Tessa Therapeutics and China-Singapore Guangzhou Knowledge City Form Landmark US$120 Million Joint Venture in China to Develop Innovative Cell Therapies for Cancer

PR79203

SINGAPORE, June 13, 2019 /PRNewswire=KYODO JBN/ --

- The partnership will leverage Tessa Therapeutics' global operational

capabilities and cell therapy platform technologies to target prevalent cancers

in China

- The joint venture will be the sole licensee of Tessa Therapeutics' cell

therapies for research, development and commercialization in China

Tessa Therapeutics (Tessa), a clinical-stage cell therapy company focused on

the development of autologous and allogeneic therapies to treat cancer,

announced today that it will establish a joint venture with China-Singapore

Guangzhou Knowledge City (CSGKC). The joint venture will be the sole licensee

of Tessa's cell therapies for research, clinical development and

commercialization in China.

Tessa and CSGKC will invest a combined total of US$120 million in the joint

venture – CSGKC will contribute US$80 million and Tessa will provide US$40

million – in two stages. In the first stage, CSGKC will contribute US$40

million for 13 percent stake in the joint venture, while Tessa will contribute

US$20 million and its technology license rights for China. Tessa will hold the

remaining 87 percent stake in the joint venture.

"China is an important market in our goal to develop innovative cell therapies

and make them widely accessible for cancer patients all over the world," said

Mr. Andrew Khoo, Tessa Therapeutics CEO and Co-Founder. "The joint venture is

an important milestone in Tessa's China strategy and will draw from Tessa's

international clinical execution capability and cell therapy platform

technologies. I firmly believe that having China as a core part of Tessa's

global clinical development strategy will accelerate our cell therapies to

market."

The joint venture's immediate strategic priorities will focus on conducting

clinical trials in China for Tessa's cell therapies, which target prevalent

cancers in the country for patients with hematological malignancies and solid

tumors. This will be done by building up robust operational capabilities and

adding leading clinical trial sites in China into Tessa's global clinical trial

network.

About China-Singapore Guangzhou Knowledge City

China-Singapore Guangzhou Knowledge City (CSGKC) formerly known as the

Sino-Singapore Guangzhou Knowledge City (SSGKC) is a greenfield master

development by Sino-Singapore Guangzhou Knowledge City Investment and

Development Co., Ltd, a joint venture company established by

Ascendas-Singbridge and Guangzhou Development District (GDD). Situated

approximately 35 km northeast of Guangzhou city centre and 25 km from Guangzhou

Baiyun International Airport, it is strategically located in the core area of

the Greater Bay Area, a key integrated economic hub which is slated to become

the world largest bay economy.

Envisioned as a model and catalyst for Guangdong's economic transformation, the

123 sq km CSGKC is positioned as a unique, vibrant and sustainable city highly

attractive to both talents and knowledge-based industries. Since its inception

in 2010, CSGKC has achieved significant progress. Following the completion of

basic infrastructure works in the 6.27 sqkm Start-Up Area (SUA) and the opening

of two new subway lines by end of 2018, accessibility and connectivity in the

area have improved significantly. Furthermore, CSGKC has also seen the

completion of phase 1 OneHub GKC, an integrated business park development

comprising business and commercial space, high-end residential and lifestyle

amenities. Plans for the next phase of development has kickstarted with joint

exploration for the development of the 2 sqkm Sino-Singapore International

Technology Innovation Cooperation Demonstration Area (Demonstration Area)

within CSGKC.

The importance of CSGKC continues to grow with the signing of a Framework

Agreement between Chinese and Singapore government on 12th November 2018 to

elevate the project to a State-Level Bilateral Cooperation Project, making it

the first private sector-led project to receive state level elevation.

Building upon its new status as well as leveraging on the growth of the Greater

Bay Area, CSGKC is well positioned to become a dynamic, high value urban centre

with opportunities for local and international enterprises.

For more information on CSGKC, please visit www.ssgkc.com.

About Tessa Therapeutics

Tessa Therapeutics is a clinical-stage cell therapy company focused on the

development of autologous and off-the-shelf, allogeneic therapies targeting a

wide range of cancers. Tessa's Virus-Specific T cell (VST) platform harnesses

the body's potent anti-viral immune response and has shown early efficacy and a

strong safety profile in the treatment of solid tumors.

Tessa is building a portfolio of innovative, next-generation therapies by

combining VSTs with other immuno-oncology approaches. This portfolio includes a

rapidly growing pipeline of clinical and pre-clinical autologous programs that

target a wide range of cancers, including nasopharyngeal carcinoma, cervical

cancer, oropharyngeal cancer, lung cancer, breast cancer, bladder cancer, as

well as head and neck cancer. In addition, Tessa is leveraging its platform to

develop allogeneic therapies to address Epstein-Barr virus-associated lymphomas

and solid tumors.

Tessa has built up robust operational and supply chain capabilities to

successfully deliver T cell therapy treatments to a large patient pool

worldwide. Together with the Company's academic, clinical, and commercial

research partners, Tessa has created a fully-integrated approach to the

treatment of cancer with immunotherapy.

For more information on Tessa, please visit www.tessatherapeutics.com.

Tessa Therapeutics Media Contacts

Gladys Wong

gladyswong@tessatherapeutics.com

+65 6384 0755

Brunswick Group

Will Carnwath, Ben Fry

TessaTherapeutics@brunswickgroup.com

+65 6426 8188

Source: Tessa Therapeutics