HSINCHU, Taiwan and WUHAN, China, Feb. 1, 2018 /PRNewswire/ -- JHL Biotech (TPEx: 6540) announced that its shareholders voted to voluntarily delist the company's ordinary shares from the Emerging Stock Market of the Taipei Exchange (TPEx). JHL's Board of Directors convened an Extraordinary General Meeting today for shareholders to vote on the proposal and related matters.
JHL's Board of Directors believes the voluntary delisting is in the best interests of the company and its shareholders. With the voluntary delisting, JHL will be better able to pursue its planned expansion activities and to explore various fundraising strategies (including potentially listing on an overseas exchange).
JHL has several biosimilars that are either currently in or expected to be in clinical trial in 2018, including:
Rituximab biosimilar, JHL1101, to treat rheumatoid arthritis. Currently in Phase I trial in Europe. Expected Phase III in Europe and Phase I and III in China in 2018.
Dornase alfa biosimilar, JHL1922, to manage symptoms of cystic fibrosis. Expected Phase I and Phase III trials in Europe in 2018.
Bevacizumab biosimilar, JHL1149, to treat colon and other cancers. Expected Phase I trial in Europe in 2018
Trastuzumab biosimilar, JHL1188, to treat breast cancer. Expected Phase I in Europe in 2018
JHL has submitted the relevant applications to regulators to voluntarily terminate trading of JHL shares on the Emerging Stock Market of Taipei Exchange (TPEx) and to withdraw public issuance of the shares. The company will purchase the shares of the company as mandated by the TPEx. The purchase period will be 50 days from the termination of trading, and the exact date will be announced after obtaining the approval from TPEx. The purchase price will be determined in accordance with relevant laws.
JHL Biotech, Inc. is a biopharmaceutical startup founded by a group of industry veterans with deep experience in pharmaceutical development and operations. JHL is backed by premier financial firms, including Kleiner Perkins Caufield & Byers, Sequoia Capital, Biomark Capital, Milestone Capital, Fidelity, and the China Development Industrial Bank. JHL Biotech's mission is to provide the world with low-cost medicines of exceptional quality. JHL is focused on research and development of new protein-based therapies and biosimilars. JHL Biotech has two world-class facilities built in accordance with United States, European Union, and ICH cGMP regulations and standards. For more information, please visit www.jhlbiotech.com.
Forward-Looking Statements This press release contains forward-looking statements. Statements in this press release are not historical facts, including but not limited to the statements regarding JHL's future plans and its ability to complete the proposed Voluntary Delisting and maximize shareholder value, represent only the current expectations, assumptions, estimates and projections of the Company and are forward-looking statements. These forward-looking statements involve various risks and uncertainties. Important risks and uncertainties that could cause the actual results to be materially different from expectations include but are not limited to, capital markets conditions. The Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.