IMAB I-MAB

63.2
-1.71  -3%
Previous Close 64.91
Open 64.34
52 Week Low 35.5
52 Week High 85.4
Market Cap $4,932,616,473
Shares 78,047,729
Float 22,367,104
Enterprise Value $4,328,302,750
Volume 314,736
Av. Daily Volume 504,434
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Upcoming Catalysts

Drug Stage Catalyst Date
Lemzoparlimab (TJC4) with Pembrolizumab and Rituximab
Non-Hodgkin's Lymphoma
Phase 1b
Phase 1b
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Felzartamab (TJ202/MOR202)
Third-line multiple myeloma
BLA Filing
BLA Filing
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Felzartamab (TJ202/MOR202)
Multiple Myeloma (MM) - second line
Phase 3
Phase 3
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Eftansomatropin (TJ101) - TALLER
Growth hormone deficiency
Phase 3
Phase 3
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Drug Pipeline

Drug Stage Notes
Uliledlimab (TJD5)
Solid tumors
Phase 1
Phase 1
Phase 1 data to be presented at ASCO June 4, 2021. 3/30 (15%) response rate.
Felzartamab (TJ202/MOR202)
Multiple myeloma (MM) - first line
Phase 1
Phase 1
IND due for 4Q 2021.
TJ-L14B
Solid tumor
Phase 1
Phase 1
Phase 1 dosing commenced April 2021.
TJ-CD4B/ABL111
Solid tumors
Phase 1
Phase 1
Phase 1 initiation of dosing announced July 1, 2021.
MOR210/TJ210
Solid tumors
Phase 1
Phase 1
Phase 1 initiation of dosing announced January 25, 2021.
Enoblituzumab (TJ271) and KEYTRUDA (pembrolizumab)
Solid tumors
Phase 2
Phase 2
Phase 2 IND filing to be submitted in 4Q 2021.
Olamkicept (TJ301)
Ulcerative colitis
Phase 2
Phase 2
Phase 2 trial met primary endpoint. Phase 3 clinical trial is being planned.
Felzartamab (TJ202/MOR202)
Systemic lupus erythematosus
Phase 1b
Phase 1b
Phase 1b trial planned 4Q 2021.
Plonmarlimab (TJM2)
COVID-19
Phase 2
Phase 2
Phase 2 interim analysis released August 11, 2021. Mechanical ventilation free (MVF) rate (83.6% vs 76.7%) by day 30, lower mortality rate (4.9% vs 13.3%) compared to placebo.
Protollin
Alzheimer's Disease
Phase 1
Phase 1
Phase 1 IND filing acceptance announced July 30, 2021.
Lemzoparlimab with Vidaza (Azacitidine)
Acute Myeloid Leukemia / Myelodysplastic Syndrome
Phase 2
Phase 2
Phase 2 trial initiation announced May 18, 2021.
Efineptakin alfa (TJ107)
Glioblastoma multiforme (GBM)
Phase 2
Phase 2
Phase 2 clinical trial initiation in China announced February 4, 2021.

Latest News

    • The partnership brings together the strengths of an innovative global biotech and a domestic leading pharmaceutical company specialized in and committed to pediatric medicines to accelerate the commercialization of eftansomatropin alfa
    • Jumpcan will pay I-Mab for a total of up to RMB 2.016 billion (approximately $315 million), including the upfront payment of RMB 224 million (approximately $35 million); this partnership deal represents one of the largest regarding China biopharma market
    • The partnership marks another critical milestone for I-Mab's transformation towards commercialization and bringing this transformative treatment option for patients in need
    • Investors and analysts are invited to join the conference call on November 10 at 8:00 a.m.
    • The partnership brings together the strengths of an innovative global biotech and a domestic leading pharmaceutical company specialized in and committed to pediatric medicines to accelerate the commercialization of eftansomatropin alfa
    • Jumpcan will pay I-Mab for a total of up to RMB 2.016 billion (approximately $315 million), including the upfront payment of RMB 224 million (approximately $35 million); this partnership deal represents one of the largest regarding China biopharma market
    • The partnership marks another critical milestone for I-Mab's transformation towards commercialization and bringing this transformative treatment option for patients in need
    • Investors and analysts are invited to join the conference call on November 10 at 8:00 a.m. ET

    SHANGHAI and GAITHERSBURG, MD., Nov. 10, 2021 /PRNewswire/ -- I-Mab (the "Company") (NASDAQ:IMAB), a clinical-stage biopharmaceutical company committed to the discovery, development, and commercialization of novel biologics, announced today that it has entered into a strategic collaboration agreement with Jumpcan Pharmaceutical Group ("Jumpcan"), a leading China pharmaceutical company specialized in and committed to pediatric medicines, for the development, manufacturing and commercialization of I-Mab's highly differentiated long-acting recombinant human growth hormone, eftansomatropin alfa (TJ101) in mainland China.

    Jumpcan is listed among the China Top 100 pharmaceutical companies. With a focus in pediatric medicines, it has more than 3,500 medical representatives and retail specialists, covering over 23,000 tiered hospitals in 30 provinces and cities across the country. Jumpcan's revenue for full year 2020 and nine month ended September 30, 2021 reached RMB 6.2 billion and RMB 5.4 billion, respectively, with the pediatric segment accounting for 60% of the total.

    The partnership brings together I-Mab's leadership in drug innovation and manufacturing with Jumpcan's commercial leadership in pediatric medicines in China with proven capabilities in market access and retail channels. The deal creates a strong foundation for the future development and commercialization of eftansomatropin alfa and marks another significant milestone in I-Mab's commercial transformation following the announcement of its strategic collaboration with Sinopharm in October.

    Under the collaboration agreement, I-Mab will continue to lead the ongoing registrational Phase 3 clinical trial of eftansomatropin alfa in pediatric growth hormone deficiency (PGHD). The two companies will share costs of manufacturing tech transfer, process optimization and new formulation development.

    I-Mab will be the marketing authorization holder (MAH) of the product and supply the product at agreed cost to Jumpcan. Jumpcan will be responsible for commercializing the product and developing new indications in collaboration with I-Mab in mainland China. I-Mab will provide clinical, manufacturing and academic support.

    According to the terms of the collaboration agreement, Jumpcan will make an upfront payment of RMB 224 million to I-Mab and, upon achievement of development, registration and sales milestones, certain milestone payments of up to RMB 1.792 billion, making the non-royalty payments a total of up to RMB 2.016 billion. In addition, I-Mab and Jumpcan will share profits generated from commercialization of the product in mainland China on a 50/50 basis, pursuant to which I-Mab will be entitled to receive tiered low double-digit royalties on net sales.

    "Jumpcan is a leading player in pediatric therapeutics across China with a strong sales force covering more than 23,000 tiered hospitals in 30 provinces and cities," said Dr. Jingwu Zang, Founder, Chairman and Director of I-Mab. "The strategic collaboration with Jumpcan is crucial for I-Mab as I believe the broad coverage and deep commercial experience of Jumpcan will accelerate the pre-launch and commercial launch readiness of eftansomatropin alfa to bring this differentiated therapy quickly to market and improve the lives of pediatric patients."

    "I-Mab is a true pioneer in R&D innovation with a globally competitive innovative pipeline.  Eftansomatropin alfa is a safe and efficacious weekly therapy equivalent to daily rhGH therapy. We are excited to establish this strategic collaboration with I-Mab to accelerate the commercialization of this novel product. We regard this collaboration as an important turning point for Jumpcan to further strengthen our commitment to the pediatric therapeutic area." said Mr. Fei Cao, Chairman of Jumpcan.

    PGHD is a rare disease characterized by the inadequate secretion of growth hormone from the pituitary gland. A decrease in growth hormone can affect numerous physiological processes, including short stature and other physical traits as well as psychological disorders. In China there are more than 3.4 million children with growth hormone deficiency. Most recombinant human growth hormone (rhGH) available in China requires daily injections, which often hampers patient compliance and can adversely affect the clinical outcomes.

    I-Mab Conference Call Information:

    Investors and analysts are invited to join the conference call on November 10 at 8:00 a.m. ET via Zoom:

    Meeting URL: https://zoom.us/j/8575847684?pwd=TXFHWUJvajNNYWJLM3hwTXhRT09QZz09 

    Meeting ID: 857 584 7684

    Password: 322775

    About Eftansomatropin alfa (TJ101)

    Eftansomatropin alfa (TJ101) is a potential highly differentiated long-acting recombinant human growth hormone being developed as a more convenient and effective therapy for growth hormone deficiency (GHD). Like endogenous growth hormone, eftansomatropin alfa stimulates the production of insulin-like growth factor 1 (IGF-1) in the liver, which has growth-stimulating effects on a variety of tissues, including osteoblast and chondrocyte activities that stimulate bone growth. IGF-1 is a reliable pharmacodynamic marker and the key mediator of growth-promoting activity of eftansomatropin alfa. Eftansomatropin alfa is based on Genexine's patented hyFc® technology. The hyFc part consists of a portion of human immunoglobulin D ("IgD") and G4 ("IgG4"). The former contains a flexible hinge, and the latter is responsible for half-life extension through neonatal Fc receptor ("FcRn")-mediated recycling.

    Eftansomatropin alfa is currently in Phase 3 clinical study. Because of its unique molecular features, eftansomatropin alfa may have advantages over the conventional pegylated rhGH drugs and daily injections. In the previous clinical trials, including a Phase 2 study in Europe, eftansomatropin alfa demonstrated its safety and clinical efficacy of weekly or biweekly regimens as compared to that of the daily injected rhGH (Genotropin).

    About I-Mab

    I-Mab (NASDAQ:IMAB) is a dynamic, global biotech company exclusively focused on discovery, development and soon, commercialization of novel or highly differentiated biologics in the therapeutic areas of immuno-oncology and autoimmune diseases. The Company's mission is to bring transformational medicines to patients around the world through innovation. I-Mab's innovative pipeline of close to 20 clinical and pre-clinical stage drug candidates is driven by the Company's Fast-to-PoC (Proof-of-Concept) and Fast-to-Market development strategies through internal R&D and global partnerships. The Company is on track to transition from a clinical stage biotech company toward a fully integrated global biopharmaceutical company with cutting-edge R&D capabilities, world-class GMP manufacturing facilities and commercial capability. I-Mab has established its global footprint in Shanghai (headquarters), Beijing, Hangzhou, Guangzhou, Lishui and Hong Kong in China, and Maryland and San Diego in the United States. For more information, please visit http://ir.i-mabbiopharma.com and follow I-Mab on LinkedIn, Twitter and WeChat.

    Forward Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws, including statements regarding data from the eftansomatropin alfa (TJ101) clinical trials, the potential implications of clinical data for patients, and I-Mab's advancement of, and anticipated clinical development, regulatory milestones and commercialization of eftansomatropin alfa (TJ101). Actual results may differ materially from those indicated in the forward-looking statements as a result of various important factors, including but not limited to I-Mab's ability to demonstrate the safety and efficacy of its drug candidates; the clinical results for its drug candidates, which may not support further development or NDA/BLA approval; the content and timing of decisions made by the relevant regulatory authorities regarding regulatory approval of I-Mab's drug candidates; I-Mab's ability to achieve commercial success for its drug candidates, if approved; I-Mab's ability to obtain and maintain protection of intellectual property for its technology and drugs; I-Mab's reliance on third parties to conduct drug development, manufacturing and other services; I-Mab's limited operating history and I-Mab's ability to obtain additional funding for operations and to complete the development and commercialization of its drug candidates; and the impact of the COVID-19 pandemic on the Company's clinical development, commercial and other operations, as well as those risks more fully discussed in the "Risk Factors" section in I-Mab's most recent annual report on Form 20-F, as well as discussions of potential risks, uncertainties, and other important factors in I-Mab's subsequent filings with the U.S. Securities and Exchange Commission. All forward-looking statements are based on information currently available to I-Mab, and I-Mab undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.

    For more information, please contact:

    I-Mab

    John Long, Chief Financial Officer

    E-mail:   

    Office line: +86 21 6057 8000

    Gigi Feng, Chief Communications Officer

    E-mail:

    Office line: +86 21 6057 5709

    Investor Inquiries:

    The Piacente Group, Inc.

    Emilie Wu

    E-mail:

    Office line: + 86 21 6039 8363

    Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/i-mab-and-jumpcan-announce-strategic-commercial-partnership-on-eftansomatropin-alfa-301420817.html

    SOURCE I-Mab

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    • Preclinical data of TJ-CD4B/ABL111 and TJ-L14B/ABL503 demonstrate targeted safety profile and enhanced anti-tumor activity
    • Both studies are undergoing phase 1 clinical trials in the United States

    SHANGHAI and GAITHERSBURG, Md. and SEONGNAM, South Korea, Nov. 9, 2021 /PRNewswire/ -- I-Mab (NASDAQ:IMAB), a clinical-stage biopharmaceutical company committed to the discovery, development, and commercialization of novel biologics, and ABL Bio, Inc. (Kosdaq:298380, hereafter "ABL"), a clinical-stage biotech developing bispecific antibody technology for immune-oncology and neurodegenerative diseases, today jointly announced preclinical data of their 4-1BB bispecific antibodies at the 2021 Society for Immunotherapy of Cancer (SITC) Annual Meeting…

    • Preclinical data of TJ-CD4B/ABL111 and TJ-L14B/ABL503 demonstrate targeted safety profile and enhanced anti-tumor activity
    • Both studies are undergoing phase 1 clinical trials in the United States

    SHANGHAI and GAITHERSBURG, Md. and SEONGNAM, South Korea, Nov. 9, 2021 /PRNewswire/ -- I-Mab (NASDAQ:IMAB), a clinical-stage biopharmaceutical company committed to the discovery, development, and commercialization of novel biologics, and ABL Bio, Inc. (Kosdaq:298380, hereafter "ABL"), a clinical-stage biotech developing bispecific antibody technology for immune-oncology and neurodegenerative diseases, today jointly announced preclinical data of their 4-1BB bispecific antibodies at the 2021 Society for Immunotherapy of Cancer (SITC) Annual Meeting. The new data demonstrate the unique mechanisms of action of TJ-CD4B/ABL111 and TJ-L14B/ABL503 which have resulted in localized drug action and reduced systemic toxicity, as well as sustained anti-tumor efficacy.  

    (PRNewsfoto/I-Mab)

    Stimulation of 4-1BB is a promising therapeutic strategy for improving the current immunotherapy for multiple cancers. TJ-CD4B/ABL111 and TJ-L14B/ABL503, both jointly developed by I-Mab and ABL, are undergoing phase 1 clinical studies in the United States.

    "Bispecific antibodies are rapidly recognized for their transformative potential, and our pipeline of highly-differentiated 4-1BB bispecific therapies are key components of our biologics pipeline development strategy," said Dr. Taylor Guo, Chief Scientific Officer of I-Mab. "Dose-limiting toxicities have hampered clinical development of 4-1BB targeting molecules as a drug class. The studies being presented at SITC suggested that both our bispecific assets could have the ability to overcome this common problem, and we are confident that this differentiation places TJ-CD4B/ABL111 and TJ-L14B/ABL503 at the forefront of 4-1BB bispecific development."

    "The preclinical data from this pair of bispecific molecules prove that our 'Grabody-T' platform effectively reduces peripheral toxicity by allowing the activation of T cells only in the tumor microenvironment," said Dr. Sang Hoon Lee, CEO of ABL Bio. "We look forward to further validating its therapeutic potential in the ongoing clinical studies and as we continue to develop 4-1BB bispecific antibodies in various cancer indications."

    Key data highlights:

    TJ-CD4B/ABL111

    Poster title (#702): TJ-CD4B (ABL111), a Claudin18.2-targeted 4-1BB tumor engager induces potent tumor-dependent immune response without dose-limiting toxicity in preclinical studies

    The preclinical studies confirmed the unique pharmacodynamic data and safety of TJ-CD4B/ABL111 in animal models and cell cultures. Analysis of the data found:

    • Potent, anti-tumor activity was observed with the proliferation of immune cells in the tumor microenvironment (TME) as well as an increase in memory T cells in the peripheral blood, suggesting long-term immunity against the tumor.
    • TJ-CD4B/ABL111 was well tolerated in non-human primates and did not induce a systemic immune response or liver toxicity up to levels of 100mg/kg.
    • Activation of immune pathways by TJ-CD4B/ABL111 was demonstrated by a pro-inflammatory profile and increased gamma interferon-regulated gene expression in primary human CD8+ T cells co-cultured with CLDN18.2 expressing cells.

    TJ-L14B/ABL503

    Poster title (#892): ABL503 (TJ-L14B), PD-L1x4-1BB bispecific antibody induces superior anti-tumor activity by PD-L1-dependent 4-1BB activation with the increase of 4-1BB+CD8+ T cells in tumor microenvironment

    The preclinical study data confirms the unique mechanism of action of TJ-L14B/ABL503 and its potential to treat resistance to PD-L1 therapies. Analysis of the data found:

    • PD-L1-dependent stimulation of the 4-1BB signaling pathway was demonstrated in 4-1BB bioassays with PD-L1 expressing tumor cells
    • More potent 4-1BB activation by TJ-L14B/ABL503 was observed at higher PD-L1 expression confirming the requirement of PD-L1 on both tumor and immune cells for optimal activity. Cytokine release assays have also demonstrated minimal peripheral toxicity with TJ-L14B/ABL503
    • The in vivo efficacy of TJ-L14B/ABL503 was demonstrated in animal models with tumors expressing different levels of PD-L1. TJ-L14B/ABL503 showed anti-tumor efficacy across the PD-L1 levels. In particular, TJ-L14B/ABL503 demonstrated superior anti-tumor efficacy than atezolizumab in tumors with low PD-L1 expression
    • In vitro tumor-killing activity of TJ-L14B/ABL503 was superior compared to atezolizumab when tested in organoid system, even in organoids from atezolizumab non-responders
    • Pharmacodynamic changes in TILs and blood were evaluated in animal models. An increase in 4-1BB+ cells, CD8+ T cells, and effector memory T cells was observed in the TME and blood, indicating a strong and long-lasting anti-tumor immune response
    • Treatment with TJ-L14B/ABL503 increased MIG/CXCL9, MIP-1b/CCL4, and s4-1BB in the serum, and can potentially be used as pharmacodynamic markers in clinical trials

     About TJ-CD4B/ABL111

    TJ-CD4B, also known as ABL111, is a Claudin 18.2 and 4-1BB bispecific antibody capable of binding to tumor cells expressing Claudin 18.2, i.e., gastric cancer and pancreatic cancer cells, and stimulating intra-tumoral T cells by the 4-1BB arm designed to be activated only upon tumor engagement while silent elsewhere. TJ-CD4B/ABL111 effectively maintains a strong tumor binding property and anti-tumor activity attributable to a synergistic effect of both Claudin 18.2 antibody and 4-1BB antibody while it avoids or minimizes liver toxicity and systemic immunotoxicity commonly seen with 4-1BB antibodies as a drug class. Being developed under collaboration between I-Mab and ABL, TJ-CD4B/ABL111 is currently being investigated in a phase 1 clinical study in the U.S.

    About TJ-L14B/ABL503

    Being developed jointly with ABL, TJ-L14B/ABL503 is a differentiated PD-L1-based bispecific antibody with the PD-L1 arm as the tumor-dependent T-cell activator and the 4-1BB arm as the conditional T cell activator upon tumor engagement. Using ABL's "Grabody-T" bispecific antibody platform technology, TJ-L14B/ABL503 stimulates 4-1BB activation only in the presence of PD-L1 expressing tumor cells to minimize the risk of off-tumor toxicity. Preclinical studies have demonstrated that the bispecific antibody shows better anti-tumor activity than equimolar doses of single agents alone or in combination. Phase 1 study in currently being conducted in the U.S.

    About I-Mab

    I-Mab (NASDAQ:IMAB) is an innovation-driven global biopharma company focused on the discovery, development and commercialization of novel and highly differentiated biologics for immuno-oncology and autoimmune diseases. The Company's mission is to bring transformational medicines to patients around the world through innovation. I-Mab's globally competitive pipeline of more than 15 clinical and preclinical-stage drug candidates is driven by its internal discovery and global partnerships for in-licensing, based on the Company's Fast-to-Proof-of-Concept and Fast-to-Market development strategies. The Company is progressing from a clinical-stage biotech company into a fully integrated global biopharmaceutical company with cutting-edge R&D capabilities, a world-class GMP manufacturing facility, and commercial capability. I-Mab has established its global footprint in Shanghai (headquarters), Beijing, Hangzhou, Guangzhou, Lishui and Hong Kong in China, and Maryland and San Diego in the United States. For more information, please visit http://ir.i-mabbiopharma.com and follow I-Mab on LinkedInTwitter , and WeChat.

    About ABL Bio

    ABL Bio, Inc. (Kosdaq: 298380) is a clinical-stage South Korean biotechnology company developing antibody therapeutics for immuno-oncology and neurodegenerative diseases. With internal R&D and global partnerships, ABL has developed multiple BsAb platforms, such as "Grabody-T," "Grabody-I" and "Grabody-B" and built an innovative pipeline of multiple clinical and pre-clinical stage drug candidates. In the oncology area, ABL has developed Grabody-T, a modular 4-1BB engaging platform that has demonstrated superior efficacy and safety. In the neurodegenerative disorder space, ABL has developed Grabody-B platform, which is designed to maximize blood-brain barrier (BBB) penetration. Grabody-B is applicable to various CNS targets across a plethora of neurological disorders, potentially providing a breakthrough to address the high unmet medical needs in neurodegeneration. For more information, please visit www.ablbio.com.  

    I-Mab Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws, including statements regarding data from the TJ-CD4B and TJ-L14B pre-clinical studies, the potential implications of clinical data for patients, and I-Mab's advancement of, and anticipated clinical development, regulatory milestones, and commercialization of TJ-CD4B and TJ-L14B. Actual results may differ materially from those indicated in the forward-looking statements as a result of various important factors, including but not limited to I-Mab's ability to demonstrate the safety and efficacy of its drug candidates; the clinical results for its drug candidates, which may not support further development or NDA/BLA approval; the content and timing of decisions made by the relevant regulatory authorities regarding regulatory approval of I-Mab's drug candidates; I-Mab's ability to achieve commercial success for its drug candidates, if approved; I-Mab's ability to obtain and maintain protection of intellectual property for its technology and drugs; I-Mab's reliance on third parties to conduct drug development, manufacturing and other services; I-Mab's limited operating history and I-Mab's ability to obtain additional funding for operations and to complete the development and commercialization of its drug candidates; and the impact of the COVID-19 pandemic on the Company's clinical development, commercial and other operations, as well as those risks more fully discussed in the "Risk Factors" section in I-Mab's most recent annual report on Form 20-F, as well as discussions of potential risks, uncertainties, and other important factors in I-Mab's subsequent filings with the US Securities and Exchange Commission. All forward-looking statements are based on information currently available to I-Mab, and I-Mab undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.

    ABL Forward Looking Statements

    Statements in this press release contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform act of 1995. Words such as "will," "could," "hope," "expect," "plan" and similar expressions that are based on ABL's current expectations and assumptions are subject to risks and uncertainties that are difficult to predict. The risks and uncertainties include but are not limited to, potential delays in clinical trial recruitment and participation; ABL and I-Mab's ability to demonstrate the safety and efficacy of ABL-111 and ABL-503; adverse results in the clinical development process; changes in expected or existing competition; changes in the biopharmaceutical landscape; ABL's ability to obtain and maintain protection of intellectual property for its technology and drugs; ABL's reliance on third parties to conduct drug development; the company's financial position; future decisions by the FDA or other regulatory authorities; volatile global economic conditions; and the impact of the global COVID-19 pandemic. The reader is cautioned not to place undue reliance on these forward-looking statements. All forward-looking statements are based on information currently available to ABL and the company assumes no obligation to provide public updates to these forward-looking statements that are only as of the date of this press release, even if new information is available in the future.

    For more information, please contact:

    I-Mab

    John Long, Chief Financial Officer

    E-mail:   

    Office line: +86 21 6057 8000

    Gigi Feng, Chief Communications Officer

    E-mail:

    Office line: +86 21 6057 5709

    Investor Inquiries:

    The Piacente Group, Inc.

    Emilie Wu

    E-mail:   

    Office line: + 86 21 6039 8363

    Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/i-mab-and-abl-bio-report-preclinical-data-of-4-1bb-targeting-bispecific-antibodies-at-2021-sitc-301419505.html

    SOURCE I-Mab

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  1. HONG KONG, Nov. 08, 2021 (GLOBE NEWSWIRE) -- DayDayCook ("DDC"), a leading content driven direct-to-consumer brand in China, today announces the addition of three new independent directors to its Board of Directors: Conor Chia-Hung Yang, Matthew Gene Mouw, and Sam Shih. DDC also appointed a new advisor, Malik Sadiq to its Advisory Board.

    DDC Founder and CEO Norma Chu commented, "Conor, Matthew, Sam, and Malik are all experienced and respected veterans who will be instrumental in propelling our company to the next level and unlocking additional growth opportunities as we shape DDC's future strategic direction. Each brings invaluable industry insights, product innovation, execution and management excellence to our team and we look forward to…

    HONG KONG, Nov. 08, 2021 (GLOBE NEWSWIRE) -- DayDayCook ("DDC"), a leading content driven direct-to-consumer brand in China, today announces the addition of three new independent directors to its Board of Directors: Conor Chia-Hung Yang, Matthew Gene Mouw, and Sam Shih. DDC also appointed a new advisor, Malik Sadiq to its Advisory Board.

    DDC Founder and CEO Norma Chu commented, "Conor, Matthew, Sam, and Malik are all experienced and respected veterans who will be instrumental in propelling our company to the next level and unlocking additional growth opportunities as we shape DDC's future strategic direction. Each brings invaluable industry insights, product innovation, execution and management excellence to our team and we look forward to benefitting from their collaboration."

    Mr. Conor Chia-Hung Yang is a veteran CFO who has taken multiple Chinese TMT companies to successful U.S. listings. He is also an experienced audit committee chair for a number of U.S.-listed companies, including EHang (NASDAQ:EH) and I-Mab (NASDAQ:IMAB). Mr. Yang is a co-founder of Black Fish Technology Group Limited, and served as its president from November 2017 to February 2021. Prior to joining Black Fish, Mr. Yang was the Chief Financial Officer of Tuniu Corporation (NASDAQ:TOUR) from January 2013 to November 2017.

    "Having the privilege of serving on the Boards of a number of successful Chinese companies that have been well-received by U.S. investors, I am excited for this latest opportunity to help guide DayDayCook through this next phase of its development. The company's customer-centric, innovative approach to building brand awareness among Chinese millennials has enormous potential in the years to come," said Mr. Yang.

    Mr. Sam Shih has more than 30 years of corporate experience in China and Asia Pacific regions, having spent extensive time with PepsiCo and Redbull. Mr. Shih is currently a partner and Chief Operating Officer of OYO Hotel Company, a unicorn start-up backed by Softbank in China. Mr. Shih started his career and spent over two decades in PepsiCo Inc. During that time, he held various senior positions, including Chief Executive Officer of PepsiCo Investment (China) Limited and Vice President of Pepsi Beverage Business in China.

    "Over my long tenure as a senior executive at PepsiCo China, I have had the opportunity to witness firsthand the enormous potential for building a brand that connects with the younger generation of Chinese consumers. I believe that the platform Norma and her colleagues have built at DayDayCook lays the foundation of what will become a household name in China," commented Mr. Shih.

    Mr. Matthew Gene Mouw has accumulated experience in general management, sales & marketing, international expansion, and M&A with global food brands during his career. Mr. Mouw served as Regional President Asia, Africa and Australia for Barilla SpA from March 2011 to December 2015. Mr. Mouw has also held various senior positions at Groupe Danone, including General Manager for Danone SA in China, General Representative of Robust China Co., Ltd., General Manager of Danone (Health Mineral Water) and General Manager of Danone (Home and Delivery) from September 2000 to September 2010.

    "DayDayCook's content-to-commerce model is the future of branding in the food industry. Norma and her team have put all of the pieces in place necessary for long-term success: customer engagement, innovative plant-based products, strong supply chain and comprehensive online/offline distribution model. I am excited to be a part of this next chapter in the company's growth," said Mr. Mouw.

    Dr. Malik Sadiq has more than 25 years of experience in the food and strategy consulting industries across China, India, and the U.S. He is currently the Chief Operating Officer of LIVEKINDLY Co. Prior, Dr. Sadiq worked for Tyson Foods, and held several senior management positions there since May 2007, including CEO India, COO China, and Head of Global Sourcing and Business Optimization. Dr. Sadiq also served as the Vice President of Consumer Practice at Hitachi Consulting from July 2002 to May 2006. Dr Sadiq holds a Master of Science in Industrial Engineering and a Ph.D. in industrial Engineering from University of Arkansas.

    "As the COO of LIVEKINDLY, I have had the opportunity to be at the forefront of the global movement towards plant-based foods. Joining the Advisory Board at DayDayCook will be an excellent opportunity for me to leverage this experience in shaping and supporting the company's emergence in this fast-growing market supported by the leadership team Norma has assembled," said Dr. Sadiq.

    DDC – A Leader in Food Innovation

    Founded in 2012, DDC is a digital publisher and merchandising company that owns and operates the brand DayDayCook, which is currently one of the leading content-driven lifestyle brands for young food lovers located in Asian markets.

    DDC has launched ready-to-heat (RTH), ready-to-cook (RTC) and plant-based food products, which bring convenience and quality food products to the young food lovers. The Group builds brand recognition through culinary and lifestyle content across major social media and e-commerce platforms to promote its products, resulting in over aggregate 3 billion video views and over 10 million orders worldwide. As of the second quarter ("Q2") of 2021, DDC has had 60 million active viewers, 3.4 million paid customers, and a 21.2% average repeat purchase rate.

    Forward-Looking Statements

    This document ("Document") is being provided to recipients solely for information purpose and it is not intended to form the basis of any investment decision or any decision in relation to a transaction involving DDC Enterprise Limited (the "Company") and/or any of its subsidiaries and/or affiliates (collectively, the "Group"). This Document does not constitute or contain an offer or invitation or solicitation for the sale or purchase of securities or any interest in the Group and neither this Document nor anything contained herein shall form the basis of, or be relied upon in connection with, any contract or commitment whatsoever. Neither the information contained in this press release, nor any further information made available by the Group or any of its directors, officers, partners, employees, agents, representatives or advisors will form basis of or be construed as a contract or any other legal obligation.

    Interested parties should conduct their own investigation and analysis of the Group, financial condition and prospects, and of the data set forth in this Document. None of the Group, or its subsidiaries, shareholders or other affiliates, or any of their respective directors, officers, partners, employees, agents, representatives or advisors, make any representation or warranty, express or implied, as to the accuracy or completeness of this Document or the information contained in, or for any omissions from, this Document or any other written or oral communications transmitted to the recipient in the course of its evaluation of the Group. In furnishing this Document, the Group does not undertake any obligation to provide the recipient with access to any additional information or to update this Document or to correct any inaccuracies therein which may become apparent. This Document shall neither be deemed an indication of the state or affairs of the Group nor constitute an indication that there has been no change in the state or affairs of the Group since the date thereof or since the dates as of which information is given in the Document.

    This Document may contain certain statements, estimates, targets, forecasts and projections with respect to the Group, including certain financial forecasts. Any such information is subjective and would necessarily be prepared based upon certain assumptions and analysis of information available at the relevant time and may not prove to be correct. Accordingly, there is no representation, warranty or assurance of any kind, express or implied, that any such information will be correct or that any such statements, estimates, targets, forecasts or projections will be realized. This Document may also contain forward-looking statements. All statements other than statements of historical fact are statements that could be forward-looking statements. You can identify these forward looking statements through the use of words such as "may," "will," "can," "anticipate," "assume," "should," "indicate," "would," "believe," "contemplate," "expect," "seek," "estimate," "continue," "plan," "point to," "project," "predict," "could," "intend," "target," "potential" and other similar words and expressions of the future. These forward-looking statements are subject to risks and uncertainties that may cause actual future experience and results to differ materially from those discussed in these forward looking statements. Important factors that might cause such a difference include, but are not limited to, the timing, cost and uncertainty of the Group's business initiatives and the Group's ability to develop and monetize its business. None of the members of the Group undertake any obligation to release any revisions to such forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

    CONTACT:

    Matt Blazei

    Senior Equity Research Analyst

    CORE IR

    516 222 2560

    www.coreir.com



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  2. SHANGHAI and GAITHERSBURG, Md., Nov. 8, 2021 /PRNewswire/ -- I-Mab (the "Company") (NASDAQ:IMAB), a clinical stage biopharmaceutical company committed to the discovery, development and commercialization of novel biologics, today announced that the Company has entered into a strategic collaboration with Roche Diagnostics, a global leader in in vitro diagnostics industry, to co-develop companion diagnostics (CDx) solutions for I-Mab's innovative pipeline, at the Fourth China International Import Expo (CIIE) in Shanghai.

    Companion diagnostics have become an important part of the innovative biologics R&D process. They are used to detect expression levels of proteins and mutated genes, and to help identify the right candidates among patients with different types of diseases. Using companion diagnostics can help innovative biotech companies improve R&D efficiency, ensure the effectiveness and safety of drugs, and control R&D costs.

    Under this collaboration, the Company and Roche Diagnostics will jointly develop companion diagnostics solutions for the innovative assets under development by I-Mab to accelerate the research and development process of innovative biologics with cutting-edge diagnosis and treatment technologies.

    "This collaboration further strengthens our R&D capabilities, marking yet another milestone on our journey to transform into a fully integrated global biopharmaceutical company," said Dr. Joan Shen, Chief Executive Officer of I-Mab. "I believe Roche Diagnostics' world-leading CDx technology will complement I-Mab's innovation efforts and accelerate the clinical research and development of our innovative pipeline. We look forward to the collaboration between the two parties to benefit cancer patients."

    "I-Mab is a pioneer in the field of innovative biopharmaceuticals in China, and its globally competitive pipeline is truly impressive," said Richard Yiu, General Manager of Roche Diagnostics China. "This collaboration with I-Mab will give full play to the advantages of both parties, accelerate the delivery of R&D innovation, and jointly bring transformative medicines to benefit cancer patients globally and in China."

    The China International Import Expo (CIIE) is a trade fair held in autumn annually since 2018 in Shanghai, China. It is the world's first and largest import-themed national-level expo, and has become a major trade platform powering world economy. Statistics showed the volume of trade deals with a letter of intent totalled $201.6 billion in the expo from 2018 to 2020, which played an important role in promoting China's import expansion and helping foreign enterprises explore the Chinese market. Nearly 3,000 businesses from 127 countries and regions are attending the fourth CIIE, covering an offline exhibition area of 366,000 square meters.

    About I-Mab

    I-Mab (NASDAQ:IMAB) is an innovation-driven global biopharma company focused on the discovery, development and commercialization of novel and highly differentiated biologics for immuno-oncology and autoimmune diseases. The Company's mission is to bring transformational medicines to patients around the world through innovation. I-Mab's globally competitive pipeline of more than 15 clinical and preclinical-stage drug candidates is driven by its internal discovery and global partnerships for in-licensing, based on the Company's Fast-to-Proof-of-Concept and Fast-to-Market development strategies. The Company is progressing from a clinical-stage biotech company into a fully integrated global biopharmaceutical company with cutting-edge R&D capabilities, a world-class GMP manufacturing facility, and commercial capability. I-Mab has established its global footprint in Shanghai (headquarters), Beijing, Hangzhou, Guangzhou, Lishui and Hong Kong in China, and Maryland and San Diego in the United States. For more information, please visit http://ir.i-mabbiopharma.com and follow I-Mab on LinkedInTwitter, and WeChat.

    About Roche

    Roche is a global pioneer in pharmaceuticals and diagnostics focused on advancing science to improve people's lives. The combined strengths of pharmaceuticals and diagnostics, as well as growing capabilities in the area of data-driven medical insights help Roche deliver truly personalised healthcare. Roche is working with partners across the healthcare sector to provide the best care for each person.

    Roche is the world's largest biotech company, with truly differentiated medicines in oncology, immunology, infectious diseases, ophthalmology and diseases of the central nervous system. Roche is also the world leader in in vitro diagnostics and tissue-based cancer diagnostics, and a frontrunner in diabetes management. In recent years, Roche has invested in genomic profiling and real-world data partnerships and has become an industry-leading partner for medical insights.

    Founded in 1896, Roche continues to search for better ways to prevent, diagnose and treat diseases and make a sustainable contribution to society. The company also aims to improve patient access to medical innovations by working with all relevant stakeholders. More than thirty medicines developed by Roche are included in the World Health Organization Model Lists of Essential Medicines, among them life-saving antibiotics, antimalarials and cancer medicines. Moreover, for the twelfth consecutive year, Roche has been recognised as one of the most sustainable companies in the Pharmaceuticals Industry by the Dow Jones Sustainability Indices (DJSI).

    The Roche Group, headquartered in Basel, Switzerland, is active in over 100 countries and in 2020 employed more than 100,000 people worldwide. In 2020, Roche invested CHF 12.2 billion in R&D and posted sales of CHF 58.3 billion. Genentech, in the United States, is a wholly owned member of the Roche Group. Roche is the majority shareholder in Chugai Pharmaceutical, Japan. For more information, please visit www.roche.com.

    About China International Import Expo (CIIE)

    The China International Import Expo (CIIE) is a trade fair held in autumn annually since 2018 in Shanghai, China. It is the world's first and largest import-themed national-level expo, and has become a major trade platform powering world economy. The 4th CIIE, taking place November 5-10, 2021, features six business exhibition areas – food and agricultural products, automobiles, intelligent industry and information technology, consumer goods, medical equipment and healthcare products, as well as trade in services. It also consists of a country exhibition, the Hongqiao International Economic Forum, and a host of other activities.

    I-Mab Forward-Looking Statements

    This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. I-Mab may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about I-Mab's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: I-Mab's ability to demonstrate the safety and efficacy of its drug candidates; the clinical results for its drug candidates, which may not support further development or NDA/BLA approval; the content and timing of decisions made by the relevant regulatory authorities regarding regulatory approval of I-Mab's drug candidates; I-Mab's ability to achieve commercial success for its drug candidates, if approved; I-Mab's ability to obtain and maintain protection of intellectual property for its technology and drugs; I-Mab's reliance on third parties to conduct drug development, manufacturing and other services; I-Mab's limited operating history and I-Mab's ability to obtain additional funding for operations and to complete the development and commercialization of its drug candidates; and the impact of the COVID-19 pandemic on the Company's clinical developments, commercial and other operations, as well as those risks more fully discussed in the "Risk Factors" section in I-Mab's most recent annual report on Form 20-F, as well as discussions of potential risks, uncertainties, and other important factors in I-Mab's subsequent filings with the SEC. All forward-looking statements are based on information currently available to I-Mab, and I-Mab undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.

    For more information, please contact:

    I-Mab

    John Long, Chief Financial Officer

    E-mail:    

    Office line: +86 21 6057 8000

    Gigi Feng, Chief Communications Officer

    E-mail:   

    Office line: +86 21 6057 5709

    Investor Inquiries:

    The Piacente Group, Inc.

    Emilie Wu

    E-mail:

    Office line: + 86 21 6039 8363

    Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/i-mab-and-roche-diagnostics-announce-strategic-collaboration-to-co-develop-companion-diagnostics-solutions-for-i-mabs-innovative-pipeline-at-the-4th-ciie-301418346.html

    SOURCE I-Mab

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  3. NEW YORK, Nov. 8, 2021 /PRNewswire/ -- DDC Enterprise Limited (the "Company" or "DDC"), a digital publisher and merchandising company that owns and operates the brand DayDayCook, and Ace Global Business Acquisition Limited ("Ace") (NASDAQ:ACBA, ACBAU, ACBAW))), a special purpose acquisition company ("SPAC"), announced today that Ace has filed a preliminary proxy statement with the U.S. Securities and Exchange Commission ("SEC") in connection with the previously announced business combination transaction between DDC and Ace (the "Business Combination").

    While the information in the filed preliminary proxy statement is subject to change, it provides important information about Ace's proposed Business Combination with DDC. Ace currently anticipates…

    NEW YORK, Nov. 8, 2021 /PRNewswire/ -- DDC Enterprise Limited (the "Company" or "DDC"), a digital publisher and merchandising company that owns and operates the brand DayDayCook, and Ace Global Business Acquisition Limited ("Ace") (NASDAQ:ACBA, ACBAU, ACBAW))), a special purpose acquisition company ("SPAC"), announced today that Ace has filed a preliminary proxy statement with the U.S. Securities and Exchange Commission ("SEC") in connection with the previously announced business combination transaction between DDC and Ace (the "Business Combination").

    While the information in the filed preliminary proxy statement is subject to change, it provides important information about Ace's proposed Business Combination with DDC. Ace currently anticipates holding a shareholder meeting with respect to the transactions contemplated by the Business Combination in the fourth quarter of 2021.

    As previously announced on August 25, 2021, upon the closing of the transactions contemplated by the Business Combination, the parties plan to remain Nasdaq-listed under a new ticker symbol. As part of the agreement, DDC will keep its highly experienced management team in place, which is led by Norma Chu, DDC's Founder and CEO, and will spearhead the Company's strategic transformation. As part of the transaction, DDC and Ace will aim to raise private investment in public equity (PIPE) of approximately US$30-40 million, which will be used to fund DDC's growth plans.

    DDC – A Leader in Food Innovation

    Founded in 2012, DDC is a digital publisher and merchandising company that owns and operates the brand DayDayCook, which is currently one of the leading content-driven lifestyle brands for young food lovers located in Asian markets.

    DDC has launched ready-to-heat (RTH), ready-to-cook (RTC) and plant-based food products, which bring convenience and quality food products to the young food lovers. DDC, together with its subsidiaries (the "Group"), builds brand recognition through culinary and lifestyle content across major social media and e-commerce platforms to promote its products, which, in the aggregate, has resulted in over 3 billion video views and more than 10 million orders worldwide.

    As of the second fiscal quarter of 2021, DDC has had 60 million active viewers and 3.4 million paid customers. Of the 60 million active viewers, approximately 85% are Generation Z, 75% are from non-tier 1 cities in China, and 62% are female. The average age of a viewer engaging with DDC's products or marketplace is under 30 years old. DDC also has a content library with more than 473,000 minutes of in-house created content. For the six-month period ended June 30, 2021 ("H1 2021"), DDC achieved RMB 88.1 million (or approximately USD 13.6 million) in revenue. DDC has and continues to focus on improving the overall cost structure of the business. As a result, for H1 2021, its gross profit margin was 21.6% (versus 15.7% for the six-month period ended June 30, 2020).

    Independent Directors and Advisor

    In addition, DDC announced today the appointment of three new Independent Directors to its Board of Directors: Conor Chia-Hung Yang, Matthew Gene Mouw, and Sam Shih. In addition, DDC appointed a new advisor, Dr. Malik Sadiq, to its Advisory Board.

    DDC Founder and CEO, Norma Chu, commented, "Conor, Matthew, Sam, and Malik are all experienced and respected veterans of this field who will be instrumental in propelling our company to the next level and unlocking additional growth opportunities as we shape DDC's future strategic direction. Each brings invaluable industry insights, product innovation, execution, and management excellence to our team and we look forward to benefitting from their collaboration."

    Mr. Conor Chia-Hung Yang is an experienced CFO who has brought Chinese TMT companies to successful US listings. He is an experienced audit committee chair for a number of US listed companies, including EHang (NASDAQ:EH) and I-Mab (NASDAQ:IMAB). Mr. Yang is a co-founder of Black Fish Technology Group Limited ("Black Fish"), and served as its president from November 2017 to February 2021. Prior to joining Black Fish, Mr. Yang was the Chief Financial Officer of Tuniu Corporation (NASDAQ:TOUR) from January 2013 to November 2017.

    Mr. Sam Shih has more than 30 years of corporate experience in China and Asia Pacific regions, having extensive experience with PepsiCo Inc. ("PepsiCo") and Redbull. Mr. Shih is currently a partner and Chief Operating Officer of OYO Hotel Company, an unicorn start-up backed by Softbank in China since 2018. Mr. Shih started his career and spent over two decades with PepsiCo. During his tenure with PepsiCo, he held various senior positions, such as Chief Executive Officer of PepsiCo Investment (China) Limited, and Vice President of Pepsi Beverage Business in China.

    Mr. Matthew Gene Mouw has accumulated extensive experience in general management, sales & marketing, international expansion, and M&A with global food brands during his career. Mr. Mouw served as Regional President Asia, Africa and Australia for Barilla SpA from March 2011 to December 2015. Prior to that, Mr. Mouw held various senior positions at Groupe Danone, including General Manager for Danone SA in China, General Representative of Robust China Co., Ltd., General Manager of Danone (Health Mineral Water) and General Manager of Danone (Home and Delivery) from September 2000 to September 2010.

    Dr. Malik Sadiq has more than 25 years of experience in the food and strategy consulting industry across China, India, and the US. Dr. Sadiq is currently the Chief Operating Officer of LIVEKINDLY Co. ("LIVEKINDLY"). Prior to his role with LIVEKINDLY, Dr. Sadiq worked in Tyson Foods, holding several senior management positions since May 2007, including CEO India, COO China, and Head of Global Sourcing and Business Optimization. Dr. Sadiq also served as the Vice President of Consumer Practice at Hitachi Consulting from July 2002 to May 2006. Dr Sadiq holds a Master of Science in Industrial Engineering and a PHD in industrial Engineering from University of Arkansas.

    About DDC

    DDC is a private company incorporated in the British Virgin Islands in 2012, which started its business in Hong Kong and expanded its business to Shanghai, PRC in 2015, whereupon it registered by the way of continuation in the Cayman Islands in the same year. The Group is a digital publisher and merchandiser for Asian cooking based in Hong Kong and Mainland China. The Group mainly runs the leading content-driven lifestyle brand, DayDayCook, for young food lovers who are seeking quality food and convenience from ready-to-heat (RTH), ready-to-cook (RTC) and plant-based food products. An omni-channel approach is adopted by the Group to promote and sell their products, including online, offline and social commerce channels. The Group also continuously builds brand recognition and fan base through online video contents, such as recipe video, product evaluation, live streaming and advertising videos.

    About Ace Global Business Acquisition Limited

    Ace is a British Virgin Islands company incorporated as a blank check company for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or similar business combination with one or more businesses or entities.

    Forward-Looking Statements

    This press release contains, and certain oral statements made by representatives of Ace, DDC, and their respective affiliates, from time to time may contain, "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Ace's and DDC's actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "might" and "continues," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, Ace's and DDC's expectations with respect to future performance and anticipated financial impacts of the Business Combination, the satisfaction of the closing conditions to the Business Combination and the timing of the completion of the Business Combination. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results. Most of these factors are outside the control of Ace or DDC and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the definitive share exchange agreement (the "Merger Agreement") relating to the proposed Business Combination; (2) the outcome of any legal proceedings that may be instituted against Ace or DDC following the announcement of the Merger Agreement and the transactions contemplated therein; (3) the inability to complete the Business Combination, including due to failure to obtain approval of the shareholders of Ace or other conditions to closing in the Merger Agreement; (4) delays in obtaining or the inability to obtain necessary regulatory approvals (including approval from insurance regulators) required to complete the transactions contemplated by the Merger Agreement; (5) the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger Agreement or could otherwise cause the transaction to fail to close; (6) the inability to obtain or maintain the listing of the post- acquisition company's ordinary shares on Nasdaq following the Business Combination; (7) the risk that the Business Combination disrupts current plans and operations as a result of the announcement and consummation of the Business Combination; (8) the ability to recognize the anticipated benefits of the Business Combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably and retain its key employees; (9) costs related to the Business Combination; (10) changes in applicable laws or regulations; (11) the possibility that DDC or the combined company may be adversely affected by other economic, business, and/or competitive factors; and (12) other risks and uncertainties to be identified by Ace in the preliminary proxy statement relating to the Business Combination, including those under "Risk Factors" therein, and in other filings with the SEC made by Ace and DDC. Ace and DDC caution that the foregoing list of factors is not exclusive. Ace and DDC caution readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Neither Ace nor DDC undertakes or accepts any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based, subject to applicable law. The information contained in any website referenced herein is not, and shall not be deemed to be, part of or incorporated into this press release.

    Important Information

    In connection with the transaction described herein, Ace will file relevant materials with the SEC including a preliminary proxy statement on Schedule 14A, filed on November 5, 2021 with the SEC, and a definitive proxy statement on Schedule 14A, when available. Ace's shareholders and other interested persons are advised to read the preliminary proxy statement and the amendments (if any) thereto and, when available, the definitive proxy statement and documents incorporated by reference therein filed in connection with the proposed Business Combination, as these materials will contain material information about DDC, Ace, and the proposed Business Combination. Promptly after filing its definitive proxy statement relating to the proposed Business Combination with SEC and the registration statement is declared effective, Ace will mail the proxy statement/prospectus and a proxy card to each stockholder entitled to vote at the special meeting relating to the transaction. INVESTORS AND SECURITY HOLDERS OF ACE ARE URGED TO READ THESE MATERIALS (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS IN CONNECTION WITH THE TRANSACTION THAT ACE WILL FILE WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT DDC, ACE AND THE PROPOSED BUSINESS COMBINATION. The proxy statement/prospectus and other relevant materials in connection with the transaction (when they become available), and any other documents filed by Ace with the SEC, may be obtained free of charge at the SEC's website (www.sec.gov).

    Participants in the Solicitation

    Ace and their respective directors, executive officers and employees and other persons may be deemed to be participants in the solicitation of proxies from the holders of Ace ordinary shares in respect of the proposed transaction described herein. Information about Ace's directors and executive officers and their ownership of Ace's ordinary shares is set forth in Ace's Annual Report on Form 10-K filed with the SEC, as modified or supplemented by any Form 3 or Form 4 filed with the SEC since the date of such filing. These documents can be obtained free of charge from the sources indicated below.

    DDC and its directors and executive officers may also be deemed to be participants in the solicitation of proxies from the stockholders of Ace in connection with the proposed Business Combination. A list of the names of such directors and executive officers and information regarding their interests in the proposed Business Combination is included in the preliminary proxy statement for the proposed Business Combination.

    No Offer or Solicitation

    This press release shall not constitute a solicitation of a proxy, consent, or authorization with respect to any securities or in respect of the proposed Business Combination. This press release shall also not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or an exemption therefrom.

    Contacts

    For Ace Global Business Acquisition Limited:

    Eugene Wong, CEO

     

    +852 9086 7042



    For DDC Enterprise Limited:

    Norma Chu, Founder & CEO

    Cision View original content:https://www.prnewswire.com/news-releases/ddc-enterprise-limited-and-ace-global-business-acquisition-limited-announce-initial-filing-of-preliminary-proxy-statement-in-connection-with-proposed-business-combination-301418426.html

    SOURCE Ace Global Business Acquisition Limited

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