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To Our Investors

I would like to thank all the shareholders who attended the General Shareholders' Meeting and Business Briefings held on June 27. It was my first time to be the chairman of the shareholder’s meeting, and I felt pleased to be able to exchange opinions with you. As the first year landmark, I would like to revisit the three objectives that I implemented at the time I became the president and CEO here at J-TEC.

The

The General Shareholders' Meeting and Business Briefings

Ensuring profitability in FY2016

We achieved profitability in FY2016 with sales of JPY 2,135 million, operating income of JPY 312 million, and net income of JPY 276 million. The various factors for this achievement can be explained as follows.

【The external factors】
①Change in the insurance reimbursement price scheme for our regenerative medicine products
(reduction of the cancellation risk).
②Transfer of JACC's Chinese patent to Fujifilm.
③(Contract) research grant awarded by Japan Agency for Medical Research and Development (AMED).

【The internal factors】
①Approval of the additional indication of Autologous Cultured Epidermis JACE for Giant Nevi in Japan.
②Reduction of selling, general and administrative expenses and improvement of efficient production measures.

Developing new business operations

We have developed our new business as a Contract Development and Manufacturing Organization (CDMO), and as a Contract Research Organization (CRO). In addition to continuing contract research with Fujifilm Corporation, NIDEK Co., Ltd. and Osaka University, we have also acquired orders from Jikei University School of Medicine, and Tokyo Medical and Dental University.
We have also completed all transplantation procedures of the clinical trial for the autologous cultured corneal epithelium under contract from NIDEK. We have prepared brochures and leaflets about our CDMO and CRO services, and as of April 1, 2017, we established the Custom Development & Manufacturing Department to further strengthen the business operation.

Pursuing synergy with Fujifilm Group

With active exchange of personnel, we made progresses in R&D and production fields. We promoted the joint development of Mesenchymal Stem Cells (MSC), and cost reduction and automation of production.
Also, as a special marketing project, we will pursue a collaboration between “SYNAPSE VINCENT” (three-dimensional MRI image analysis system of Fujifilm to be released this coming summer) and JACC. As the SYNAPSE VINCENT can provide precise and thorough diagnose and follow-up data, we hope the system drives forward the penetration of JACC among orthopedic doctors.

We will continue to strive under the goal of becoming the leading regenerative medicine company in Japan. And I will continue to focus on the corporate management with all my might. I sincerely hope that we will continue to have your support for many years to come.

June 28, 2017
Aiichiro Hiruma
President & CEO
Japan Tissue Engineering Co., Ltd.