Innovent Announces Retirement of CFO and Appointment of New CFO

Rhea-AI Summary

Innovent Biologics, Inc. (IVBIY) announced the retirement of CFO Mr. Ronald Hao Xi Ede after a seven-year tenure, with Ms. Fei You appointed as the new CFO. Mr. Ede will continue as an executive director and managing partner of the Company's funds. Ms. You brings over 20 years of experience in financial management and strategic investment. Innovent's Founder, Chairman, and CEO, Dr. Michael Yu, expressed gratitude towards Mr. Ede's contributions and welcomed Ms. You as the new CFO.

ROCKVILLE, Md. and SUZHOU, China, Feb. 5, 2024 /PRNewswire/ -- Innovent Biologics, Inc. ("c") (HKEX: 01801), a world-class biopharmaceutical company that develops, manufactures and commercializes high quality medicines for the treatment of oncology, autoimmune, metabolic, ophthalmology and other major diseases, announced that Mr. Ronald Hao Xi Ede will retire from his position as the chief financial officer after a seven-year distinguished career with the Company. Mr. Ede will continue to serve on the Board as an executive director, participating in the Board's strategic and business decisions, as well as serve as the managing partner of the Company's funds and take full charge of the Company's fund management.

Mr. Ede joined Innovent in 2017 and, during his CFO tenure, has made significant contributions to the Company's strategy planning, corporate governance, financial management and business development. He successfully led the listing of the Company on the Main Board of the Hong Kong Stock Exchange and a series of post-listing fund raising activities, which have laid a solid foundation for Innovent's continuous growth.

At the same time, Innovent has appointed Ms. Fei You as the new CFO, effective February 5, 2024. She will be responsible for Innovent's financial management and capital market activities. Ms. You has over 20 years of experience in financial management, strategic investment and financing. Before joining Innovent, she served as the chief financial officer of Jinxin Fertility Group Ltd. (HKEx stock code: 1951) and successfully led its listing on the Main Board of the Hong Kong Stock Exchange. Prior to that, she had served in various managerial positions with 3SBio Inc. (HKEx stock code: 1530) and KPMG.

"We are deeply grateful for the dedication and contribution Ronnie has made during his entire tenure at Innovent. His strategic judgment and leadership were instrumental in transforming Innovent from a biotech company to a biopharma enterprise, and leaves us in a solid position to continue pursuing our long-term global vision. We will continue to work with him on the Board of the Company and in other areas, "said Dr. Michael Yu, Founder, Chairman and CEO of Innovent Biologics. "At the same time, we warmly welcome Ms. Fei You as our new CFO. Ms. You has extensive expertise and experience in financial management and capital markets in the healthcare industry. We look forward to working with her on the journey toward pursuing our mission of 'developing high-quality biopharmaceuticals that are affordable to ordinary people' and our vision of "being one of the world's leading biopharmaceutical companies.'"

About Innovent

Inspired by the spirit of "Start with Integrity, Succeed through Action," Innovent's mission is to discover and develop, manufacture and commercialize high-quality biopharmaceutical products that are affordable to ordinary people. Established in 2011, Innovent is committed to discovering and developing, manufacturing and commercializing high-quality innovative medicines for the treatment of oncology, autoimmune, cardiovascular and metabolic, and ophthalmology diseases to enhance the quality of the patients' lives. Innovent has 10 products in the market, including TYVYT^® (Sintilimab Injection), BYVASDA^® (Bevacizumab Injection), SULINNO^® (Adalimumab Injection), HALPRYZA^® (Rituximab Injection), Pemazyre^® (Pemigatinib Oral Inhibitor), olverembatinib, Cyramza^® (Ramucirumab Injection), Retsevmo^® (Selpercatinib Capsules ), FUCASO^® (Equecabtagene  Autoleucel Injection) and SINTBILO^® (Tafolecimab Injection). Additionally, it has 2 NDA under NMPA review, 5 assets in Phase III or pivotal clinical trials, and 19 more molecules in early clinical stage.

Innovent has also entered into 30 strategic collaborations with Eli Lilly, Roche, Sanofi, Adimab, Incyte, MD Anderson Cancer Center and other international partners. We strive to work with many collaborators to help advance the biopharmaceutical industry, improve drug availability and enhance the quality of the patients' lives.

Note:

TYVYT^® (sintilimab injection) is not an approved product in the United States.

BYVASDA^® (bevacizumab biosimilar injection), SULINNO^®, and HALPRYZA^® (rituximab biosimilar injection) are not approved products in the United States.

TYVYT^® (sintilimab injection, Innovent)

BYVASDA^® (bevacizumab biosimilar injection, Innovent)

HALPRYZA^® (rituximab biosimilar injection, Innovent)

SULINNO^® (adalimumab biosimilar injection, Innovent)

Pemazyre^® (pemigatinib oral inhibitor, Incyte Corporation). Pemazyre^® was discovered by Incyte Corporation and licensed to Innovent for development and commercialization in Mainland China, Hong Kong, Macau and Taiwan.

CYRAMZA^® (ramucirumab, Eli Lilly). Cyramza^® was discovered by Eli Lilly and licensed to Innovent for commercialization in Mainland China.

Retsevmo^® (selpercatinib, Eli Lilly). Retsevmo^® was discovered by Eli Lilly and licensed to Innovent for commercialization in Mainland China.

Disclaimer: Innovent does not recommend any off-label usage.

Innovent's Forward-Looking Statements

This news release may contain certain forward-looking statements that are, by their nature, subject to significant risks and uncertainties. The words "anticipate", "believe", "estimate", "expect", "intend" and similar expressions, as they relate to Innovent, are intended to identify certain of such forward-looking statements. Innovent does not intend to update these forward-looking statements regularly.

These forward-looking statements are based on the existing beliefs, assumptions, expectations, estimates, projections and understandings of the management of Innovent with respect to future events at the time these statements are made. These statements are not a guarantee of future developments and are subject to risks, uncertainties and other factors, some of which are beyond Innovent's control and are difficult to predict. Consequently, actual results may differ materially from information contained in the forward-looking statements as a result of future changes or developments in our business, Innovent's competitive environment and political, economic, legal and social conditions.

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SOURCE Innovent Biologics

FAQ

Who is the retiring CFO of Innovent Biologics, Inc.?

The retiring CFO of Innovent Biologics, Inc. is Mr. Ronald Hao Xi Ede.

Who is the new CFO of Innovent Biologics, Inc.?

The new CFO of Innovent Biologics, Inc. is Ms. Fei You.

What is the ticker symbol for Innovent Biologics, Inc.?

The ticker symbol for Innovent Biologics, Inc. is IVBIY.

What is the background of the new CFO, Ms. Fei You?

Ms. Fei You has over 20 years of experience in financial management, strategic investment, and financing. Before joining Innovent, she served as the chief financial officer of Jinxin Fertility Group Ltd. and held various managerial positions with 3SBio Inc. and KPMG.

Who expressed gratitude towards the retiring CFO and welcomed the new CFO?

Dr. Michael Yu, Founder, Chairman, and CEO of Innovent Biologics, expressed gratitude towards Mr. Ede's contributions and welcomed Ms. Fei You as the new CFO.