Peptron, Inc., a South Korea-based biotech company, and Qilu Pharmaceutical, a leading vertically integrated pharmaceutical company focused on discovering, developing, manufacturing and commercializing innovative medicines announced that the companies have entered into an exclusive licensing agreement for the manufacturing, development and commercialization of Peptron's PAb001-ADC, the antibody-drug conjugate (the "ADC") product containing the anti-MUC1 monoclonal antibody PAb001 as effective of March 26, 2021.

Under the terms of the agreement, Peptron grants Qilu an exclusive global right and license to develop, manufacture, sell, and commercialize PAb001-ADC for the treatment of cancers.

PAb001-ADC is a pre-clinical ADC entering into Investigational New Drug ("IND") enabling studies. It targets MUC1, a high-potential ADC target for multiple solid and hematological malignancies. MUC1 is overexpressed in many cancers and is recognized as a promising molecular target for therapeutic development for various types of cancers.

"We are excited to collaborate with Qilu to achieve the global opportunity of this potentially differentiated PAb001-ADC developed by us," said Ho-il Choi, CEO of Peptron. "Qilu is one of the leading pharmaceutical companies with global expertise and capacity in innovative R&D, manufacturing and marketing in China."

"We are very pleased to establish the partnership with Peptron to obtain global rights to the asset with highly differentiated attributes," said Dr. Binhui (Ben) Ni, Chief Investment Officer and Chief Business Officer, Corporate Vice President of Qilu Pharmaceutical, "We look forward to working closely with Peptron and The National Medical Products Administration (NMPA) to bring it to the patients."

About Qilu Pharmaceutical Co., Ltd.

Qilu Pharmaceutical is a leading vertically integrated pharmaceutical company focused on discovering, developing, manufacturing and commercializing innovative medicines. With a diverse pipeline of novel therapeutics, 10 manufacturing sites and more than 23,000 employees worldwide, Qilu is dedicated to transforming scientific innovation by internal R&D across 5 R&D platforms based in the US (Seattle WA, Boston MA, San Francisco CA) and China (Shanghai, Jinan), and external partnership globally into healthcare solutions to address unmet medical needs. To date, Qilu has launched 200+ products with 30+ products "First to launch" in China and 3 products "D181 launch" in US with approximately US$4.2 billion sales revenue in 2020.

About Peptron Inc.

Since its foundation in 1997, Peptron Inc. has developed the fundamental technologies for creating sustained-release formulations to develop patient-friendly, peptide-based medicines with a high technological entrance barrier and excellent product competitiveness for the treatment of life-threatening and chronic diseases. Peptron's PepGen technology is an innovative immunostimulatory antibody-generating technology using the CpG-DNA-liposome complex. Peptron is running a GMP manufacturing facility for sustained-release peptide injectables.