Paladin Labs, Inc.

PARAMUS, N.J., Dec. 8, 2024 /PRNewswire/ -- SK Life Science, Inc., a global leader in treatments for central nervous system (CNS) disorders and a subsidiary of SK Biopharmaceuticals Co., Ltd., presented data at the American Epilepsy Society (AES) Annual Meeting, showcasing its antiseizure medication XCOPRI® (cenobamate tablets) CV. Key data offered a better understanding of cenobamate's unique dual mechanism of action (MOA) that enhances GABAergic inhibition at the type A γ-aminobutyric acid (GABAA) ion channel and reduces neuronal excitability by preferentially inhibiting the persistent sodium current. Continue Reading "We are a company dedicated to advancing treatment options for epilepsy, supporting the epilepsy community and providing meaningful solutions for patients and their families," said Louis Ferrari, BS, RPh, MBA, vice president, Medical Affairs at SK Life Science. "It is critically important for patients with epilepsy to achieve seizure control as early as possible. The data we presented at AES offer new insights into our drug's unique dual MOA and highlight the potential for flexible and individualized dosing with cenobamate which, along with adjustment of concomitant ASMs to improve tolerability, may help more patients achieve optimal seizure reduction. Additionally, our data provided objective evidence of our treatment's effect on patterns of electrical activity in the brain and seizure reduction." We are dedicated to advancing treatment options and providing meaningful solutions for the epilepsy community. Post this Clarification of the MOA of cenobamate Deeper understanding of cenobamate's bi-modal mechanism of action further elucidates its dual role on voltage-gated sodium channels and GABAA receptors. Specifically, in preclinical studies, researchers observed cenobamate's selectivity for blockade of persistent sodium currents (INaP), while sparing the transient sodium current (INaT). The effect of cenobamate's selective INaP block on the resting membrane potential is augmented by its positive allosteric modulation of GABAA receptor-mediated tonic currents. Cenobamate's selectivity for the INaP over the INaT likely represents action on the NaV1.6 channel over the NaV1.1 channel, a feature not seen with traditional ASMs, like phenytoin or carbamazepine. Potential for flexible and individualized dosing New data examining the initial doses of cenobamate that were associated with seizure freedom in the phase 3 open-label efficacy subset showed the initial seizure freedom interval occurred at a wide range of cenobamate doses, with some patients requiring higher doses. These data highlight the potential for flexible and individualized dosing with cenobamate which, along with adjustment of concomitant antiseizure medication to improve tolerability, may help more patients achieve optimal seizure reduction. The effect of cenobamate on responsive neurostimulation epileptiform events A retrospective, multicenter, observational, 24-week study among 37 patients with uncontrolled seizures, showed a significant reduction in epileptiform events along with a significant reduction in clinically reported seizures during adjunctive cenobamate treatment. Results from this analysis demonstrate, through electrocorticographic data and observation of clinical seizures, the effectiveness of cenobamate in the treatment of focal seizures. The complete list of SK Life Science abstracts presented at AES can be found here. About SK Life Science, Inc. and SK Biopharmaceuticals Co., Ltd. SK Life Science, Inc., with headquarters in Paramus, New Jersey, is a U.S. subsidiary of SK Biopharmaceuticals Co., Ltd., a pioneering South Korean company in drug development and commercialization. Together, they are advancing innovative treatments for central nervous system (CNS) disorders and oncology, with eight compounds currently in development. SK Life Science and SK Biopharmaceuticals are committed to addressing critical unmet medical needs for patients with conditions such as epilepsy, sleep disorders, neuropathic pain, Alzheimer's disease, and schizophrenia. For more information, visit . SK Biopharmaceuticals Co., Ltd. is part of SK Group, South Korea's second-largest conglomerate. SK Group is a collection of global industry-leading companies driving innovations in energy, advanced materials, biopharmaceuticals and digital business. For more information about SK Biopharmaceuticals, visit . About XCOPRI® (cenobamate tablets) CV Cenobamate is an antiseizure medication (ASM) discovered and developed by SK Biopharmaceuticals and SK Life Science. Cenobamate reduces neuronal excitability through a unique dual mechanism of action, preferentially inhibiting the persistent sodium current and enhancing GABAergic inhibition at the type A γ-aminobutyric acid (GABAA) ion channel. The precise mechanism by which Cenobamate exerts its therapeutic effect is unknown. Cenobamate is marketed under the brand name XCOPRI® in the U.S. by SK Life Science, Inc. Additionally, XCOPRI is commercialized in Canada and Israel by SK Biopharmaceuticals' partners, Paladin Labs Inc. and Dexcel Ltd. Cenobamate is marketed as ONTOZRY® by Angelini Pharma S.p.A. in Europe, the UK, and Switzerland. Cenobamate is also being developed for commercialization by SK Biopharmaceuticals' partners in many other countries to meet the needs of patients living with epilepsy, including Dong-A ST Co., Ltd., Eurofarma Laboratórios S.A., Hikma MENA FZE, Ignis Therapeutics, Inc. and ONO Pharmaceutical Co., Ltd. XCOPRI® and ONTOZRY® are registered trademarks of SK Biopharmaceuticals Co., Ltd. IMPORTANT SAFETY INFORMATION AND INDICATION FOR XCOPRI® (cenobamate tablets) CV DO NOT TAKE XCOPRI IF YOU: Are allergic to cenobamate or any of the other ingredients in XCOPRI. Have a genetic problem (called Familial Short QT syndrome) that affects the electrical system of the heart. XCOPRI CAN CAUSE SERIOUS SIDE EFFECTS, INCLUDING: Allergic reactions: XCOPRI can cause serious skin rash or other serious allergic reactions which may affect organs and other parts of your body like the liver or blood cells. You may or may not have a rash with these types of reactions. Call your healthcare provider right away and go to the nearest emergency room if you have any of the following: swelling of your face, eyes, lips, or tongue, trouble swallowing or breathing, a skin rash, hives, fever, swollen glands, or sore throat that does not go away or comes and goes, painful sores in the mouth or around your eyes, yellowing of your skin or eyes, unusual bruising or bleeding, severe fatigue or weakness, severe muscle pain, frequent infections, or infections that do not go away. Take XCOPRI exactly as your healthcare provider tells you to take it. It is very important to increase your dose of XCOPRI slowly, as instructed by your healthcare provider. QT shortening: XCOPRI may cause problems with the electrical system of the heart (QT shortening). Call your healthcare provider if you have symptoms of QT shortening including fast heartbeat (heart palpitations) that last a long time or fainting. Suicidal behavior and ideation: Antiepileptic drugs, including XCOPRI, may cause suicidal thoughts or actions in a very small number of people, about 1 in 500. Call your health care provider right away if you have any of the following symptoms, especially if they are new, worse, or worry you: thoughts about suicide or dying; attempting to commit suicide; new or worse depression, anxiety, or irritability; feeling agitated or restless; panic attacks; trouble sleeping (insomnia); acting aggressive; being angry or violent; acting on dangerous impulses; an extreme increase in activity and talking (mania); or other unusual changes in behavior or mood. Nervous system problems: XCOPRI may cause problems that affect your nervous system. Symptoms of nervous system problems include: dizziness, trouble walking or with coordination, feeling sleepy and tired, trouble concentrating, remembering, and thinking clearly, and vision problems. Do not drive, operate heavy machinery, or do other dangerous activities until you know how XCOPRI affects you. Do not drink alcohol or take other medicines that can make you sleepy or dizzy while taking XCOPRI without first talking to your healthcare provider. DISCONTINUATION: Do not stop taking XCOPRI without first talking to your healthcare provider. Stopping XCOPRI suddenly can cause serious problems. Stopping seizure medicine suddenly in a patient who has epilepsy can cause seizures that will not stop (status epilepticus). DRUG INTERACTIONS: XCOPRI may affect the way other medicines work, and other medicines may affect how XCOPRI works. Do not start or stop other medicines without talking to your healthcare provider. Tell healthcare providers about all the medicines you take, including prescription and over-the-counter medicines, vitamins and herbal supplements. PREGNANCY AND LACTATION: XCOPRI may cause your birth control medicine to be less effective. Talk to your health care provider about the best birth control method to use. Talk to your health care provider if you are pregnant or plan to become pregnant. It is not known if XCOPRI will harm your unborn baby. Tell your healthcare provider right away if you become pregnant while taking XCOPRI. You and your healthcare provider will decide if you should take XCOPRI while you are pregnant. If you become pregnant while taking XCOPRI, talk to your healthcare provider about registering with the North American Antiepileptic Drug (NAAED) Pregnancy Registry. The purpose of this registry is to collect information about the safety of antiepileptic medicine during pregnancy. You can enroll in this registry by calling 1-888-233-2334 or go to . Talk to your health care provider if you are breastfeeding or plan to breastfeed. It is not known if XCOPRI passes into breastmilk. Talk to your healthcare provider about the best way to feed your baby while taking XCOPRI. COMMON SIDE EFFECTS: The most common side effects in patients taking XCOPRI include dizziness, sleepiness, headache, double vision, and feeling tired. These are not all the possible side effects of XCOPRI. Tell your healthcare provider if you have any side effect that bothers you or that does not go away. For more information, ask your healthcare provider or pharmacist. Call your doctor for medical advice about side effects. You may report side effects to FDA at 1-800-FDA-1088 or at . DRUG ABUSE: XCOPRI is a federally controlled substance (CV) because it can be abused or lead to dependence. Keep XCOPRI in a safe place to prevent misuse and abuse. Selling or giving away XCOPRI may harm others and is against the law. INDICATION: XCOPRI is a prescription medicine used to treat partial-onset seizures in adults 18 years of age and older. It is not known if XCOPRI is safe and effective in children under 18 years of age. Please see additional patient information in the Medication Guide. This information does not take the place of talking with your healthcare provider about your condition or your treatment. Please see full Prescribing Information. About Epilepsy Epilepsy is the fourth most common neurological disorder. There are approximately 3.4 million people living with epilepsy in the United States, with 150,000 new cases each year in the country.1,2 Epilepsy is characterized by recurrent, unprovoked seizures. The seizures in epilepsy may be related to a brain injury or a family tendency, but often the cause is completely unknown. Having seizures and epilepsy can affect one's safety, relationships, work, driving, and much more.3,4 People with epilepsy are at risk for accidents and other health complications, including falling, drowning, depression and sudden unexplained death in epilepsy (SUDEP).3,4 Despite the availability of many antiepileptic therapies, almost 40 percent of people with epilepsy are not able to achieve seizure freedom, meaning they have epilepsy that remains uncontrolled.5 References Epilepsy Foundation. Who Can Get Epilepsy? . Accessed December 2024. Epilepsy Foundation. Facts & Statistics About Epilepsy. . Accessed December 2024. Epilepsy Foundation. Staying Safe. . Accessed December 2024. Epilepsy Foundation. Complications and Risks. . Accessed December 2024. Chen Z, Brodie MJ, Liew D, Kwan P. Treatment outcomes in patients with newly diagnosed epilepsy treated with established and new antiepileptic drugs: a 30-year longitudinal cohort study. . Published online December 26, 2017. SOURCE SK Life Science, Inc. WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In GET STARTED

SK Life Science will also host the "Prioritizing Seizure Treatments Through Real-World Patient Case Studies Symposium," an expert led panel to advance the discussion regarding the unmet need for achieving seizure freedom and the impact of continued seizures on patients' treatment journeys PARAMUS, N.J., Nov. 25, 2024 /PRNewswire/ -- SK Life Science, Inc., a global leader in treatments for central nervous system (CNS) disorders and a subsidiary of SK Biopharmaceuticals Co., Ltd., will present updated data on cenobamate, an anti-seizure medication, at the 2024 American Epilepsy Society (AES) Annual Meeting in Los Angeles, California, December 6-10, 2024. The company will also host the "Prioritizing Seizure Treatments Through Real-World Patient Case Studies Symposium," an event led by world-renowned epileptologists. Continue Reading "The pursuit of seizure freedom is a critical and often elusive goal for epilepsy patients," said Louis Ferrari, BS, RPh, MBA, vice president, Medical Affairs at SK Life Science. "Our data presentations this year aim to provide healthcare providers with updated strategies and evidence to better address the needs of their patients. Our research will contribute information that highlights cenobamate's potential as a treatment option covering diverse aspects of cenobamate's efficacy, safety, and mechanism of action." SK Life Science's Symposium will focus on real-world patient case studies in seizure treatment. Post this SK Life Science's Symposium will focus on real-world patient case studies in seizure treatment and will take place on Friday, December 6, 2024, at 6:00 p.m. PT in the Platinum Ballroom A-C at the JW Marriott Los Angeles L.A. LIVE during the AES Annual Meeting. This session will highlight three key objectives: Understanding the unmet need for achieving seizure freedom and identifying patients requiring treatment modifications Recognizing the impact of continued seizures on patients' treatment journeys Optimizing treatment regimens for early efficacy, improving the likelihood of seizure freedom, and reducing concomitant medications The session will feature David Vossler, MD, FAAN, FAES, FACNS, Clinical Professor of Neurology, University of Washington; Danielle Becker, MD, MS, FAES, Division Director of Epilepsy, The Ohio State University Wexner Medical Center; and, Mohammad Koubeissi, MD, FAAN, FANA, FAES, Director, GW Epilepsy Center, The George Washington University. Interested participants attending AES can pre-register at . Poster Presentations I. Poster Session 1: Saturday, Dec. 7; author presentations from 12 PM – 2 PM Title: A Randomized, Double-Blind, Placebo-Controlled, Multicenter Study to Evaluate the Efficacy and Safety of Adjunctive Cenobamate in Asian Patients With Focal Seizures (Misra et al) Poster Number: 1.400 Title: Early Response Rates With Adjunctive Cenobamate in Uncontrolled Focal Seizures: A Randomized, Double-Blind, Multicenter Study in a Multinational Asian Population (Pradhan et al) Poster Number: 1.404 Title: Efficacy of Adjunctive Cenobamate by Focal Seizure Subtypes: A Randomized, Double-Blind, Placebo-Controlled, Multicenter Study in a Multinational Asian Population (Ferrari et al) Poster Number: 1.405 Title: Cenobamate Maintenance Dose Range Among Patients in the United States: A Retrospective, Real-World Analysis (Wade et al) Poster Number: 1.436 Title: Clarification of the Mechanism of Action of Cenobamate (Sankar et al) Poster Number: 1.437 II. Poster Session 2: Sunday, Dec. 8; author presentations from 12 PM – 2 PM Title: Incidence and Prevalence of Cardiac Arrhythmias with Epilepsy Drugs (Crumb et al) Poster Number: 2.410 Title: Potential of Cenobamate as a Broad-Spectrum Antiseizure Medication (Melnick et al) Poster Number: 2.412 Title: The Effect of Cenobamate on Responsive Neurostimulation Epileptiform Events (Aboumatar et al) Poster Number: 2.415 Title: Wide Range of Cenobamate Doses Associated With Initial Seizure Freedom in Patients With Uncontrolled Focal Seizures: Post-hoc Analysis of a Phase 3, Multicenter, Open-Label Study (Rosenfeld et al) Poster Number: 2.378 About SK Life Science, Inc. and SK Biopharmaceuticals Co., Ltd. SK Life Science, Inc., with headquarters in Paramus, New Jersey, is a U.S. subsidiary of SK Biopharmaceuticals Co., Ltd., a pioneering South Korean company in drug development and commercialization. Together, they are advancing innovative treatments for central nervous system (CNS) disorders and oncology, with eight compounds currently in development. Utilizing target-based drug discovery, high-throughput organic screening/high content screening, computer-aided drug design, and combinatorial chemistry, the companies drive R&D efforts in biology/discovery, medicinal chemistry, pharmacology, and clinical development. For more information, visit . SK Biopharmaceuticals Co., Ltd. is part of SK Group, South Korea's second-largest conglomerate. SK Group is a collection of global industry-leading companies driving innovations in energy, advanced materials, biopharmaceuticals and digital business. Based in Seoul, SK invests in building sustainable businesses around the world with a shared commitment to reducing global greenhouse gas emissions. SK companies combined have $151 billion in global annual revenue and employ more than 100,000 people worldwide. SK Group is one of TIME's 100 Most Influential Companies of 2023. SK Inc., the parent company of SK Biopharmaceuticals, continues to enhance its portfolio value by executing long-term investments with a number of competitive subsidiaries in various business areas, including pharmaceuticals and life science, energy and chemicals, information and telecommunication, and semiconductors. In addition, SK Inc. is focused on reinforcing its growth foundations through profitable and practical management based on financial stability, while raising its enterprise value by investing in new future growth businesses. For more information about SK Inc., visit . For more information about SK Biopharmaceuticals, visit . About XCOPRI® (cenobamate tablets) CV Cenobamate is an antiseizure medication (ASM) discovered and developed by SK Biopharmaceuticals and SK Life Science. Cenobamate reduces neuronal excitability through a unique dual mechanism of action, preferentially inhibiting the persistent sodium current and enhancing GABAergic inhibition at the type A γ-aminobutyric acid (GABAA) ion channel. The precise mechanism by which cenobamate exerts its therapeutic effect is unknown. Cenobamate is marketed under the brand name XCOPRI® in the U.S. by SK Life Science, Inc. Additionally, XCOPRI is commercialized in Canada and Israel by SK Biopharmaceuticals' partners, Paladin Labs Inc. and Dexcel Ltd. Cenobamate is marketed as ONTOZRY® by Angelini Pharma S.p.A. in Europe, the UK, and Switzerland. Cenobamate is also being developed for commercialization by SK Biopharmaceuticals' partners in many other countries to meet the needs of patients living with epilepsy, including Dong-A ST Co., Ltd., Eurofarma Laboratórios S.A., Hikma MENA FZE, Ignis Therapeutics, Inc. and ONO Pharmaceutical Co., Ltd. IMPORTANT SAFETY INFORMATION AND INDICATION FOR XCOPRI® (cenobamate tablets) CV DO NOT TAKE XCOPRI IF YOU: Are allergic to cenobamate or any of the other ingredients in XCOPRI. Have a genetic problem (called Familial Short QT syndrome) that affects the electrical system of the heart. XCOPRI CAN CAUSE SERIOUS SIDE EFFECTS, INCLUDING: Allergic reactions: XCOPRI can cause serious skin rash or other serious allergic reactions which may affect organs and other parts of your body like the liver or blood cells. You may or may not have a rash with these types of reactions. Call your healthcare provider right away and go to the nearest emergency room if you have any of the following: swelling of your face, eyes, lips, or tongue, trouble swallowing or breathing, a skin rash, hives, fever, swollen glands, or sore throat that does not go away or comes and goes, painful sores in the mouth or around your eyes, yellowing of your skin or eyes, unusual bruising or bleeding, severe fatigue or weakness, severe muscle pain, frequent infections, or infections that do not go away. Take XCOPRI exactly as your healthcare provider tells you to take it. It is very important to increase your dose of XCOPRI slowly, as instructed by your healthcare provider. QT shortening: XCOPRI may cause problems with the electrical system of the heart (QT shortening). Call your healthcare provider if you have symptoms of QT shortening including fast heartbeat (heart palpitations) that last a long time or fainting. Suicidal behavior and ideation: Antiepileptic drugs, including XCOPRI, may cause suicidal thoughts or actions in a very small number of people, about 1 in 500. Call your health care provider right away if you have any of the following symptoms, especially if they are new, worse, or worry you: thoughts about suicide or dying; attempting to commit suicide; new or worse depression, anxiety, or irritability; feeling agitated or restless; panic attacks; trouble sleeping (insomnia); acting aggressive; being angry or violent; acting on dangerous impulses; an extreme increase in activity and talking (mania); or other unusual changes in behavior or mood. Nervous system problems: XCOPRI may cause problems that affect your nervous system. Symptoms of nervous system problems include: dizziness, trouble walking or with coordination, feeling sleepy and tired, trouble concentrating, remembering, and thinking clearly, and vision problems. Do not drive, operate heavy machinery, or do other dangerous activities until you know how XCOPRI affects you. Do not drink alcohol or take other medicines that can make you sleepy or dizzy while taking XCOPRI without first talking to your healthcare provider. DISCONTINUATION: Do not stop taking XCOPRI without first talking to your healthcare provider. Stopping XCOPRI suddenly can cause serious problems. Stopping seizure medicine suddenly in a patient who has epilepsy can cause seizures that will not stop (status epilepticus). DRUG INTERACTIONS: XCOPRI may affect the way other medicines work, and other medicines may affect how XCOPRI works. Do not start or stop other medicines without talking to your healthcare provider. Tell healthcare providers about all the medicines you take, including prescription and over-the-counter medicines, vitamins and herbal supplements. PREGNANCY AND LACTATION: XCOPRI may cause your birth control medicine to be less effective. Talk to your health care provider about the best birth control method to use. Talk to your health care provider if you are pregnant or plan to become pregnant. It is not known if XCOPRI will harm your unborn baby. Tell your healthcare provider right away if you become pregnant while taking XCOPRI. You and your healthcare provider will decide if you should take XCOPRI while you are pregnant. If you become pregnant while taking XCOPRI, talk to your healthcare provider about registering with the North American Antiepileptic Drug (NAAED) Pregnancy Registry. The purpose of this registry is to collect information about the safety of antiepileptic medicine during pregnancy. You can enroll in this registry by calling 1-888-233-2334 or go to . Talk to your health care provider if you are breastfeeding or plan to breastfeed. It is not known if XCOPRI passes into breastmilk. Talk to your healthcare provider about the best way to feed your baby while taking XCOPRI. COMMON SIDE EFFECTS: The most common side effects in patients taking XCOPRI include dizziness, sleepiness, headache, double vision, and feeling tired. These are not all the possible side effects of XCOPRI. Tell your healthcare provider if you have any side effect that bothers you or that does not go away. For more information, ask your healthcare provider or pharmacist. Call your doctor for medical advice about side effects. You may report side effects to FDA at 1-800-FDA-1088 or at . DRUG ABUSE: XCOPRI is a federally controlled substance (CV) because it can be abused or lead to dependence. Keep XCOPRI in a safe place to prevent misuse and abuse. Selling or giving away XCOPRI may harm others and is against the law. INDICATION: XCOPRI is a prescription medicine used to treat partial-onset seizures in adults 18 years of age and older. It is not known if XCOPRI is safe and effective in children under 18 years of age. Please see additional patient information in the Medication Guide. This information does not take the place of talking with your healthcare provider about your condition or your treatment. Please see full Prescribing Information. About Epilepsy Epilepsy is the fourth most common neurological disorder. There are approximately 3.4 million people living with epilepsy in the United States, with 150,000 new cases each year in the country.1,2 Epilepsy is characterized by recurrent, unprovoked seizures. The seizures in epilepsy may be related to a brain injury or a family tendency, but often the cause is completely unknown. Having seizures and epilepsy can affect one's safety, relationships, work, driving, and much more.3,4 People with epilepsy are at risk for accidents and other health complications, including falling, drowning, depression and sudden unexplained death in epilepsy (SUDEP).3,4 Despite the availability of many antiepileptic therapies, almost 40 percent of people with epilepsy are not able to achieve seizure freedom, meaning they have epilepsy that remains uncontrolled.5 XCOPRI® and ONTOZRY® are registered trademarks of SK Biopharmaceuticals Co., Ltd. References Epilepsy Foundation. Who Can Get Epilepsy? . Accessed November 2024. Epilepsy Foundation. Facts & Statistics About Epilepsy. . Accessed November 2024. Epilepsy Foundation. Staying Safe. . Accessed November 2024. Epilepsy Foundation. Complications and Risks. . Accessed November 2024. Chen Z, Brodie MJ, Liew D, Kwan P. Treatment outcomes in patients with newly diagnosed epilepsy treated with established and new antiepileptic drugs: a 30-year longitudinal cohort study. . Published online December 26, 2017. SOURCE SK Life Science, Inc. WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In GET STARTED

SEOUL, South Korea, May 20, 2024 /PRNewswire/ -- Fellow Aurinia Shareholders, ILJIN SNT Co., Ltd. and its affiliates (collectively, "ILJIN") is a long-term holder of more than 5% of Aurinia Pharmaceuticals Inc. ("Aurinia" or the "Company") and has been supportive of the Company's mission since 2010 when we invested in the predecessor company, Isotechnika. As one of the largest and longest-standing shareholders, we have had the privilege of supporting the Company through its drug development efforts and subsequent FDA approval of LUPKYNIS. We have also supported the CEO, Mr. Peter Greenleaf, having voted in prior years for his re-election to the Board. Like other shareholders, we have been greatly shocked and dismayed to see the share price plummet since the Company's announcement on February 15, 2024 of FY 2023 operational results and the unsuccessful conclusion of its 7-month long strategic review process. The Company recently announced its Q1 2024 operational results. While the Q1 2024 financials showed some improvement, there has been no sign of share price recovery despite the Q1 performance improvement. If anything, the stock performance following the recent earnings report has reinforced the market perception that there remain substantial uncertainties surrounding the Company's new corporate strategy (focused on commercial execution of LUPKYNIS) announced in February. We believe that if we choose to ignore and do not respond to these alarming developments, we may only see our shareholder value further eroding going forward. In response to these concerning developments, we wrote to management and the Board of the Company in March, and have voiced our concerns and requested changes to the management and also the Board's role as the supervisor of management's performance. However, we only received inadequate responses from the Company reciting its prior statements. As one of the long-standing shareholders, we now believe it is imperative to demand management's accountability, in order to put the Company back on track. If the Company does not change paths despite the massive losses shareholders have suffered during the past several months, it would only mean that there is no alignment of interests between company management and shareholders, and that it is time to establish a system within the Company to enforce management's accountability. It is simply not right that while shareholders are suffering major losses, those same executives and Board members responsible for such losses continue to collect hefty amounts of compensation -- including substantial amounts of free RSUs -- from the Company as if nothing had happened. In our view, the only way we can enforce accountability is to make our Board an independent board, and what this means is that the Board composition must be changed, so that the Board may effectively act as a check and balance to Company management. For these reasons, Mr. Greenleaf should no longer serve on the Board and should only serve as the CEO going forward. As the Company's CEO, Mr. Greenleaf will be able to continue to implement his new corporate strategy (focused on commercial execution) announced in February, while the Board without Mr. Greenleaf's participation will be able to discuss and determine the validity of the new corporate strategy independently and evaluate management's performance objectively. In addition, given the Company's continued poor performance and its single-minded focus on LUPKYNIS (by foregoing all other growth options such as AUR 200 and AUR 300), it is important and necessary that the Board's size be kept to a bare minimum and no new board member should be allowed until after the Company has showed a clear sign of a turnaround. In view of the foregoing, ILJIN's intends to vote as follows at the Company's upcoming annual meeting: As explained above, Peter Greenleaf should no longer serve on the Board and should serve only as the Company's CEO going forward. Although we have previously supported Mr. Greenleaf's board membership, it has become patently clear that his influence over the Board's composition and operation is so significant and prominent that the Board cannot serve its critical role of providing independent oversight of management. While we believe the ultimate responsibility for poor management performance and destruction of shareholder value lies with Mr. Greenleaf, the Board has not and is not willing to hold Mr. Greenleaf accountable for all those management mishaps. ILJIN intends to vote "withhold" on the re-election of Peter Greenleaf to the Board. In response to its letter to management and the Board in March, ILJIN has received a reply letter from the Board chairman, Daniel Billen. Based on his reply, Mr. Billen appears unable or unwilling to exercise any meaningful oversight over management's performance. So, in our view, Mr. Billen is unqualified to operate the Board as an independent board, and so should no longer serve on the Board. ILJIN intends to vote "withhold" on the re-election of Daniel Billen to the Board. In September 2023, the Company agreed to add yet another member to an already-excessive Board, and ILJIN believes Dr. Robert Foster should not be elected to a full term on the Board. Given the Company's revised business strategy to focus solely on commercial execution of LUPKYNIS, ILJIN believes Dr. Foster clearly cannot add any new value to the Company's management. ILJIN intends to vote "withhold" on the election of Dr. Robert Foster to the Board. In light of the dire performance of the Company's share price, the management compensation plan must be rejected. Following a dismal 38.6% say-on-pay vote in 2023, rather than reforming management compensation to align with stockholder interests, the Board has proposed a management compensation plan that is divorced from the Company's performance metrics, and ILJIN believes options and RSUs must not be freely granted regardless of the Company's performance -- particularly when shareholder value is utterly shattered. ILJIN believes the fact that such a management compensation plan is proposed in these dire times shows that the current Board is not performing its fiduciary duties properly and only interested in enriching corporate executives and Board members at the expense of further shareholder dilution. ILJIN intends to vote "against" the advisory resolution on executive compensation and "against" the amendment to the Company's equity incentive plan. We echo the recent message from other shareholders, such as Lucien Selce, that the Board is severely bloated and excessively compensated. So, we agree that the Board must be downsized, and each shareholder should determine which Board members it will be voting to withhold against at this time to keep the Board to a bare minimum. While we clearly see several additional Board members having no fit for the Company's revised business strategy, we do not believe it is appropriate for us to specify those individual Board members here. ILJIN believes that the changes above are necessary to strengthen the Board's role as a supervisor of management's performance and to enforce management accountability going forward, and respectfully request other shareholders' support for the changes. Sincerely, KH Sung CEO of ILJIN SNT Co., Ltd. Media contact: Yoonwha Lee, [email protected] SOURCE ILJIN SNT Co., Ltd.