• TTY Biopharm is planning to launch this new sedative in December 2022
• The new sedative is a very rapid onset/offset intravenous benzodiazepine sedative for use during invasive medical procedures, such as colonoscopy and bronchoscopy.
• Attractive market potential in view of approximately 1.3 million such procedures take place annually in Taiwan, of which ~50-80% use moderate sedation.

TTY Biopharm Company Limited (“TTY”) today announces that the Taiwan Food and Drug Administration (TFDA) has approved this new sedative for injection for the induction and maintenance of procedural sedation in adults.

Dr. Jim Phillips, CEO of PAION AG, commented: “We are very pleased to have found in TTY Biopharm an excellent partner for the development and commercialization of our lead product in Taiwan. Strengthened by TTY Biopharm's long-standing expertise, we are confident that we can optimally serve the attractive market potential offered to us in Taiwan in the field of anesthesia. The approval in the procedural sedation indication in Taiwan represents an important milestone in our partnership and underscores the long-term commitment to develop further important core markets and make the product available to patients around the world.”

TTY’s CEO, Sara Hou stated: “PAION formed in 2000 is a specialty pharmaceutical company dedicated to the development of innovative drugs in the fields of anesthesia and critical care. This new sedative, developed by PAION is an ultra-short-acting and predictable intravenous benzodiazepine sedative that has been approved and launched in many countries. This new sedative is an important addition to the limited selection of drugs available for procedural sedation, which is a promising medicine for physicians and patients. PAION is TTY’s ideal partner and we are looking forward to our collaboration with PAION will provide a meaningful contribution to anesthesia and critical care.”

Disclaimer:
This release contains certain forward-looking statements concerning the future business of PAION AG and TTY. These forward-looking statements contained herein are based on the current expectations, estimates and projections of PAION AG’ and TTY’s management as of the date of this release. They are subject to a number of assumptions and involve known and unknown risks, uncertainties and other factors. Should actual conditions differ from the companies' assumptions, actual results and actions may differ materially from any future results and developments expressed or implied by such forward-looking statements. Considering the risks, uncertainties and other factors involved, recipients should not rely unreasonably upon these forward-looking statements. PAION AG and TTY has no obligation to periodically update any such forward-looking statements to reflect future events or developments.