Bao Pharmaceutical Co. was established in 2019, we focuses on development of recombinant protein drug assets. With differential technology, Bao pharma aim to become the leader of innovative protein drug for unmet medical needs. Bao pharma has also been establishing manufacture capability to fulfill our own development plans and furthermore, expanding our business angle that we established a modern GMP-compliant plant based in Shanghai, China. The design of our own manufacturing plant will cover multiple drug substance production lines and drug product production line for injectable assets as well. The facility is expected to be ready to operate within 2 years.