SHENZHEN,China,Aug. 28,2024 -- UTime Limited (NASDAQ:WTO) ("UTime" or the "Company")has officially announced the signing of a non-disclosure agreement (the "NDA") with Bowen Therapeutics Inc ("Bowen Therapeutics") forthe acquisition of the Bowen Therapeutics laboratory at UMASS Medical School. This strategic move not only marks UTime's in-depth expansion in the global vaccine market,but also provides strong support for the registration of the relevant vaccine through the U.S. Food and Drug Administration (the "FDA").
One of the key drivers behind this acquisition is a growing global need for an effective monkeypox vaccine. Monkeypox,as an infectious disease caused by the monkeypox virus,has broken out in many places around the world in recent years,causing a high degree of alertness in the international community. Especially in the context of global epidemics,the speed and scope of its spread have led to significant public health challenges. According to the World Health Organization,cases of monkeypox have been reported in a number of countries and regions around the world,making the need for effective prevention and control measures and vaccines increasingly urgent.
Bowen Therapeutics,which UTime intends to acquire,is a company dedicated to R&D of vaccines for infectious diseases. Its laboratory has previously published a number of research papers on monkeypox virus and has proposed a variety of potential vaccine designs. The Noval hexavalent recombinant protein vaccine developed through these studies has been designed based on the characteristics of monkeypox virus using the latest recombinant technology. The technology can effectively increase the level of virus-neutralizing antibodies and significantly enhance the protective effect of the vaccine.
Under the NDA,UTime will take over all of the Bowen Therapeutics laboratory at UMASS Medical School,and will be in charge of ongoing clinical trials and future vaccine development programs. In addition,UTime will utilize its resources and expertise to help the monkeypox vaccine complete the FDA registration process quickly and efficiently. Leveraging this acquisition,Bowen's core technologies and products are also expected to be more widely used and promoted globally.
The transaction is subject to negotiation and customary closing conditions,including receipt of relevant regulatory approvals,and is expected to complete all necessary legal and commercial formalities within a few months. There is no assurance that the transaction will be completed within the anticipated timeframe,or at all. Shareholders are cautioned not to place undue reliance on this press release.
Hengcong Qiu,Chief Executive Officer of UTime,commented,"The acquisition of Bowen Therapeutics is a major milestone in our exploration of the medical and healthcare sector,and an important step in the Company's attempt to globalize the vaccine business. We are committed to providing effective solutions to global public health issues through the power of innovation and technology." He also emphasized that the integration of Bowen Therapeutics's resources and technology will accelerate UTime's R&D capabilities in the field of vaccines,especially in light of the current global monkeypox outbreak concerns.
With its investment in monkeypox vaccine development,UTime's role in the global vaccine market will become more prominent in the future. This acquisition is not only a realignment of business strategy,but also a positive response to global public health challenges,demonstrating the critical role that companies can play in global health matters.
About UTime Limited
UTime Limited,established in 2008,provides cost-effective mobile devices to consumers globally and helps low-income individuals from established markets,includingthe United States,and emerging markets,such asIndiaand countries inSouth AsiaandAfrica,have better access to updated mobile technology. Since 2024,UTime has been committed to transforming health and wellness through innovative medical wearable technologies. By leveraging cutting-edge research and strategic partnerships,UTime aims to provide effective solutions for disease prevention and health management on a global scale. For more information,visit the Company's website athttp://www.utimeworld.com/.
Forward-Looking Statements
Statements in this press release about future expectations,plans and prospects,as well as any other statements regarding matters that are not historical facts,may constitute "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934,as amended,and the U.S. Private Securities Litigation Reform Act of 1995. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," "would" and similar expressions are intended to identify forward-looking statements,although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors discussed in the "Risk Factors" section of the Company' annual report on Form 20-F filed with the U.S. Securities and Exchange Commission onJuly 30,2024. Any forward-looking statements contained in this press release speak only as of the date hereof,and the Company specifically disclaims any obligation to update any forward-looking statements,whether as a result of new information,future events or otherwise.
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