SHENZHEN, China, 28. Aug. 2024 /PRNewswire/ – UTime Limited (NASDAQ: WTO) (“UTime” or the “Company”) has officially announced the signing of a Nondisclosure Agreement (“NDA”) with Bowen Therapeutics Inc. (“Bowen Therapeutics”) to acquire the Bowen Therapeutics laboratory at UMASS Medical School. This strategic move not only marks UTime’s deep expansion in the global vaccine market, but also provides strong support for the registration of the corresponding vaccine by the US Food and Drug Administration (“FDA”).
One of the main reasons for this acquisition is the growing global need for an effective monkeypox vaccine. Monkeypox, an infectious disease caused by the monkeypox virus, has broken out in many places around the world in recent years, putting the international community on high alert. Particularly in the context of global epidemics, the speed and scale of their spread have created significant public health challenges. According to the World Health Organization, cases of monkeypox have been reported in several countries and regions of the world, making effective prevention and control measures and vaccines increasingly urgent.
Bowen Therapeutics, which UTime plans to acquire, is a company dedicated to the research and development of vaccines against infectious diseases. The lab has already published a number of research papers on the monkeypox virus and proposed a number of potential vaccine concepts. Noval’s recombinant hexavalent protein vaccine developed as part of these studies is based on the properties of the monkeypox virus and was developed using the latest recombinant technology. The technology can effectively increase the level of virus-neutralizing antibodies and significantly improve the protective effect of the vaccine.
Under the NDA, UTime will acquire the entire Bowen Therapeutics laboratory at UMASS Medical School and will be responsible for ongoing clinical trials and future vaccine development programs. Additionally, UTime will leverage its resources and expertise to help the monkeypox vaccine move through the FDA approval process quickly and efficiently. This acquisition is also expected to further leverage and promote Bowen’s core technologies and products globally.
The transaction is subject to negotiations and customary closing conditions, including receipt of appropriate regulatory approvals, and all required legal and commercial formalities are expected to be completed within a few months. There is no guarantee that the transaction will be completed within the expected time frame or at all. Shareholders are cautioned not to place undue reliance on this press release.
Hengcong Qiu, Chief Executive Officer of UTime, commented: “The acquisition of Bowen Therapeutics is an important milestone in our exploration of the medical and healthcare sectors and an important step in the company’s attempt to globalize the vaccine business. We are committed to finding effective solutions to global public health problems through the power of innovation and technology.” He also emphasized that the integration of Bowen Therapeutics’ resources and technology enhances UTime’s research and development capabilities in the field of Vaccines will accelerate, particularly in light of the current global concern over the monkeypox outbreak.
With its investment in the development of monkeypox vaccines, UTime will play an even more important role in the global vaccine market in the future. This acquisition not only represents a realignment of business strategy, but also a positive response to global public health challenges and demonstrates the critical role companies can play in global health issues.
Information about UTime Limited
Founded in 2008, UTime Limited provides affordable mobile devices to consumers worldwide and helps low-income people in established markets such as the United States and emerging markets such as India and countries in South Asia and Africa have greater access to the latest mobile technology. Since 2024, UTime has been committed to improving health and wellness through innovative medical wearable technologies. By leveraging cutting-edge research and strategic partnerships, UTime aims to provide effective solutions for disease prevention and health management on a global scale. For more information, please visit the company’s website at http://www.utimeworld.com/.
Forward-Looking Statements
Statements in this press release regarding future expectations, plans and prospects, and any other statements on matters that are not historical facts, may constitute “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Exchange Act Litigation Reform Act of 1995 The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “ “predict”, “project”, “should”, “target”, “will”, “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may vary due to various important factors discussed in the “Risk Factors” section of the Company’s Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission on July 30, 2024, could differ materially from the results indicated in such forward-looking statements. Any forward-looking statements contained in this press release speak only as of the date hereof and the Company expressly disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
For further information contact: Eaky Tan