BridgeBio Holds 7th Annual General Meeting and Corporate Presentation

On the 25th, the 7th regular shareholders' meeting was held at Bridge Biotherapeutics R&D Center in Seongnam-si, Gyeonggi-do.

[Asia Economy Reporter Chunhee Lee] Bridge Biotherapeutics announced on the 28th that it held the 7th regular general shareholders' meeting and regular IR corporate presentation at the Global R&D Center in Seongnam-si, Gyeonggi Province on the 25th, reporting on last year's management performance and new drug research and development progress.

The 2021 financial results showed consolidated financial statements with sales of 1.9 billion KRW and a net loss of 26.3 billion KRW. The ordinary research and development expenses were reported to be 19.1 billion KRW. At the shareholders' meeting, the agenda items including ▲approval of the 7th financial statements ▲partial amendment of the articles of incorporation ▲approval of the director remuneration limit ▲granting of stock options were approved as originally proposed.

At the meeting, a regular IR corporate presentation was also held. While focusing on strengthening the pipeline in disease areas with high unmet needs such as cancer and idiopathic pulmonary fibrosis treatments, a new plan to expand the pipeline centered on the development of targeted lung cancer therapies was announced. 'BBT-176', the first-in-class targeted anticancer drug within its class targeting the C797S-specific EGFR triple mutation that appears as resistance after 'Tagrisso' treatment, is currently undergoing a dose-escalation trial in the highest dose group, which is planned to be completed within the first half of the year, followed by discussions with the U.S. Food and Drug Administration (FDA) regarding accelerated approval possibilities. Another next-generation non-small cell lung cancer treatment candidate 'BBT-207' is planned to submit Investigational New Drug (IND) applications in the U.S. and Korea within this year after preclinical toxicity testing.

Jungkyu Lee, CEO of Bridge Biotherapeutics, said, “This year will be a period to maximize corporate value by demonstrating more tangible results,” adding, “We will steadily strengthen our pipeline in disease areas with high unmet medical needs, focusing on anticancer and pulmonary fibrosis treatments, and secure the engine to continue mid- to long-term growth as a global innovative new drug research and development biotech.”

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