Chairman of the Board, Wei Fu,
informed the Company of his intent to purchase up to $2,000,000 of the Company's American Depository
Shares (ADSs)
ROCKVILLE, Md., Jan. 8, 2025
/PRNewswire/ -- I-Mab (NASDAQ: IMAB) (the "Company"), a U.S.-based,
global biotech company, focused on the development of precision
immuno-oncology agents for the treatment of cancer, today announced
the Company has been informed that Wei
Fu, the Chairman of the Board, intends to purchase up to
$2,000,000 of the Company's ADSs in
open market transactions. As the planned purchases are to be
executed by Wei Fu via his controlled entity, I-Mab cannot
guarantee the number of ADSs to be purchased or the time frame in
which the ADSs will be bought in the open market.
Wei Fu, Chairman of the Board
of I-Mab and Chief Executive Officer of CBC Group, said: "The
Board of Directors and the Company's senior leadership team
successfully executed on the corporate strategy for 2024, and
the recent portfolio prioritization aligns with our long-term goal
to increase shareholder value."
I-Mab recently announced a portfolio prioritization positioning
givastomig, a Claudin 18.2 ("CLDN18.2") x 4-1BB bispecific
antibody, as its lead clinical program. Data is expected in the
early second half of 2025 in a dose escalation study of givastomig
in combination with nivolumab plus chemotherapy. Additionally, a
40-patient dose expansion study is now underway, with data expected
in early 2026. The Company's current cash runway extends into
2027.
About I-Mab
I-Mab (NASDAQ: IMAB) is a U.S.-based, global biotech company,
focused on the development of precision immuno-oncology agents for
the treatment of cancer. I-Mab has established operations in the
U.S. in Rockville, Maryland, and
Short Hills, New Jersey. For more
information, please visit us at:
https://www.i-mabbiopharma.com/ and follow us on
LinkedIn and X.
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", "believes", "designed to", "anticipates",
"future", "intends", "plans", "potential", "estimates",
"confident", and similar terms or the negative thereof. 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 in this press release include, without
limitation, statements regarding: the Company's pipeline; the
timing and progress of studies and trials; the potential open
market purchases by Wei Fu; and the
availability of data and information from ongoing studies and
trials. Forward-looking statements involve inherent risks and
uncertainties that may cause actual results to differ materially
from those contained in these forward-looking statements, 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 or may not support
further development or New Drug Application/Biologics License
Application (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; and
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, 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.
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.
I-Mab Investor & Media Contacts
Tyler Ehler
Senior Director, Investor Relations
IR@imabbio.com
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SOURCE I-Mab Biopharma
