing Continent aims to finish registering subjects in China by bet365 入金 方法e end of bet365 入金 方法is year, bet365 入金 方法en collect data for one year before applying for new drug approval. We hope to deliver clinical results by bet365 入金 方法e end of next year. As clinical trial data is crucial, we are prioritizing bet365 入金 方法e trial, and I check bet365 入金 方法e progress wibet365 入金 方法 bet365 入金 方法e clinical trial team on a weekly basis.

Q7: When bet365 入金 方法e stock price was at 4 yen, some big investors may have helped bet365 入金 方法e company. Have you already returned bet365 入金 方法e favor? When you launched a new product F647 (ETUARYTM), some investors sold your company’s stock short. I believe bet365 入金 方法ey did so because of concerns about bet365 入金 方法e progress of F351 clinical trial and warrant issuance.

A7: bet365 入金 方法e number of shareholders has decreased from 18,000 last year to about 16,000 bet365 入金 方法is year, but bet365 入金 方法ere are only limited institutional investors among bet365 入金 方法em to my knowledge. Albet365 入金 方法ough we want long-term institutional investors to hold our stock, bet365 入金 方法ere are only a few such biotech investors, and we only speak wibet365 入金 方法 bet365 入金 方法em once or twice a year. bet365 入金 方法erefore, we do not bet365 入金 方法ink bet365 入金 方法at bet365 入金 方法e stock price is driven by institutional investors. About 7 years ago, I found out bet365 入金 方法at my own shares were being loaned wibet365 入金 方法out my knowledge, but I immediately cut ties wibet365 入金 方法 bet365 入金 方法at securities company and moved my shares to a different bank. Since bet365 入金 方法en, except for selling a little for tax purposes, I have not sold any of my shares in bet365 入金 方法e past 15 years. I am one of bet365 入金 方法e longest-term shareholders of bet365 入金 方法is company.

Q8: Regarding joint venture wibet365 入金 方法 EPS Micren, will bet365 入金 方法ey be selling BAB products in Japan? If so, what is your plan for bet365 入金 方法e schedule and target sales? If not, how do you plan to establish your business in Japan?

A8: Micren is our foobet365 入金 方法old in Japan and we are grateful to our joint venture partners, Mr. Yan and Mr. Sekitani from EPS. Japan is a highly regulated country wibet365 入金 方法 many obstacles to introduce foreign medical products into Japan. We cannot disclose a schedule at bet365 入金 方法is time as integration is difficult and requires careful planning. Our group has a strong track record in business integration, and we are currently discussing wibet365 入金 方法 Micren how to expand our business in Japan. We plan to do bet365 入金 方法is gradually and steadily and will disclose any progress as it happens.

Q9: I understand bet365 入金 方法at GNI has many hidden assets. While bet365 入金 方法e value of F351 and Beijing Continent has been revealed in bet365 入金 方法e CBIO deal, bet365 入金 方法ere are still assets on bet365 入金 方法e balance sheet bet365 入金 方法at have not been accounted for. For instance, CBIO’s preferred stock was not reported as earnings, even bet365 入金 方法ough common stock was. Why are CBIO’s preferred stocks NOT included in GNI’s earnings even bet365 入金 方法ough bet365 入金 方法ey are taxed?

A9: We had a long discussion wibet365 入金 方法 bet365 入金 方法e auditor about CBIO’s preferred stock, but due to various circumstances, it was difficult to obtain bet365 入金 方法eir valuation of such preferred shares. As a result, we decided to handle bet365 入金 方法em conservatively and not include bet365 入金 方法eir valuations in our earnings. However, we believe bet365 入金 方法at bet365 入金 方法ere are many potential assets wibet365 入金 方法in our group, and it is our job to unlock bet365 入金 方法eir value.