Daewoong and HitGen Announce Research Collaboration Focused on DNA-Encoded Library Based Drug Discovery Release Time：2022-11-14

CHENGDU, China, November 14, 2022 – Shanghai Stock Exchange listed company HitGen Inc. (“HitGen”, SSE:688222.SH) today announced that it has entered into a research collaboration agreement with DAEWOONG PHARMACEUTICAL Co., Ltd (“Daewoong”), a global healthcare group in the Republic of Korea, dedicated to improving the quality of patients' lives. HitGen will apply its DNA-encoded library (DEL) technology platform centered around the design, synthesis and screening of thousands of DELs that collectively comprise over 1.2 trillion small, drug-like molecules to discover compounds that bind to certain targets that Daewoong needs to discover for new drug development.

“It is truly a privilege to work with Daewoong, one of the top pharmas in Korea, comprising a team of very innovative and collaborative researchers. We look forward to initiating the collaboration to identify novel small molecule starting points from DNA-encoded libraries, and we believe that successful results would lead to further expanded collaborations,” said Dr. Jin Li, Chairman of the Board and Chief Executive Officer of HitGen.

“We are pleased to collaborate with HitGen which has the world’s best DEL screening platform. Daewoong will strengthen its innovative drug development capabilities and improve the quality of life of patients through cooperation with HitGen,” said Seng-ho Jeon, Chief Executive Officer of Daewoong.

About DAEWOONG PHARMACEUTICAL Co., Ltd

Based on the vision of "Global Healthcare Group that leads life quality improvement", Daewoong Pharmaceutical develops excellent medicines and supplies them to the global market. It has established local subsidiaries, research institutes, and factories in eight countries around the world, including Indonesia, the United States, and China, with South Korea as the center. Specifically, Daewoong operates biopharmaceutical research, development, and production bases in Indonesia. Recently, it has shown results of developing innovative new drugs and entering the global market in various fields such as GERD, diabetes, pulmonary fibrosis, and autoimmune diseases, leading the development of intractable disease treatments that are "First in class" and "Best in class".

About HitGen Inc.

HitGen Inc. (SSE: 688222.SH), is a drug discovery research company with headquarter in Chengdu, China, and subsidiaries in Cambridge, UK and Houston, USA. HitGen has established leading technology platforms to enable the discovery and optimization of small molecules and nucleic acid drugs.  Our key technology platforms include DNA-encoded library technology (DEL), fragment-based drug discovery and structure-based drug design technologies (FBDD/SBDD), synthetic therapeutic oligonucleotide technology (STO), and targeted protein degradation technology (TPD).  Through our diverse and flexible business models, we have built up collaboration partnership with several hundred biopharmaceutical research organizations worldwide.  HitGen has multiple programmes from early discovery to clinical trial stage.

For more information, please call +86-28-85197385, +1-508-840-9646 or visit www.hitgen.com.

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