The board of directors of Kintor Pharmaceutical Limited announced that on 17 June 2024, the Company has completed the first subject enrollment in the phase II clinical trial (the "Phase II Clinical Trial") in China of its in-house developed androgen receptor proteolysis targeting chimera ("PROTAC") compound GT20029 for the treatment of acne. Developed by the Company's in-house PROTAC platform, GT20029 is the first topical PROTAC compound which has entered the phase II clinical stage worldwide. The Phase II Clinical Trial is a multi-center, randomized, double-blind, placebo-controlled study, which is designed to evaluate the efficacy, safety and pharmacokinetics of GT20029 for the treatment of acne through the adoption of GT20029 0.5% once-a-day ("QD") and 1% QD as the drug-related dosage.

The Phase II Clinical Trial involves a total of 10 clinical research centers in China, and Professor Xiang Leihong() from Fudan University Huashan Hospital () is the lead principal investigator. In November 2022 and February 2023, the Company respectively announced the positive top-line data for the phase I clinical trial of GT20029 for the treatment of androgenetic alopecia ("AGA") and acne in China (healthy subjects) and in the U.S. (healthy subjects and subjects with AGA or acne). The data demonstrated good safety, tolerability and pharmacokinetics of GT20029 in healthy subjects and subjects with AGA or acne.