Pasaca Capital Inc, the private equity firm that owns one of the worlds largest COVID-19 test providers, Innova Medical Group, Inc., and Sinopharm's China National Biotech Group (CNBG), one of the largest vaccine producers in the world, announced yesterday the establishment of a global joint venture - Sino-Innovax Biotech Pte Ltd. The joint venture is based in Singapore with a focus on providing critical vaccines to the world population, including the highly sought-after World Health Organization ("WHO") approved COVID-19 vaccines. The joint venture will enable expanded access to much needed quality vaccines to those in less developed areas where cold supply chain is not available. The joint venture will initially focus on the manufacturing and global distribution of Sinopharm's virus inactivated COVID-19 vaccines and will include other vaccines currently produced or in development by CNBG.

JV will expand access to WHO approved COVID-19 vaccines to areas where cold supply chain is not available

"The majority of the world population is still not vaccinated against COVID due to the lack of access to vaccines," said Robert Redfield, MD, Chief Scientific Advisor, Pasaca Capital, and former United States CDC Commissioner. "This strategic collaboration will allow for more rapid delivery of effective and highly equitable vaccines to reach those that need them on a global scale."

SinoPharm's BBIBP-CorV vaccine is highly effective, has been approved by the WHO for emergency use, and is currently being used widely in over 100 countries throughout Asia, Africa, South America and Europe. Unlike mRNA vaccines, Sinopharm's inactive virus COVID-19 vaccines do not require deep-freeze facilities or extreme cold chain transportation. CNBG is ramping up its COVID-19 vaccine production capacity to 7 billion doses annually by the end of 2021.

Mr. Liu Jingzhen, Chairman of Sinopharm, said, "Pasaca Capital has shown its extraordinary capabilities through its wholly owned subsidiary Innova Medical Group, which has become the global leader in COVID-19 rapid test manufacturing and distribution since the beginning of the pandemic. We are delighted to partner with Pasaca to make critical vaccines more accessible to the world".

Charles Huang, PhD, Founder and Chairman of Pasaca Capital Inc. commented, "This joint venture is another testament of our commitment to helping the world manage the COVID pandemic. Sinopharm has the largest manufacturing capability of highly effective COVID-19 vaccines, and the world needs such quality products urgently. Pasaca have committed tremendous human resources and substantial capital to build up quality assurance and quality control systems in target markets to ensure such vaccines are delivered to their customers in the most efficient and effective manner."

Mr. Yang Xiaoming, Chairman of CNBG, said, "Sinopharm CNBG has been a major force in the global fight against COVID-19 pandemic and we are looking forward to working with Pasaca to expand our reach and help improve human conditions during COVID and beyond."

Pasaca Capital's key personnel in the vaccine business include Dr. Robert Redfield and Yichen Lu, PhD, Executive Vice President at Pasaca Capital. Dr. Lu is a global vaccine industry veteran with 40 years of experience in the vaccination field.

The newly formed joint venture, Sino-Innovax Biotech Pte Ltd is a 49:51 partnership between Innova Bio-Medical Pte Ltd (Singapore), a subsidiary wholly owned by Pasaca Capital Inc and Sinopharm Biotech Co Ltd (Hong Kong, S.A.R., China), a wholly owned subsidiary of CNBG.

About Pasaca Capital Inc

Headquartered in Pasadena, CA, Pasaca Capital Inc. is an evergreen private equity investment firm focused on innovative technologies and products that benefit the world. With a focus on medical devices, pharmaceuticals, TMT, industrial & automation, and food ingredient sectors, Pasaca Capital seeks to improve the human condition globally. Pasaca portfolio companies operate in Europe, Middle East, SE Asia, and North America. Portfolio companies include Innova Medical Group Inc, Sweegen Inc, Meepo Inc., ATL Group Ltd, ASOCS, Caton Technology and others. Last week, Pasaca Capital was awarded Business of the Year by California State Assembly for its extraordinary contributions to the State of California and to the world. www.pasacacapital.com

About Sinopharm

China National Pharmaceutical Group Co., Ltd. (Sinopharm) is a large healthcare group with 128,000 employees and a full chain in the industry covering R&D, manufacturing, logistics and distribution, retail chains, healthcare, engineering services, exhibitions and conferences, international business and financial services. Sinopharm owns over 1,100 subsidiaries and 6 listed companies in China and Hong Kong, S.A.R., China. As world's 6th largest vaccine manufacturer, Sinopharm is able to produce all the vaccines in the National Vaccination Program and is the supplier of over 80% vaccines used in the Expanded Program on Immunization in China.

About China National Biotech Group (CNBG)

China National Biotec Group (CNBG), is a subsidiary of China National Pharmaceutical Group corporation (SINOPHARM), and has 12 wholly subsidiaries with close to 12,000 employees. CNBG has a capacity of producing over 50 different human vaccines totaling 7 billion doses a year, making it the 6th largest vaccine manufacturer in the world. CNBG has about one hundred production line up to GMP standard, with the ability of manufacture more than 200 biomedicine products for prevention, treatment and diagnoses.