Dr. Kerry Blanchard has resigned as Chief Executive Officer and as a member of the Board of Directors, effective immediately. He will remain as an advisor to Everest for the six months following his resignation.

"I would like to thank Kerry for his contributions over the past two years at the Company, and wish him the best of luck in his future endeavors. Following an extensive search in the past few months, we are delighted to have identified a finalist among a short list of CEO candidates, with a broad set of expertise across clinical development, regulatory affairs and commercialization. We expect to have the new CEO join Everest in the coming month," said Mr. Wei Fu, Chairman of Everest Medicines and Chief Executive Officer of CBC Group.

Subsequent to the recently-announced sale of Trodelvy® to Immunomedics, Inc., a wholly-owned subsidiary of Gilead Sciences, Everest is fully committed to the development and commercialization of its remaining portfolio in renal diseases, immunology and infectious diseases. Each of these therapeutic areas has a late-stage product candidate that is near NDA submission or approval with attractive commercial potential. The new CEO will lead Everest in its next phase of growth as a fully-integrated biopharma company in China. The Company will provide further details of its plans for its next development phase after the new CEO is on board.

The Board has appointed Mr. Ian Woo, President and CFO of Everest Medicines, to assume the interim duties and responsibilities of the CEO. The Board believes that having acted as President and CFO since 2018, Mr. Woo will successfully steer the Company decisively through this current period of transition and transformation.