JW Biotech Successfully Holds Shareholders' Meeting Including Appointment of New Director... "End of Management Dispute"

JW Biotech (CEO Yang Jaewon) announced on the 31st that all agenda items presented at the 29th General Meeting of Shareholders, except for the articles of incorporation, were approved as originally proposed.

Specifically, the agenda items included the approval of the financial statements as the first agenda item, and the appointment of directors as the second agenda item. The following five individuals were appointed as directors: inside director Kim Seungil (current Vice President of JW Biotech), other non-executive directors Kim Sudong (current professor at Ajou University Graduate School of Global Pharmaceutical Clinical Studies) and Jeong Manho (former Blue House Chief of Public Communication), outside director Lim Hoseok (former Uijeongbu City Council member), and inside director Ahn Minhyeok (former CEO of MJ). Additionally, the third agenda item, the dismissal of three inside and outside directors, was also approved.

JW Biotech has maintained the position that there is no issue regarding the management rights dispute lawsuit filed by Subon Saenghwalgeongang (hereinafter ‘Subon’), which some shareholders had been concerned about, as they have already won all injunctions related to management rights. With the complete dismissal of the three directors from Subon at this shareholders' meeting, the management rights dispute has come to an end.

JW Biotech stated, “Through this shareholders' meeting, the management rights dispute issue has been completely resolved,” and added, “We will focus on new and existing businesses to increase corporate value and make every effort to enhance shareholder value.”

Currently, JW Biotech is actively accelerating the health functional food business in collaboration with Microalgae Source (MAUS). Recently, Microalgae Source completed the application for individual recognition of the ingredient ‘Fucoxanthin,’ derived from microalgae, for its body fat reduction function with the Ministry of Food and Drug Safety. They plan to officially enter the health functional food market as early as the end of this year. They are also jointly pursuing the application for NDI (New Dietary Ingredients), a system by the U.S. FDA that certifies new ingredients for health functional foods, aiming to enter the overseas food raw material market.

Meanwhile, JW Biotech continues to expand the online distribution network of its existing scientific equipment business and plans to strengthen corporate capabilities through business diversification such as healthcare, metabolomics, and proteomics analysis. In addition, together with its subsidiary Curable, JW Biotech is promoting the CMO (Contract Manufacturing Organization) business and the subunit vaccine business.