[HONG KONG, December 1, 2021] Great Bay Bio (hereinafter referred to as “GBB”) is pleased to announce today the completion of its near USD 10M series A fundraising led by Proxima Ventures. The round was oversubscribed and upsized with participation by many new andexisting institutional investors. The investment will accelerate the global commercialization of three GBB AI-driven innovative bioprocessing platforms, namely Klone4.0™, an AI-enabled cell line ion platform, AlfaStaX^®, an AI-enabled cell line stability prediction platform and AlfaMedX^®, an AI-enabledcell culture media development platform.

Currently, Klone4.0™, AlfaStaX^®, and AlfaMedX^® have been commercially validated to show improvements in the efficiency of bioprocess development whilst reducing the risk of R&D. Cell line development is a keystep in bioprocessing, Klone4.0™ can pinpoint and high-yield monoclones within 4 hours. AlfaStaX^® adopts innovative AI algorithms to accurately predict a cellline’s stability at 90 days of passage by only using 2 weeks of real-time cellimages of candidate cell lines. AlfaMedX^® uses big data mining, deeplearning, and transfer learning to construct media formulation models, replacing traditional DOE and metabolic analysis to develop customized cellmedia formulations, significantly reducing development time and cost. Since the launch of each platform, multiple partnerships have been reached withwell-known domestic biopharmaceutical companies, MNCs and leading CDMO platforms, where the performances of each platform have won high satisfaction from partners.

“We are thrilled that many of our newinstitutional investors are biotech industry-specialist that can bring their strong supportive ecosystem to the table, further bolstering Great Bay Bio’s prospects. In addition, I am happy to announce the addition of biotech experts to our board. Their accumulated 40 years of experience and leadership in theindustry will help further reinforce Great Bay Bio’s differentiation as anindustry-disruptive innovator. Right now, we have one of the most unique board compositions in the world, one which include deep business, finance, AI, andbiotech expertise”, said Kingsley Leung, Co-founder and Chairman of GBB.

Mr.Li Zhe, Managing Partner of Proxima Ventures, commented “Proxima Ventures hascontinuously kept an eye on the application of global innovative technologiesin the healthcare field. Breakthroughs made in artificial intelligence technologies in recent years are now making profound impact and reshaping the process of new drug development and industrialization. In traditional biopharmaceutical R&D, tens of millions of dollars and months of process exploration are required to construct stable highly-expressing cell lines. With rich experience in the industry and forward-looking strategic mindset, GreatBay Bio has pioneered the application of AI technology to solve these pain-points in bioprocessing and made exciting breakthroughs. They have established a whole process of solutions, from high expressing and high stability cell lines construction to industrial mass production, shortening the process optimization timeline from months to weeks, and greatly saving the timeand cost of industrial mass production for biomedical companies. Great BayBio’s platforms and services have been recognized by many well-known customersat home and abroad, and results are being delivered. Proxima is firmlyoptimistic about Great Bay Bio’s leading position and breakthrough in the fieldof biomedical artificial intelligence, and will strongly support the rapid development and expansion of its businesses.”

About Proxima Ventures

Proxima Ventures (Proxima) is a professional venture capital firmfocusing on the healthcare industry, supporting outstanding enterprises within novative technologies or service models that have tremendous potential. Proxima is under the strong leadership of a group of team members with multidisciplinary backgrounds and resourceful networks with hospitals andindustry partners, currently managing multiple funds in RMB and US dollar. In addition, Proxima established a leading medical ecosystem for its portfolio to access to high quality clinical and industrial resources, delivering remarkable achievements and making great impacts.