Announcement on Change of Financial Officer and Acting SpokespersonJuly 31, 2019
Board of Directors Approved the Change of Financial Officer and Acting SpokespersonAugust 12, 2019
- Date of occurrence of the event: Aug 03, 2019
- Company name: OBI Pharma Inc.
- Relationship to the Company (please enter “head office” or “subsidiaries”): Head Office
- Reciprocal shareholding ratios: Not applicable
- Cause of occurrence: Head office filed IND Phase I/II Human Clinical Trial Application of Globo-H Antibody-Drug Conjugate, OBI-999, to FDA
- Countermeasures: None
- Any other matters that need to be specified:
(1) Name of the new drug: Globo-H Antibody Drug Conjugate, OBI-999
(2) Uses: An Antibody Drug Conjugate (ADC) treatment for cancer that is based on Globo H, OBI-999, uses to target cancer cells. ADC is by releasing a small molecule payload through the specificity of the antibody, it directly deploys cytotoxicity therapy at the targeted cancer cells. Antibody linked payload binds with the receptor on tumor cell to deploy endocytosis, followed by degradation of ADC in lysosomes releases small molecule payload to prevent tumor cell differentiation, to achieve the goal of anti-tumor.
(3) Planned development: Phase I/II clinical trial, phase III clinical trial and inspection registration review of new drug
(4) Ongoing development:
A. Filed application/ Granted/ Denied: Filed Phase I/II Human Clinical Trial Application
B. Risks/impact and countermeasures for clinical trial (include interim analysis) results not meeting competent authorities: Not Applicable
C. Company outlook for clinical trial (include interim analysis) results meeting competent authorities: Not Applicable
D. Total invested capital: To be kept confidential to avoid complications in future negotiation of licensing deals, and as for the best interest of shareholders.
(5) Next phase of development:
A. Expected timeline: According to competent authority’s review schedule
B. Expected obligation: None
(6) Current market: According to IQVIA, the global market for anti-tumor drugs is about US$150 billion in 2018, the largest among the top 10 categories. OBI-999, Globo-H Antibody-Drug Conjugate, is still in clinical development; its indications will be evaluated based on unmet medical needs, product opportunities, and company portfolio.
(7) 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.