1.Date of occurrence of the event:2022/07/21
2.Counterparty to the contract or commitment:A pharmaceutical company in China
3.Relationship with the Company:None
4.Starting and ending dates (or rescission date) of the contract or commitment:None
5.Major content (not applicable where rescinded):
The Board of Directors of Obigen Pharma Inc. has resolved to enter into the Term Sheet for licensing of Botulinum Toxin, OBI-858, in China, Hong Kong and Macau with a pharmaceutical company in China. The Chairman is authorized to proceed negotiation and sign the Term Sheet. Both parties agree to sign the eventual contract after due diligence or after the approval of competent authority (whichever occurs later). The condition of Term Sheet will be kept confidential temporary according to the non-disclosure agreement.
6.Restrictive covenants (not applicable where rescinded):The condition of term sheet will be kept confidential temporary according to the non-disclosure agreement.
7.Commitment (not applicable where rescinded):The condition of term sheet will be kept confidential temporary according to the non-disclosure agreement.
8.Any other important agreement (not applicable where rescinded):The condition of term sheet will be kept confidential temporary according to the non-disclosure agreement.
9.Effect on company finances and business:
If the partnership proceeds successfully, conduction of clinical trials in Taiwan and China area simultaneously will accelerate the development process of OBI-858 and brings positive effect to the finance and business of Obigen.
10.Concrete purpose/objective:
Negotiation of potential strategic alliance to develop, promote the process of clinical trials, and accelerate the product launch of Botulinum Toxin, OBI-858.
11.Any other matters that need to be specified:
New drug development requires long process, vast investments and with no guarantee in success which may pose investment risks. The investors are advised to exercise caution and conduct thorough evaluation.