Press Release

July 13, 2023

Commenced broad and extensive collaboration to jointly
commercialize pharmaceuticals based on Goryo technology
役
Signed a comprehensive collaboration agreement to develop andcommercialize drug candidates in the therapeutic field as well as in
the diagnostic field

Goryo Chemical Co., Ltd. (head office: Sapporo, Japan; CEO and Representative
Director: Ken-ichi Maruyama; hereinafter referred to as "Goryo") and Solasia
Pharma Co., Ltd. (head office: Tokyo, Japan; President and CEO: Yoshihiro Arai,
hereinafter referred to as "Solasia") have reached an agreement to explore
opportunities to jointly develop and commercialize pharmaceutical products,
based on Goryo’s technologies and assets, which include the development ofcandidate drugs for therapeutic use as well as for in-vitro and in-vivo diagnostic
use. The agreement is signed and becomes effective on July 13th, 2023.
The agreement provides Goryo and Solasia with a comprehensive framework tocollaborate and explore opportunities to jointly develop and commercialize
Goryo’s pharmaceutical products.

It includes the development of GCP-006, thenavigation drug for the breast cancer, for which an NDA (New Drug Approval)
application has been filed in Japan (note 1), and other navigation drugs.

Thecollaboration can be extended to include the development of Goryo’s drugcandidates for therapeutic use as well. In addition to the development ofnavigation drugs for cancer surgery using functional fluorescent probes, Goryo isalso engaged in developing new drug candidates for therapeutic use by leveraging
the knowledge and know-how obtained and accumulated from the developmentof functional fluorescent probes in the past.

(Note 1) As announced in the press release dated April 5, 2023, an NDA application has been
filed with the regulatory authority, Ministry of Health, Labor and Welfare in Japan.

1. Details of the agreement for comprehensive collaboration
Detailed information other than those described in this press release areconfidential and will not be disclosed.

2. Overview of the companies
Name
Head officeaddress
Representative
Established
Business and its
scope

Company Name
Head office

Goryo Chemical Co., Ltd.
35-100 Kita 8-jo Nishi 18-chome, Chuo-ku, Sapporo,
Hokkaido, Japan
Representative Director and CEO: Ken-ichi Maruyama
July 2010
Manufacture and sale of functional fluorescent probes,
contract synthesis, development of navigational drugs
using functional fluorescent probes for cancer surgery
Solasia Pharma K.K.
Sumitomo Fudosan Shibakoen Tower 4F, 2-11-1

address

Shibakoen, Minato- ku, Tokyo, Japan

Representative

Representative Director Yoshihiro Arai

Established
Business and its
scope

January 2006
Development, sales, import/export, etc. ofpharmaceuticals and medical devices

3. (Reference) Goryo Chemical Co., Ltd.
Goryo has developed and manufactured the world's first product that selectively
illuminates the cancer tissue only a few minutes after a fluorescent probe issprayed on a human tissue fragment.

Based upon this technology, Goryo has

developed reagent businesses for research use and has been expanding its
business scope to include developing navigation drugs for both in-vitro and in-vivo diagnostic use to be utilized during surgical procedures, mainly for cancer.
The navigation drug, also known as "Fluorescent Image-Guided Surgery"(surgical support using fluorescent imaging (Note 2)), is a new and emerging
mode of technology that is increasingly attracting attention for research andclinical use.
Goryo’s focus thus far has mainly been on the development of navigation drugs
that can be applied in surgery and/or medical checkups for various types ofcancers, in order to allow early detection and treatment, prevent recurrence
and promote early recovery post-surgery.

In addition to developing navigation

drugs for cancer, Goryo’s unique fluorescent technology can also be applied tothe early detection and treatment of non-cancerous diseases.

The fluorescentprobe to detect calpain enzyme, currently being developed by Goryo, is a good
example of the new endeavor by the company to expand its scope of R&D
activities into new target fields other than cancer. To this end, Goryo hasformalized a global license agreement for the ophthalmology area with Senju
Pharmaceutical, Inc. on April 5, 2023 (refer to the press-release of the samedate).

In addition to the development of candidates for diagnostic use, Goryois also engaged in developing new drug candidates for therapeutic use, by
making the best use of its knowledge and know-how accumulated throughdeveloping fluorescent probe technology.
(Note 2) Fluorescence imaging: A technique that enables observation of the localization andmovement of cells, specific proteins, etc. by shining a laser or other light on various fluorescentdyes and fluorescent proteins.

Contact：Takuma Nakatsuka
Goryo Chemical Co., Ltd.
Email: nakatsuka@goryochemical.com