Bio*One Capital, the main investor in A-Bio, has been instrumental in developing A-Bio as the pioneering biologics player in Singapore. After acquiring Biopharmaceutical Manufacturing Technology Centre (BMTC), A-Bio has grown into a strong provider of a full range of process development and GMP manufacturing services. Its customers include large global pharmaceutical companies as well as biotechnology companies.

"I am delighted to join A-Bio with its experienced team of engineers, scientists and GMP trained employees," said Dr. Lee. "As the global development and manufacturing hub for biologics, Singapore is in a unique position today; it is located at the center of the talent pools and markets of Australia, China and India at a time when the biotech industry is expanding worldwide. I envision enormous potential for growth for A-Bio as global biologics businesses move to new markets in Asia. A-Bio in Singapore is well positioned to capitalize on such growing opportunities."

Prior to joining BMS in 2002, Dr. Lee was Director of Fermentation and Cell Culture Development at Merck's West Point, Pennsylvania vaccine facility, where he held several positions of increasing responsibility at Merck Research Laboratories and Merck Manufacturing Division since joining in 1990. Dr. Lee received his doctorate in Biochemical Engineering from the Massachusetts Institute of Technology and a Master's in Chemical engineering from the University of Michigan, Ann Arbor.

About A-Bio

A-Bio is one of Asia's leading biologics contract manufacturers. It provides a full range of GMP manufacturing capabilities for biological protein manufacturing scale-up, cGMP production and regulatory compliance. Within four years of operation, A-Bio has established a strong track record with customers such as GlaxoSmithKline Biologicals, Novo Nordisk, Artisan Pharma and others. For more on A-Bio: www.a-bio.com.

About Bio*One Capital

Bio*One Capital, the major shareholder of A-Bio, is a leading, dedicated biomedical sciences investment management company in Asia with a worldwide presence. Its investments are focused on promising global biomedical companies where Bio*One Capital can play a value adding role in bridging and supporting companies' growth strategies in Asia. Through its extensive networks with global companies and venture capital corporations, Bio*One Capital proactively facilitates partnering and collaborative opportunities to help its portfolio companies grow into sustainable and successful ventures. For more on Bio*One Capital: www.bio1capital.com.

SOURCE: A-Bio Pharma Pte Ltd.

GolinHarris 
Lara D'Souza, 65515424 
Account Executive 
ldsouza@golinharris.com 
Rae Chew, 65515420 
Director 
rchew@golinharris.com

"The economic crisis will someday be resolved. The speed of recovery can differ from country to country, but it won't last longer than three years," Lee said in a meeting with Korean residents living in Los Angeles.

"Stock prices have fallen significantly. Now is not the time to sell stocks, but to buy them. If you buy stocks right now, you can become rich in less than one year," said the president, urging individual investors not to lose confidence in the imminent economic recovery.

Lee arrived in LA on Sunday for a two-day visit on his way back home after concluding an extended trip to North and Latin America.

"The critical moment will come next year, as Korean exporters are expected to suffer badly from a worldwide slump in consumption. But I'm convinced Korea will be the first to escape the crisis. In two to three years, the world will be witnessing Korea attain greater advancement after recovering from the crisis," said Lee.

"My administration will consistently eliminate regulations and push for mergers of troubled enterprises...But a higher income alone doesn't make a nation truly advanced. We can attain the status of an advanced country after firmly establishing the rule of law and basic public order."

Lee expressed high expectations for U.S. President-elect Barack Obama, saying the Obama administration is expected to give fresh hope to Americans and bring about new changes across the world.

"I just watched Obama's news conference on television. He said he won't help the three U.S. automakers unless they implement self-rescue efforts. He may have changed his thinking from before the election. It's very reasonable," said the president.

"The U.S. manufacturing sector is losing its competitiveness, but the Obama administration will give Americans new hope by enforcing new changes. The world wants the U.S. to have new leadership and strong soft power... As a former business executive, I'm convinced the normalization of the U.S. automakers will be helpful to Korean automakers."

Lee attended a two-day summit of Pacific Rim countries in Peru over the weekend for discussions on boosting regional cooperation in overcoming the global economic crisis. The president had also attended the Group of 20 financial summit in Washington D.C. on Nov. 14-15 before traveling to Brazil and Peru.

Los Angeles is home to some 600,000 Koreans, the largest overseas Korean community.

Earlier on Monday, Lee separately met with California Governor Arnold Schwarzenegger in LA.

Lee and Schwarzenegger, both selected by Time magazine as "Heroes of Environment" in 2007 and 2008, respectively, agreed to closely cooperate in fighting climate change, accelerating the development of new renewable energy resources, discouraging the spread of trade protectionism and expanding trade between South Korea and California, according to presidential spokesman Lee Dong-kwan.

Following a luncheon with LA Mayor Antonio Villaragoisa, President Lee left for Seoul.

Lee will return home on Tuesday night (Korean time).

The president was originally scheduled to arrive in Seoul on Wednesday morning but cut short his schedule by one day in consideration of protracted financial turmoil at home, said the spokesman.

(Yonhap)

The president also ordered his Cabinet ministers to double their efforts to consolidate international policy coordination by faithfully following up on a number of bilateral and multilateral agreements reached at the just-ended Asia-Europe Meeting summit, said the spokesman.

"The government has to push ahead with additional tax cuts and expansion of its fiscal spending to ensure that the financial crisis would not lead to a slump in the real economy," the president was quoted as saying.

"Under the current circumstances, global sentiment towards the Korean economy and its market circumstances is very critical. Foreign investors, as well as the Korean people, should be given a full explanation of the government's economic policies and their expected benefits."

President Lee, who returned home Saturday night after attending the ASEM summit in Beijing, convened the emergency economic policy at the presidential office Cheong Wa Dae to map out countermeasures to domestic financial market upheavals.

The meeting was attended by Prime Minister Han Seung-soo, Finance Minister Kang Man-soo, Bank of Korea (BOK) Governor Lee Seong-tae, Financial Services Commission Chairman Jun Kwang Woo and Bahk Byung-won, senior presidential secretary for economic policy.

Amid worsening financial turmoil worldwide, the benchmark Korea Composite Stock Price Index on Friday plummeted below the 1,000-mark for the first time since June 30, 2005, while the Korean currency has declined almost 34 per cent to the U.S. dollar so far this year.

According to presidential secretary Bahk, President Lee and other meeting participants shared the view that the nation's market interest rate should be further lowered to help lessen financial burdens on debt-heavy small businesses and households, as well as to minimize bad debts in the hands of local financial institutions.

"Participants in the Cheong Wa Dae meeting agreed that the market interest rate should be further stabilized to avert a slump in the real economy and revitalize the sluggish business conditions," Bahk said in a media briefing.

Bahk's remarks immediately raised speculation that the BOK is set to carry out an additional interest rate cut, following the reduction of its benchmark interest rate by a quarter percentage point to 5 per cent on Oct. 9.

(Yonhap)

Lee made the remark after the Cabinet meeting held at the presidential office Cheong Wa Dae approved the Bank of Korea's plan to guarantee up to $100 billion in foreign-currency loans to be raised by domestic banks through June next year.

Under the bailout package unveiled Sunday, the central bank, armed with close to $240 billion in foreign currency reserves, will also supply $30 billion to banks and exporters in urgent need of dollars.

According to spokesman Lee, the president also emphasized concerted government and private-sector efforts to improve the nation's employment situation.

"Unemployment is particularly serious among young college graduates, while small and medium-sized manufacturing companies stricken by chronic manpower shortages are increasingly dependent on foreign migrant workers," said President Lee.

"More society-wide efforts are needed to persuade young unemployed people to accept all jobs available at small and medium-sized business entities through short-term vocational training."

(Yonhap)