Clarification on the news article by Commercial Times

Investigational Device Exemption (IDE) for the development of Adagloxad Simolenin (OBI-822) was approved by the US Food and Drug Administration (FDA) for its use in OBI-822 Phase III Clinical Trial
July 27, 2018
  1. Date of occurrence of the event: Jul 28, 2018
  2. Company name: OBI Pharma Inc.
  3. Relationship to the Company (please enter “head office” or “subsidiaries”): Head office
  4. Reciprocal shareholding ratios: N/A
  5. Name of mass media: Commercial Times
  6. Content reported: “OBI…immunohistochemistry (IHC), received the safe to proceed letter from the FDA to be used for OBI-822 Phase III study. “it is estimated that the Phase III study may start in the third quarter, and complete in 2025 with total enrollment of 668 subjects.”
  7. Cause of occurrence: Clarification on news articles
  8. Countermeasures: The aforementioned timeline is an unofficial estimation by the mass media. The actual progress of the study will be announced based on the company’s schedule and planning.
  9. Any other matters that need to be specified: new drug development is a long process associated with high costs. It is not a guaranteed success, which may increase the risk of investment. Investors shall make prudent judgments and investments