Announcement of the signing of a Non-Binding Letter of Intent for OBI Pharma, Inc., to issue new shares to AbProtix, Inc., in exchange for up to 70% stake in AP BiosciencesDecember 30, 2016
Clarification on the news article by Economic Daily NewsJanuary 10, 2017
- Date of occurrence of the event: January 9, 2017
- Company name: OBI Pharma, Inc.
- Relationship to the Company (please enter ”head office” or ”affiliated company”): N/A
- Reciprocal shareholding ratios: N/A
- Name of mass media: Press release by the Shihlin District Prosecutors Office, Taiwan
- Content reported: On January 9, 2017, the press release by Shihlin District Prosecutors Office stated that “Michael Chang (Chairman), Shue Youe-Kong (Ex-vice chairman), Amy Huang (General Manager), Yu Cheng-Der (Chief Scientific Officer), and Liao Jon-Jih (Director of Business Medical Advisor) are prosecuted due to the violation of the Stock Exchange Act. Michael Chang (Chairman) is also suspected to be in violation of the Anti-corruption Act.”
- Cause of occurrence: Press release by the Shihlin District Prosecutors Office, Taiwan
- Countermeasures: OBI firmly believes in the innocence of the management team. Defendants have hired defense attorneys to handle the legal process.
- Any other matters that need to be specified: The operation and financial status of the company remain normal and unaffected. New drug development is a long journey associated with high cost. It is not a guaranteed success, which may increase the risk of investment. Investors shall make prudent judgments and investments.