On October 28, 2016 The board (the " Board ") of directors (the "Directors ) of the Company reported that Nanjing Legend Biotech Co., Ltd.* 南京傳奇生物科技有限公 司 (" Nanjing Legend "), a wholly-owned subsidiary of the Company, has achieved promising results in its research and development in immunotherapy technology for cancer cure (Press release, GenScript, OCT 28, 2016, View Source [SID1234519380]). Schedule your 30 min Free 1stOncology Demo! Nanjing Legend has been focusing on the research and development of chimeric antigen receptor T ("CAR-T"/LCAR-B38M CAR-T Cells) cell technology in immunotherapy. Nanjing Legend has collaborated with a 3A hospital in China and provided proprietary CAR-T cell technology to treat Multiple Myeloma for clinical research. The Board is pleased to announce that the clinical research yields promising results.
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Multiple Myeloma is a fatal plasma cell neoplasm affecting one to five per 100,000 individuals. As CAR-T cell therapy is demonstrating clinical efficacy in treating certain kinds of leukemia and lymphoma, increasing attempts in developing CAR-T cell therapy to treat Multiple Myeloma have been made worldwide. The Group believes that CAR-T cell technology has significant potential in clinical cancer therapeutics, the promising clinical research results further boost the Group’s plan to capture the growth opportunities in the clinical research services market by continuing its research and development in cancer immunotherapy and expanding into the development and application of CAR-T cell therapy in the future.