The board of directors of InnoCare Pharma Limited announced that Dr. Rick Xu (Dr. Xu), the current Chief Medical Officer of the Company plans to retire from his position following a transition period and the appointment of a new chief medical officer, which is effective from March 1, 2021. The Board announced that Dr. Xiang-Yang Zhang (Dr. Zhang) has been appointed as the new Chief Medical Officer of the Company effective on March 1, 2021.