Source: Taishan Finance

Taishan financial reporter Li Di

Following the resignation of Fu Daotian, Remegen Biotech (688331. SH) another core technical staff submitted a resignation report. On the evening of February 6, Remegen Biotech announced that He Ruyi applied for resignation as executive director of the second board of directors, member of the strategy committee of the board of directors and chief strategy officer of the company due to personal career development reasons, and no longer served as the company's core technical personnel. Taishan financial reporter noticed that with the resignation of He Ruyi, only one of the original three core technical personnel of Remegen Biotechnology was left with CEO Fang Jianmin.

Founded in 2008, Remegen is mainly engaged in the R&D and production of therapeutic antibody drugs such as antibody drug conjugates (ADCs), antibody fusion proteins, monoclonal antibodies and bispecific antibodies, and was listed on the Hong Kong Stock Exchange in November 2020, known as the "first ADC stock", and was listed on the Science and Technology Innovation Board in 2022.

At the beginning of the IPO, Remegen Biotech attracted much attention because of its luxurious star management team. According to media reports, Remegen has invested heavily in a number of high-level professional management talents such as Dr. Fu Daotian, Dr. He Ruyi and Li Jia, who have played an important role in the step-by-step development of Remegen.

From the perspective of positions, Fang Jianmin, He Ruyi, and Fu Daotian are the core technical personnel of Remegen. Among them, Fang Jianmin, the co-founder and CEO of the company, is a Ph.D. from Dalhousie University in Canada and a postdoctoral fellow from Harvard University, joined Remegen in April 2011 as a director of Remegen in the United States, and currently serves as the company's executive director, core technical personnel, general manager and chief executive officer, mainly responsible for the company's overall management, business and strategic planning, and overall responsibility for the company's drug research and development.

He Ruyi holds a bachelor's and master's degree in medicine from China Medical University and a doctorate degree in internal medicine from Howard University, is the former chief scientist of CDE, worked in the US FDA for 17 years, and later served as the chief scientist of the Center for Drug Evaluation of the State Food and Drug Administration (now the National Medical Products Administration), and has served as the executive director, chief medical officer and clinical research director of Remegen since May 2020, mainly responsible for the company's clinical needs, medical support, clinical pharmacology, registration compliance, drug safety vigilance, data management and statistical analysis.

He holds a bachelor's degree in microbiology from Shandong University and a Ph.D. in biochemistry from Iowa State University. He served as vice president of R&D at Genzyme (later acquired by Sanofi), a well-known biotechnology company, and later served as vice president of Livzon Group and general manager of Livzon Biotechnology Co., Ltd. Since September 2019, he has served as the president of Remegen, mainly responsible for the company's new drug preclinical research and development, process development, quality management and drug production and operation management.

However, since 2023, Remegen has successively resigned senior executives. Fu Daotian left his post in May 2023, and three months later, Li Jia, chief financial officer and joint company secretary of Remegen, resigned.

In August last year, He Ruyi's position was also adjusted, from chief medical officer to the company's chief strategy officer, continuing to serve as the company's director and core technical personnel, and no longer serving as the company's senior management.

Regarding the impact of the resignation of core technical personnel on the company, Remegen said in the announcement that the company's R&D team is stable, and there is no significant dependence on individual personnel for R&D activities.

Also around August last year, Remegen was rumored to have laid off employees significantly, involving multiple departments of R&D and production. Subsequently, Remegen denied the rumors of layoffs and responded that "it is a personnel adjustment based on the company's strategic development needs". Judging from the 2024 semi-annual report, the number of R&D personnel of Remegen Biotech has indeed declined. As of the end of June 2024, the total number of R&D personnel in the company was 1,216, a decrease of 92 from the end of 2023.

In terms of performance, in the past five years, Remegen has been in a state of loss in all other years, except for 2021, when it achieved a profit of 276 million yuan through BD transactions. In 2024, the company expects an operating income of about 1.715 billion yuan and a net loss attributable to the parent of about 1.47 billion yuan.

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