- Date of occurrence of the event: Nov 28, 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: To support company future development and expansion in China area, board of directors agreed to let subsidiary OBI Pharma (Shanghai) Limited (abbrev. OBI Shanghai) to implement partial intellectual property rights of headquarter – rights in China:
(1) China patent right of OBI-888 Globo H anti-immunosuppressive monoclonal antibody
(2) China patent right of OBI-999 Globo H antibody small molecule drug conjugate
(3) China patent right of OBI-833 new generation of Globo H active immunotherapy
(4) China patent right of OBI-866 SSEA-4 active immunotherapy
(5) Intellectual property rights of OBI-858 a new clostridium botulinum toxin type A production and manufacture
All above right considerations for OBI Shanghai will be evaluated for a reasonable price by a fair valuation agency. After both agree on the detailed conditions, included purpose, method, and timeline, the contract will be signed and executed.
- Countermeasures: None
- 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.