Ascletis Hosts Ground Breaking Ceremony For China Headquarters Oct. 20

RESEARCH TRIANGLE PARK, NC AND HANGZHOU, CHINA, October 22, 2011 (Press-News.org) Jinzi J. Wu, Ph.D., president and CEO of Ascletis (http://www.ascletis.com), a global specialty therapeutics company dedicated to discovering and developing important new treatments for cancer and infectious diseases, has announced that the company hosted a ground breaking ceremony Thursday, Oct. 20, for its headquarters at Hangzhou Hi-Tech Industry Development Zone in Hangzhou, Zhejiang Province, China. This event is part of North Carolina Governor Bev Perdue's economic development mission to Asia. Ascletis is the first major Chinese investor-backed drug development company to operate both in North Carolina and China.

The ceremony included opening remarks from Dr. Wu, a presentation and signing of a certificate by Governor Perdue and remarks by Mr. Zhao Hongzhu, Secretary, Zhejiang Provincial Committee of the Communist Party of China; city officials from Hangzhou; and William F. Greenlee, Ph.D., president and CEO of The Hamner Institutes for Health Sciences, whose 56-acre campus hosts the U.S. center for research and development for Ascletis in Research Triangle Park.

The ground breaking follows the Memorandum of Understanding signed in Salt Lake City on July 16, 2011, between Governor Perdue and Mr. Zhao Hongzhu to promote economic growth, encourage business development and trade between North Carolina and Zhejiang Province. Members of the business delegation trip attended the event.

QUOTES:
"I am honored to have Secretary Zhao and Governor Perdue join me in celebrating the start of our new headquarters in Hangzhou, Zhejiang Province. I believe this integrated R&D and manufacturing headquarters will help Ascletis reach its strategic goals and deliver innovative medicines to our patients," said Dr. Wu. "I could not have reached this achievement without the support from the provincial and local government, particularly Hangzhou Hi-Tech Industry Development Zone, as well as financial backing and support of my dedicated partner, Mr. Jinxing Qi. I am looking forward to building and growing an enterprise that can create effective therapies to combat life-threatening medical conditions affecting people in China and worldwide."

"The focus of my trip is the same priority I pursue every day: jobs," said Governor Perdue. "Ascletis serves as a new business model and acts as the first of many collaborations between Zhejiang and North Carolina that will increase jobs and investment. This precedent-setting event brings together the best life sciences and investment opportunities between North Carolina and China to create global economic cooperation."

DETAILS:
- After the ceremony ended, Governor Perdue and the state delegation toured Hangzhou Hi-Tech Industry development Zone, followed by a luncheon banquet hosted by Mr. Zhao Hongzhu, with Governor Perdue introducing members of the U.S. delegation to invited Chinese executives.

- Prior to founding Ascletis, Dr. Wu was vice president, HIV drug discovery performance unit and head of infectious disease (ID) Discovery DMPK at GlaxoSmithKiline. He oversaw the global HIV drug discovery from target identification and lead optimization to the preclinical and clinical development. Dr. Wu resides in Chapel Hill, N.C.

- Based in the Research Triangle Park (RTP) of North Carolina, The Hamner is an independent, nonprofit organization that unites academia, the private sector, and government to conduct translational research for improved human health assessments and the development of new and safer medicines. For more information, visit http://www.thehamner.org/.

ABOUT ASCLETIS:
Ascletis is a joint venture between U.S. and Chinese entrepreneurs aimed at building a global specialty therapeutics business dedicated to discovering and developing important new treatments for cancer and infectious diseases. Ascletis leverages U.S./European innovation and pharmaceutical/biotech strategic experience and China's capital efficiency with a goal of establishing in the near term a sustainable business and accelerated revenues through the in-licensing, late-stage clinical development, and commercialization of new medicines for the growing Chinese pharmaceutical marketplace. At the same time, the company is building long-term value through the discovery, demonstration of clinical proof-of-concept, and global partnering of novel therapeutics for life-threatening diseases. For more information, please visit http://www.ascletis.com.

Erin Smith
MMI Public Relations
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