GC Cell and New Management Embarking on a New Chapter

• Securing future growth engine by scouting global talents; AGM resolved new CEO James Park and CTO Ho-won Kim as internal directors
• Setting business goals focusing on change and growth
• Proposing a new corporate vision of "Global Creator of Cell & Gene Therapy"

YONGIN, South Korea, April 3, 2023 /PRNewswire/ -- GC Cell, a Korean biotech company, announced on Mar. 28^th that it had held the 12^th General Shareholders' Meeting at GC Biopharma R&D Center in Yongin, Gyeonggi-do of South Korea and resolved some major agenda items, including the appointment of inside directors.

During the meeting, GC Cell reported key financial results of the Year 2022 based on consolidated financial statements. The company achieved sales revenue of 236.1 billion won, an operating profit of 44.3 billion won, and a net profit of 24.2 billion won.

With the appointment of James Park, a former EVP and Chief Business Officer of Samsung Biologics, and Ho-won Kim, a former CSO of K2B Therapeutics, as new inside directors, the company has revamped its management team. Both have onboarded GC Cell earlier this year. At the ensuing board of directors meeting, the board formally appointed Director James Park as the Chief Executive Officer.

"2023 will mark a new beginning for GC Cell, determining sustainable growth of our business", said James Park, the new CEO. He added, "the company will focus on delivering performance, and the new management team will take the lead in setting and executing strong implementation guidelines and business goals focusing on growth."

GC Cell plans to make more R&D investments to advance its platform technology and pipelines, and to develop first-in-class medications that are innovative and up to global standards, thereby leaping into one of the global top-tier Cell and Gene Therapy (CGT) companies.

To bring its business to global expansion, in particular, the company plans to vigorously execute the improvement of organizational fundamentals, strategic market penetration, and the improvement of the way of work. In addition, it will set out key objectives for improving competitiveness in each business segment and improving communication within the organization to support stable operations.

Meanwhile, a new company vision of GC Cell, "Global Creator of Cell & Gene Therapy", was announced on the day of the General Shareholders' Meeting, presenting the company's plan to secure a future growth engine by realizing its potential and establishing a new business identity.

GC Cell is a biotechnology company investing in R&D of Cell and Gene Therapies based on NK cells, T cells, and stem cells. It is operating CDMO business specifically for CGTs, clinical laboratory services business, as well as bio logistics business. Domestically in Korea, it is a producer and supplier of "Immuncell-LC", an immunotherapy for liver cancer, while in the U.S, it is working closely with its related company Artiva on a clinical trial for NK cell therapy and collaborating with MSD and Affimed.

About GC Cell

GC Cell is an integrated corporation created through the recent merger of Green Cross Labcell and Green Cross Cell, and focuses on the development and production of treatments using immune cells and stem cells. In particular, it has a variety of pipelines for autologous and allogeneic cell therapies. It also has global competitiveness based on platform technology and experience throughout the entire period from the initial research stage to the commercialization stage.

SOURCE GC Cell