Adagene(ADAG) - 2022 Q4 - Annual Report

Adagene Board of Directors Update (April 28, 2023) Adagene announced significant changes to its Board of Directors, including new appointments and resignations, effective April 28, 2023 New Director Appointments Adagene appointed three new members to its Board of Directors: Dr. Mervyn Turner, Dr. Fangyong (Felix) Du, and Ms. Yumeng Wang - Dr. Mervyn Turner was appointed as a director, bringing over 25 years of experience from Merck Research Laboratories, where he served as head of worldwide licensing and later as the first Chief Strategy Officer[1] - Dr. Fangyong (Felix) Du, Adagene's Chief Technology Officer since May 2019, was appointed as a director, having been with the company since January 2012[2] - Ms. Yumeng Wang was appointed as a director, designated by General Atlantic, focusing on healthcare and life sciences investments[3] Director Resignations and Replacements Lefei Sun resigned and was replaced by Yumeng Wang, while Yuwen Liu also resigned following the expiration of her term, with both confirming no disagreements - Yumeng Wang replaces Lefei Sun as a director, leading to Mr. Sun's resignation from the Board[3][4] - Yuwen Liu resigned from the Board and the audit committee due to the expiration of her initial appointment term[4] - Both Lefei Sun and Yuwen Liu confirmed no disagreements with the Board and no matters related to their resignations requiring shareholder attention[4] Management Commentary CEO Peter Luo welcomed the new directors, highlighting their experience, and expressed gratitude to the departing directors for their contributions - CEO Peter Luo expressed excitement about the new directors, anticipating their help in advancing clinical products, harvesting value from preclinical assets, and leveraging platform technologies for growth[5] - The CEO acknowledged the contributions of Lefei Sun over his four years of service and Yuwen Liu over the past year[5] Company Overview Adagene is a clinical-stage biotechnology company leveraging computational biology and AI to develop novel antibody-based cancer immunotherapies - Adagene is a platform-driven, clinical-stage biotechnology company focused on discovering and developing novel antibody-based cancer immunotherapies[6] - The company utilizes its proprietary Dynamic Precision Library (DPL) platform, comprising NEObody™, SAFEbody®, and POWERbody™ technologies, to design novel antibodies[6] Safe Harbor Statement This statement includes forward-looking information regarding clinical development and commercialization, cautioning that actual results may differ due to various risks - The document contains forward-looking statements regarding clinical data, development activities, regulatory milestones, and commercialization of its product candidates[7] - Key risks that could cause actual results to differ include the ability to demonstrate drug safety and efficacy, unfavorable clinical results, regulatory approval decisions, and reliance on third parties for development and manufacturing[7]