SHANGHAI and BOSTON,Nov. 18,2024 -- VelaVigo Cayman Limited (VelaVigo),a biotech company focusing on discovery and development of multi-specific antibodies and antibody-drug conjugates (ADC),today announced it has entered into an agreement with Avenzo Therapeutics,Inc. (Avenzo)granting Avenzo an exclusive option to an exclusive license to develop,manufacture and commercializea potential first-in-class Nectin4/TROP2 bispecificADCglobally (excluding Greater China). VelaVigo will maintain rights for Greater China and plans to collaborate with Avenzo in global development.

"The partnership with Avenzo is a validation of VelaVigo's strong antibody and ADC discovery engine for First-in-Class/Best-in-Class (FIC/BIC) molecules. I'm proud of our team's achievement in bringing multiple molecules to IND-enabling stage within 3 years and look forward to continued advancement of our pipeline",said Jing Li,founder,Chairman and CEO of VelaVigo. "Partnership is an integral part of VelaVigo's strategy to bring our novel pipeline to patients in need and maximize value for our investors. We look forward to advancing the development of our Nectin4/TROP2 ADC program globally with Avenzo's strong expertise",commented Tong Zhang,co-founder,CBO and CFO of VelaVigo.

Since its inception in 2021,VelaVigo has built an extensive pipeline of over ten FIC/BIC multi-specific antibodies and ADC molecules for oncology and autoimmune diseases. It has also set up VelaVigo Bio,Inc. in the US to drive clinical development and partnership globally.

Under the terms of the agreement,VelaVigo will receive an upfront fee and potential near-term milestones upon option exercise by Avenzo of up to $50 million. In addition,VelaVigo is eligible to receive future potential development,regulatory,and commercial milestone payments of up to approximately $750 million in total,as well as tiered royalties on sales in Avenzo's territory.

An Investigational New Drug applicationis planned for submission to the U.S. Food and Drug Administration(FDA) and Chinese National Medical Products Administration (NMPA)in 2025.

About VelaVigo

VelaVigo is a leading antibody/ADC discovery and development biotech company with a highly efficient discovery engine and strong capabilities in translational medicine,CMC and early clinical development. Its leading products are expected to enter clinical development in the US and China in 2025. VelaVigo continues to build partnerships in clinical development,technology platforms,and with investors to maximize the efficiency of drug development and return on investment.

VelaVigo was founded in 2021 with a $50M investment,with its global R&D headquarters in Shanghai,and clinical and US operations in Boston. For more information,please visit www.velavigo.com.

About Avenzo Therapeutics

Avenzo Therapeutics is a clinical-stage biotechnology company focused on developing the next generation of oncology therapies for patients. The company's lead drug candidate,AVZO-021,is a novel,highly potent and selective inhibitor of CDK2,a key enzyme involved in cell cycle regulation. AVZO-021 is being studied in a Phase 1 study in the U.S. for the treatment of advanced solid tumors. Avenzo is headquartered in San Diego,California. For more information,please visit www.avenzotx.com.

CONTACT:

Vilar Ye

PR@velavigo.com