SillaJen Defending Position Relating to Recent Sale of Stock by Employee

SEOUL, South Korea and SAN FRANCISCO, Sept. 16, 2019 /PRNewswire/ -- SillaJen Biotherapeutics, Inc. (KOSDAQ:215600), a clinical-stage, biotherapeutics company focused on the development of oncolytic immunotherapy products for cancer, today affirmed that the company is fully cooperating with the Joint Securities Crime Investigation Division of the Southern Seoul Prosecutors Office, over allegations that an employee sold shares recently using undisclosed information, which would constitute a violation of the law.

On August 2, 2019, SillaJen announced that it was discontinuing its Phase 3 PHOCUS trial for advanced liver cancer following an interim futility analysis by the Independent Data Monitoring Committee (IDMC). While Pexa-Vec was generally well tolerated by patients, the interim results suggested that the study would likely not meet its primary objective by the time of the final analysis, so the committee recommended discontinuation of the study. No SillaJen employees were privy to the results of the interim futility analysis prior to the IDMC meeting on August 1 (August 2 in South Korea). The window to trade company stock was open in July, so the company defends its position that the sale of stock made by a corporate executive in July was a routine sale of stock.

"I'd like to reiterate that no employees of SillaJen, including me, had access to the results of the interim analysis prior to the IDMC Meeting. We will continue to cooperate with authorities and look forward to helping expedite the completion of this investigation," stated Dr. Eun Sang Moon, chief executive officer of SillaJen. "We remain committed to the continued study of Pexa-Vec, and finding new options for patients facing difficult to treat cancer types across various treatment settings."

About SillaJen
SillaJen, Inc. is a South Korean based biotechnology company headquartered in Busan South Korea, with satellite offices in Seoul, South Korea and San Francisco, CA. The company is focused on the development and commercialization of oncolytic immunotherapy products using the SOLVE™ platform. Additional information about SillaJen is available at www.sillajen.com.

SillaJen's Disclaimer Language:
This press release contains certain forward-looking statements, including but not limited to statements relating to goals, plans, projections of financial position, result of operations, market position, product development and business strategy of the company. Such forward-looking statements are based on current expectations and involve inherent risks, uncertainties, or certain assumptions, including factors that could delay, divert or change any of them, and could cause actual outcomes and results to differ materially from current expectations. No forward-looking statements shall be guaranteed, and actual results may differ materially from such statements. The information in this release is provided only as of the date of this release, and SillaJen undertakes no obligation to update any forward-looking statements contained in this release on account of new information or future events, or otherwise, except as required by law.

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