/C O R R E C T I O N -- OSR Holdings/

In the news release, OSR Holdings and SillaJen have entered into a Memorandum of Understanding to collaboratively pursue the development of innovative therapeutics and enter the U.S. market, issued 22-Apr-2024 by OSR Holdings over PR Newswire, we are advised by the company that in the 3rd paragraph, "Dr. Seung-Hyun Choi" should read "Dr. Senyon Choe" as originally issued inadvertently. The complete, corrected release follows:

OSR Holdings and SillaJen have entered into a Memorandum of Understanding to collaboratively pursue the development of innovative therapeutics and enter the U.S. market

SEOUL, South Korea, April 23, 2024 /PRNewswire/ -- OSR Holdings, a global healthcare holding company, announced that it has signed a memorandum of understanding (MOU) with SillaJen, a Kosdaq-listed biotech firm with a pipeline of immuno-oncology drug candidates, to share technology and clinical development resources and launch a strategic collaboration between the two companies. Through the MOU, the two companies will explore various ways to collaborate to create synergies between current platform technologies and new drug candidates.

OSR Holdings was established in 2019 in South Korea as a "hub-and-spoke" business model, which has become more visible in the biopharma space over the past decade. The "hub-and-spoke" model, exemplified by companies like Roivant Sciences, PureTech Health and BridgeBio Pharma, enables centralized management of drug development strategies, clinical plans, and resource allocation by the holding company. The model allows the holding companies' subsidiaries to concentrate on the advancement of new drug assets and technological innovations. The model's scalability and resource efficiency are notably enhanced, especially as clinical phases of drug development progresses.

OSR Holdings' current portfolio includes Vaximm AG, a Swiss entity developing immuno-oncology therapeutics; Darnatein, a South Korean drug developer of osteoarthritis therapeutics; and RMC, a distributor of specialized medical devices. Vaximm AG, a venture spun out from Merck KGaA, has completed Phase 2a clinical trials for glioblastoma. Darnatein, established by Dr. Senyon Choe, a former researcher at one of the leading research institutes in the U.S., Salk Institute for Biological Studies, boasts a robust platform for cartilage and bone regeneration and is developing new drugs for other diverse disease indications based on this foundational technology.

SillaJen boasts a diverse pipeline of new drugs, including the SJ-600 series and BAL0891, and is leading the way in developing anti-cancer viruses based on its GEEV® platform. Known for its immune-evasion capabilities, GEEV® enables anti-cancer viruses to efficiently target affected areas. The SJ-600 series is an anti-cancer pipeline based on SillaJen's GEEV® platform. BAL0891, a mitotic checkpoint inhibitor, has advanced to Phase 1 clinical trials targeting solid tumors and will be conducted in the United States.

Sung Jae "Alex" Yu, COO of OSR Holdings, stated, "the signing of this MOU marks the two companies transitioning into strategic partners for the development of innovative drug technologies in the global immuno-oncology market. We eagerly anticipate exploring a variety of opportunities to further our relationship and collaborations with SillaJen, particularly in the U.S., the largest pharmaceutical market in the world."

A representative of SillaJen stated, "We can anticipate synergies by collaborating between a company that possesses original anti-cancer drug development technology and a company with global business expertise," and added, "Aside from our cooperation with existing partners, we will have the opportunity to present SillaJen's exceptional pipeline in the U.S. market."

About OSR Holdings

OSR Holdings, headquartered in Korea, is a global healthcare holding company with biopharma and medical device subsidiaries in areas with high unmet medical needs such as certain cancer indications. The biopharma subsidiaries are developing novel drug candidates based on differentiated technologies. The medical device subsidiary operates as an exclusive distributor of neuro-intervention devices to nationwide hospitals in Korea. In November 2023, OSR Holdings announced a business combination with Bellevue Life Sciences Acquisition Corp (Nasdaq: BLAC), a SPAC that completed a $69M IPO in February 2023.

About SillaJen

SillaJen, Inc. (KOSDAQ: 215600) is a publicly held biotech company developing anti-cancer therapies, with its clinical-stage products, Pexa-Vec, an oncolytic viral immunotherapy, and BAL0891, a mitotic checkpoint inhibitor. The company is also developing a unique CD-55 expressing vaccinia virus platform, GEEV®, which can be delivered to tumors via intravenous injection while evading the complement system and neutralizing antibodies against oncolytic viruses. Additional information about SillaJen is available at www.sillajen.com.

Disclaimer Language:

This press release contains certain forward-looking statements regarding, among other things, statements relating to goals, plans and projections regarding the Company's financial position, results of operations, market position, product development and business strategy. Such forward-looking statements are based on current expectations and involve inherent risks and uncertainties, including factors that could delay, divert or change any of them, and could cause actual outcomes and results to differ materially from current expectations. No forward-looking statements can be guaranteed, and actual results may differ materially from such statements. The information in this release is provided only as of the date of this release, and OSR Holdings undertakes no obligation to update any forward-looking statements contained in this release on account of new information, future events, or otherwise, except as required by law.

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