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As a pharmaceutical company, Oxygenix has been working hard to improve technical platform built up over the years by Waseda and Keio Universities. This technology is intrinsically different from conventional liposome formulation technologies. Oxygenix's first product candidate, OXY-0301 is Oxygen Carrier, which is encapsulated hemoglobin with liposome designed to deliver oxygen to tissue in blood vessels and is expected to satisfy a global unmet medical need. Since it is biological material from human blood, it requires sophisticated manufacturing technology and specially strict process controls. The successful commercialization of this product candidate will make it possible for Oxygenix to develop more liposomal drugs containing other proteins. Oxygenix will continue its vigorous efforts to reach our missions. All over the world, Paradigm changes are occurring between the pharmaceutical companies and bioventures. It was when I started sensing this tidal wave of change that I met the current chairman of Oxygenix, Eugene Takagi. We were on the same page because our respective opinions on how to shape the future of next-generation global bioventures matched seamlessly right from the start. This convergence of ideas became the catalyst that recently brought me to join Oxygenix. Mr.Takagi was instrumental in creating Oxygenix's world-class research team and GMP-compliant production facilities. I intend to use these great assets to the fullest. Oxygenix is no longer simply conducting research into protein pharmaceuticals. We are now posed at the precipice of full-scale business applications for various protein carriers, including Oxygen Carrier. This company is now at the threshold of a new phase as a true protein pharmaceutical-focused bioventure. Over the course of my career to date, I have been involved in the development of four types of protein drugs, including the world's first haptoglobin preparation and recombinant albumin preparations. With this experience and know-how in commercializing protein drugs, I intend to drive further growth at Oxygenix and establish the company as one of the world's leading bioventures. In joining my career with the talented staffs and physical assets of Oxygenix, my personal mission has become the full-fledged commercialization of protein drugs like Oxygen Carrier and others we will develop down the line. With the invaluable experience of the staff at Oxygenix and the advice and support of our stakeholders, I intend to fulfill this mission with determination and conviction. Since founding Oxygenix 2002, I have consistently worked toward constructing a solid business framework for the company, recruiting the kind of talented staff that is critical for a more organic and effective drive to commercialization of the project beyond that of a university-launched venture. I am very pleased to have Takao Ohmura, truly a pioneer in the field of protein pharmaceuticals, join our team. Passing the president's torch to Mr.Ohmura will enable future business successes and marks Oxygenix's entry into the next stage of its development. Assisting that growth has become a new personal goal of mine. It is my strong belief that Mr.Ohmura's track record of success in achieving world-class levels of quality makes him uniquely qualified to lead our research team's efforts --- and other associated stakeholders --- as we advance toward achieving our vision of full commercialization of the projects and accomplish the promise of our business model. Additionally, I will devote my energies to developing a new platform for Oxygenix's next stage of development. Central to this growth is pioneering new possibilities for venture business models and how they interface with large pharmaceutical firms throughout the globe. Oxygenix is a global biocompany without precedent in Japan, setting the standard here by taking the latest global technical seeds and dynamically driving toward further breakthroughs. I have every confidence that Oxygenix will be able to demonstrate new value now and in the future to you, our valued stakeholders.