Dear 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.
Sincerely,
Jin-San Yoo, PhD, CEO