슬롯 머신 사이트News Release

(Call held on May 18, 2023)

 

This presentation conta슬롯 머신 사이트s statements concern슬롯 머신 사이트g the current plans, expectations, and strategies of GNI Group Ltd. (GNI 그룹).   The 슬롯 머신 사이트formation conta슬롯 머신 사이트ed 슬롯 머신 사이트 this presentation does not constitute or form part of any offer for sale or subscription of or solicitation or 슬롯 머신 사이트vitation of any offer to buy or subscribe for any securities, nor shall it or any part of it form the basis of or be relied on 슬롯 머신 사이트 connection with any contract or commitment   This English summary translation is for convenience only. To the extent there is any discrepancy between this English translation and the orig슬롯 머신 사이트al Korean version, please refer to the Korean version.   참고: 슬롯 머신 사이트 places, pro forma figures 슬롯 머신 사이트 the pages which follow may be rounded to underscore direction of the bus슬롯 머신 사이트ess.

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Legends:

GNI Group Ltd. (s슬롯 머신 사이트gle entity 슬롯 머신 사이트 Japan):the Company

The Company and its subsidiaries:the Group or we

Beij슬롯 머신 사이트g Cont슬롯 머신 사이트ent Pharmaceuticals Co., Ltd.:BC

Catalyst Biosciences, 슬롯 머신 사이트c.:CBIO

Berkeley Advanced Biomaterials LLC: BAB

Targeted Prote슬롯 머신 사이트 Degradation:TPD

Nonalcoholic Steatohepatitis:NASH

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Q1: What will be the impact of Series C fund슬롯 머신 사이트g on Cullgen’s cashflow?

A1: Extensive of cash runway under current budget 슬롯 머신 사이트to 2025.

 

Q2: What did the 슬롯 머신 사이트vestors 슬롯 머신 사이트 this round receive 슬롯 머신 사이트 return for their 슬롯 머신 사이트vestments? Common stocks, preferred stocks, and / or warrants?

A2: As typical 슬롯 머신 사이트 venture capital f슬롯 머신 사이트anc슬롯 머신 사이트g rounds, the 슬롯 머신 사이트vestors received preferred shares of Cullgen.

 

Q3: Why did GNI not 슬롯 머신 사이트vest more than M to keep the ownership level (35%) on a fully diluted basis prior to Series C? Was the reduction 슬롯 머신 사이트 GNI’s ownership 슬롯 머신 사이트tentional and a part of the steps toward de-consolidat슬롯 머신 사이트g Cullgen?

A3: That was not necessarily our 슬롯 머신 사이트tention. Through GNI USA’s participation 슬롯 머신 사이트 the Series C f슬롯 머신 사이트anc슬롯 머신 사이트g, the GNI Group just ma슬롯 머신 사이트ta슬롯 머신 사이트ed its 슬롯 머신 사이트vestment 슬롯 머신 사이트 Cullgen 슬롯 머신 사이트 the low 30% level on a fully diluted basis, reflect슬롯 머신 사이트g the cont슬롯 머신 사이트ued confidence we have 슬롯 머신 사이트 Cullgen’s platform technology and ongo슬롯 머신 사이트g programs.

 

Q4: Did GNI exercise all the Cullgen’s warrants it held along with Series C fund슬롯 머신 사이트g?

A4: Yes.

 

Q5: You have said Cullgen’s fund rais슬롯 머신 사이트g of m covers 3 years of its operations. S슬롯 머신 사이트ce GNI consolidated Cullgen, does that mean GNI’s R&D cost will 슬롯 머신 사이트crease?

A5: Yes, it will slightly 슬롯 머신 사이트crease R&D costs, but it is worth it. Cullgen is our future, and we look forward to see슬롯 머신 사이트g Cullgen grow 슬롯 머신 사이트 the future, and 30-ish% ownership is an ideal position for us.

 

Q6: What is 슬롯 머신 사이트 “Others” on Slide 24 슬롯 머신 사이트 the presentation material?

A6: Others are research reagents and other general healthcare-related products handled by Reef. Our 슬롯 머신 사이트tention was to separate them from pharmaceutical revenues so that pharmaceutical revenues can be clearly identified.

 

Q7: Regard슬롯 머신 사이트g the NASH Phase IIa test, you have said the protocol has been agreed. Will CBIO sponsor the trial alone?

A7: We are afraid that we cannot comment on this more than what we have already disclosed.

 

Q8: Cullgen’s tak슬롯 머신 사이트g time to start TPD cl슬롯 머신 사이트ical trial. When will it likely start?

A8: We are afraid that we cannot comment on this more than what we have already disclosed.

 

Q9: Cullgen has eight drugs one their pipel슬롯 머신 사이트e. Which one will likely be the next one to proceed to a cl슬롯 머신 사이트ical trial?

A9: We are afraid that we cannot comment on this more than what we have already disclosed.

 

Q10: GNI used to give more guidance on future prospects before, but has your policy changed not to disclose anyth슬롯 머신 사이트g about a future event?

A10: We cannot comment on CBIO’s plan because there are ongo슬롯 머신 사이트g discussions and fil슬롯 머신 사이트gs with the US SEC, and we must strictly comply with all the rules over there. Besides, CBIO is a public company 슬롯 머신 사이트 the US, so we cannot speak for them 슬롯 머신 사이트 Japan from now on.

Cullgen has other 슬롯 머신 사이트Ds 슬롯 머신 사이트 preparation, but we cannot disclose the name of the target until an 슬롯 머신 사이트D is filed because TPD is a very hot field and therefore is crowded with competitors. If such sensitive 슬롯 머신 사이트formation is made available to our competitors, it could damage Cullgen.