Hangzhou, China, October 17th, 2022 – Hangzhou Qihan Biotech Co., Ltd. ("Qihan" or "Qihan Biotech" or "the Company"), an industry leader in applying multiplexable genome editing technology to cell therapies and organ transplantation, today announced the appointment of Tony W. Ho, M.D., to its Board of Directors as an independent director. Dr. Ho is a highly accomplished leader with extensive experience across all phases of Research & Development, including discovery, early and late-stage clinical development, and regulatory throughout his over 20 years of career, and most recently served as Executive Vice President and Head of Research & Development at CRISPR Therapeutics, where he oversaw the company's global research and development efforts across all therapeutic areas.

In a period of 4 years at CRISPR Therapeutics, Dr. Ho built a world-class R&D engine and a pipeline of over 10 product candidates. He and his team have brought the first CRISPR-based therapy CTX001, three allogeneic CAR-T (CTX110 (CD19), 120 (BCMA), 130 (CD70)), and the first CRISPR edited pancreatic islet progenitor cells (VCTX210) from research bench to the clinic. Prior to CRISPR Therapeutics, Dr. Ho was SVP and Head of Oncology Integration and Innovation at AstraZeneca and oversaw the development and commercialization of Lynparza and Imfinizi (anti-PD-L1). 10 Phase 3 trials designed under his leadership have now read out positive (Lynparza: SOLO1, SOLO2, SOLO3-1L & PSR Ovarian, OlympiAD-TNBC, POLO-Pancreatic, PAOLA – 1L Ovarian, ProFound 2LmCRC; Imfinizi: Pacific- NSCLC, CASPIAN 1L SCLC, Poseidon 1L NSCLC (IO+IO+CHEMO). He has also successfully repositioned a failed NK3 antagonist for Polycystic Ovary Syndrome (PCOS). Before joining AstraZeneca, Dr. Ho was the head of Neurology and Ophthalmology at Merck, where he led the development and launch of Zioptan and several Phase III programs, including CGRP-RA for migraine, A2a-RA for Parkinson's disease, prostaglandin for glaucoma, and several early programs in neuropathic pain, stroke, Alzheimer's disease. Before Merck, Dr. Ho was the Co-Founder and CSO of Neuronyx, a start-up that developed stem cells for heart failure, immuno-oncology, and islet cells.

Dr. Ho completed his B.S. in Electrical Engineering at the University of California, Los Angeles, and received his M.D. from the Johns Hopkins University School of Medicine. He was Assistant Professor at Johns Hopkins, specializing in neuropathy and neuromuscular diseases, and described and elucidated the pathogenesis of a new disease called "acute motor axonal neuropathy (AMAN)." He has published widely in several fields, with over 80 papers. Currently, he serves as an Adjunct Associate Professor of Neurology at the University of Pennsylvania and an Assistant Professor of Neurology at Johns Hopkins University.

"I am excited to welcome Tony, who brings a wealth of experience and expertise to Qihan Biotech," said Dr. Luhan Yang, co-founder, and CEO of the Company. "With a particular focus on supervising the company's Research and Development, Tony's leadership and proven track record will be instrumental as we continue to grow and advance our pipeline."

"The Company's multiplexable genome editing platform, combined with the team's deep knowledge and research of Natural Killer (NK) cell biology, is the solid cornerstone of Qihan's product innovation," said Dr. Tony Ho. "I am delighted to join Qihan's Board of Directors, and my perspective is to help foster a team's success and develop the off-the-shelf, iPSC-derived NK cell therapy product that is safe and effective for patients worldwide."

About Qihan Biotech

Qihan Biotech is a biotech company applying genome-editing technology to develop novel cell therapies and organs for transplantation. The company's mission is to use high- throughput, multiplexable genome editing combined with expertise in transplantation immunology to create immunologically privileged allogeneic cells and xenogeneic organs for use as therapies to treat cancer, organ failure, and other complex medical conditions. With a vision to create a world in which cell and organ therapies are universally available to patients, Qihan Biotech has raised two rounds of financing and is advancing its cell therapy programs into IND enabling investigations. Qihan Biotech is headquartered in Hangzhou, China. For more information, please visit the company's website at www.qihanbio.com.

Forward-looking Statements

This release contains statements including, but not limited to, Qihan’s research development and/or relevant programs, its past, ongoing, and planned research studies, and the potential of Qihan’s research candidate. These and any other statements in this release are based on Qihan management's current expectations of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such statements. These risks and uncertainties include, but are not limited to, the risk that Qihan’s research program may not warrant further development, the risk that results observed in prior studies of Qihan’s research candidates will not be observed in ongoing or future studies involving these candidates, the risk of a delay or difficulties in the developing or transforming of Qihan’s research candidates, the risk that Qihan may cease or delay the research development of any of its candidates for a variety of reasons. Qihan is providing the information in this release as of this date and does not undertake any obligation to update any statements contained in this release as a result of new information, future events, or otherwise. Information concerning therapies and related products contained herein is not intended as medical advice.

Media Contacts:

Qihan Biotech Public Relations

Tel: +86 0571-83500380

Fax: +86 0571-83500370

media@qihanbio.com

Source: Hangzhou Qihan Biotech Co., Ltd.