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SHANGHAI , Aug. 24, 2022 /PRNewswire/ -- Everest Medicines (HKEX 1952.HK, "Everest", or the "Company"), a biopharmaceutical company focused on developing and commercializing transformative pharmaceutical products to address critical unmet needs in Asia Pacific markets, today announced its interim results for first half of 2022 along with a corporate progress update.

Everest has made significant progress on all fronts of our business and therapeutic areas in the first half of 2022 as the company continued to progress clinical and regulatory development across our diverse pipeline, build up self-discovery capabilities and expand key partnerships. Looking ahead, by strengthening our capital structure through the recent strategic sale of the rights to Trodelvy in Asia territories, Everest has the capacity to accelerate the development of important assets in our portfolio with first-in-class or best-in-class potential, further advance our internal discovery efforts and pursue business development opportunities that will maximize impact for patients worldwide and create sustained, long-term value for our shareholders. Below are product highlights in 1H and anticipated future milestones:

NEFECON (TarpeyoTM), a novel oral formulation of budesonide (budesonide delayed release capsules) in the development for the treatment of primary immunoglobulin A nephropathy (IgAN).

- Product development achievements during the Reporting Period:

- Post-Reporting Period achievements and expected milestones:

Etrasimod, a once-daily, oral, selective sphingosine 1-phosphate (S1P) receptor modulator for the treatment of moderately-to-severely active ulcerative colitis (UC).

- Product development achievements during the Reporting Period:

- Post-Reporting Period achievements and expected milestones:

PTX-COVID19-B, a potentially best-in-class lipid nanoparticle-formulated mRNA COVID-19 vaccine with strong immunogenicity and tolerability profiles.

- Product development achievements during the Reporting Period:

- Post- Reporting Period achievements and expected milestones:

Sacituzumab govitecan (Trodelvy®), a first-in-class TROP-2 directed antibody-drug conjugate (ADC).

- Product development achievements during the Reporting Period:

- Product development achievements during the Reporting Period:

- Post- Reporting Period achievements and expected milestones:

[i] Adjusted loss for the period represents the loss for the period attributable to the equity holders of the Company excluding the effect of certain non-cash items and one-time events, namely the loss on fair value changes of preferred shares (non-current financial liabilities measured at fair value through profit or loss) and share-based compensation loss.

Everest Medicines is a biopharmaceutical company focused on developing and commercializing transformative pharmaceutical products that address critical unmet medical needs for patients in Asian markets. The management team of Everest Medicines has deep expertise and an extensive track record of high-quality clinical development, regulatory affairs, CMC, business development and operations both in China and with leading global pharmaceutical companies. Everest Medicines has built a portfolio of potentially global first-in-class or best-in-class molecules, many of which are in late-stage clinical development. The Company's therapeutic areas of interest include oncology, autoimmune disorders, cardio-renal diseases and infectious diseases. For more information, please visit its website at  www.everestmedicines.com .

This news release may make statements that constitute forward-looking statements, including descriptions regarding the intent, belief or current expectations of the Company or its officers with respect to the business operations and financial condition of the Company, which can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, or other factors, some of which are beyond the control of the Company and are unforeseeable. Therefore, the actual results may differ from those in the forward-looking statements as a result of various factors and assumptions, such as future changes and developments in our business, competitive environment, political, economic, legal and social conditions. The Company or any of its affiliates, directors, officers, advisors or representatives has no obligation and does not undertake to revise forward-looking statements to reflect new information, future events or circumstances after the date of this news release, except as required by law.

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