Summary by Moomoo AI
ALPHAMAB ONCOLOGY ANNOUNCED THE RENEWAL OF THE LEASE AGREEMENT, WHICH RELATES TO THE LEASING OF PROPERTY AND EQUIPMENT BETWEEN WHOLLY OWNED SUBSIDIARIES JIANGSU CONNING JERRY AND CONNING JERRY SUZHOU. The original lease agreement expires on March 31, 2024, and the renewal agreement extends the lease until August 31 of the same year. The rental property is located in Suzhou, used for the manufacture of biopharmaceuticals and material storage. The monthly rent is RMB838,900. The renewal agreement complies with International Financial Reporting Criteria No. 16 and is considered a one-time connected transaction. The Board considers this move to help save relocation and administrative costs and is in the best interests of the Company and its shareholders. Founded in 2015, Jiangsu Corningjeri focuses on the R&D and commercialization of tumor biologics, while Suzhou Corningjiri was founded in 2008 to focus on the research and development of therapeutic biologics. The principal shareholder of CorningJerry Suzhou is Dr. Xu Ting, who is also the Chairman, Executive Director, Chief Executive Officer and Managing Shareholder of CorningJerry Pharmaceuticals.