1. Date of occurrence of the event: Feb 23, 2021
2. Counterparty to the contract or commitment: OBIGEN Pharma, Inc.
3. Relationship with the Company: None
4. Starting and ending dates (or rescission date) of the contract or commitment: Feb 23, 2021
5. Major content (not applicable where rescinded):
(1) OBI has signed Intellectual property rights licensing agreement of global aesthetic medicine for OBI-858, Novel Botulinum Toxin, with OBIGEN Pharma, Inc (hereafter referred to as OBIGEN). The future clinical research and development of indication for OBI-858 aesthetic medicine will be proceeded by OBIGEN.
(2) OBI has also sold the parental production facility of OBI-858 to OBIGEN. The total cost of the licensing fee of Intellectual property rights for global aesthetic medicine and the parental production facility is NTD$9.45 hundred million (included tax). OBIGEN will pay with the new issued common stock. OBIGEN is increasing capital by cash meanwhile. All raise funds will be used for clinical phase II OBI-858 productions and phase I/ II clinical and operational costs. Currently the potential investors include cosmetics group and institutional investors who are familiar with product distribution channels, and investment company with rich experience on pharmaceutical investment, etc. Therefore, OBIGEN will become a subsidiary with strong influence on OBI.
6. Restrictive covenants (not applicable where rescinded): according to contract
7. Effect on company finances and business:
Botulinum Toxin has a great potential in aesthetics medicine industry. With the cooperation of OBI-858, OBI would like to combine the resources provided by previous described investors to push the research progress forward and wish to share the potential business benefit after product launching. The result will bring positive impacts on OBI future finances and business.
8. Concrete purpose of signing (or reason of rescission): OBI currently focuses on the development of immunotherapeutic anticancer drug and cooperates with external resources to co-develop OBI-858.
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.