|Letter to Shareholders|
We would like to express our sincere apology for the recent fall in PharmAbcine’s share price. Not only global recession fears arising from the COVID 19 pandemic but also postponement of the American Association for Cancer Research (AACR) Annual Meeting 2020 has adversely affected the share price performance. We feel such a decline in the share price is excessive and the current share price does not reflect the hard work and the progress that we have made.
The delay in the AACR meeting was such a disappointment for us. This is because we planned to introduce PMC-402, a next-generation therapeutic antibody that normalizes leaky blood vessels formed around tumors and significantly improves the delivery of cancer therapeutics to target tissues. In fact, we hoped PMC-402 to garner much attention from conference attendees. However, we will make use of the extra time earned from the postponement and try our best to prepare a more impactful presentation filled with high-quality data for the rescheduled AACR meeting.
We remain committed to carrying out out-licensing and expanding co-development opportunities through partnership with other companies. It is our belief that our relentless efforts will pave a path for the development of innovative products that can save lives of many people who suffer from cancer and other diseases. We are confident that our tireless efforts to generate innovative therapeutic antibodies to the global market will bear fruit, which will lead to an appreciation of PharmAbcine’s market value to much higher levels. We are grateful for the trust and support that you have shown us even during the hard time and we will do our best to reciprocate your trust and support.
Jin-San Yoo, PhD, CEO