Bainan Biotech ApS

Business review The Company operates in research and experimental development within biotechnology, as well as related activities. The Company's objective is the research of incretins and other gut hormones for the purpose of developing peptide agonists for the treatment of diseases of the human body. Unusual matters having affected the financial statements Loss of share capital The company's assets and liabilities have been assessed with continued operations in mind. Management is aware that the Company continues to have capital losses and is thus covered by section 119 of the Danish Companies Act. It is the Management's assessment that the Company, despite the capital loss, still has the necessary capital base to ensure continued operations. Management continuously assesses the capital base and the need for re-establishment of equity. Management expects to restablishment the share capital through new share capital injections in combination with potential loan conversions to equity.