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GC Biopharma announced on March 19 that it has begun to develop a vaccine and a treatment for the COVID-19 virus with support from the Korea Center for Disease Control.

The company submitted a proposal for new drug development to the center in cooperation with the Mok-Am Life Science Research Institute. It aims to develop a candidate material for a synthetic antigen-based COVID 19 subunit vaccine and discover a candidate material for a monoclonal antibody for the treatment of the virus.

Unlike an attenuated vaccine that utilizes viruses or bacteria, a subunit vaccine uses proteins to ensure safety. GC Biopharma is planning to discover candidate materials from proteins expressed on the surface of the coronavirus and to mass-produce them using genetic recombination technology. To increase the effectiveness of the vaccine, GC Biopharma expects that it would be used in conjunction an adjuvant.

GC Biopharma has accumulated R&D capabilities through the development of various vaccines, such as an influenza vaccine, a chickenpox vaccine, and a hepatitis B vaccine. The accumulated R&D capabilities are expected to be applied to the development of a novel coronavirus vaccine.

GC Biopharma will seek to discover a candidate material for a treatment for the virus by utilizing B cells (cells that make antibodies) from the blood of a person carrying the virus. Subsequently, it will start developing a monoclonal antibody treatment using recombinant technology.

"We are planning to develop effective vaccines and treatments by utilizing our research and development capabilities accumulated through the development of various vaccines and genetic recombination treatments," said Yoo Hyun-ah, head of the GC Biopharma Research Institute.

About GC Biopharma

GC Biopharma (formerly known as Green Cross Corporation) is a biopharmaceutical company committed to delivering lifesaving and life-sustaining protein therapeutics and vaccines. Headquartered in Yongin, South Korea, GC Biopharma is one of the leading plasma protein product manufacturers in the world and has been dedicated to quality healthcare solutions for more than half a century. Green Cross Corporation updated its corporate brand to GC Biopharma in early 2018. Green Cross Corporation remains the company's registered, legal name.

This press release may contain forward-looking statements, which express the current beliefs and expectations of GC Biopharma's management. Such statements do not represent any guarantee by GC Biopharma or its management of future performance and involve known and unknown risks, uncertainties, and other factors. GC Biopharma undertakes no obligation to update or revise any forward-looking statement contained in this press release or any other forward-looking statements it may make, except as required by law or stock exchange rule.