SANTA ANA, Calif., Dec. 03, 2025 (GLOBE NEWSWIRE) -- NKGen Biotech, Inc. (OTC:NKGN) ("NKGen" or the "Company"), a clinical-stage biotechnology company focused on the development and commercialization of innovative autologous and allogeneic natural killer ("NK") cell therapeutics and the majority owner of NKGen Biotech Korea Co., Ltd. ("NKGen Korea"), today issued the following statement regarding recent changes to the NKGen Korea Board of Directors (the "NKGen Korea Board").

NKGen Korea, formerly NKMax Co., Ltd., recently completed a shareholder-approved name change on November 21, 2025. On this date, NKGen Korea also announced through its official KOSDAQ disclosures the appointment of three new members to its Board of Directors: Hanhan Xu, Xuan Zhang, and Dr. June H. Lee each for a three-year term. Earlier, on August 14, 2025, Dr. Angie You was appointed to the NKGen Korea Board for a one-year term. These appointments bring extensive experience in scientific leadership, operations, and strategic governance to support NKGen Korea's growth and development in the Asia-Pacific region.

Director Biographies:

Angie You, Ph.D., – Chief Executive Officer and Co-Founder of Architect Therapeutics; previously served as Chief Executive Officer of Amunix Pharmaceuticals.
Hanhan Xu – Managing Director, AlpineBrook Capital Group; former Co-Founder and General Manager, Waterdrop Holdings; former Venture Partner, China Renaissance Capital.
Xuan Zhang – Operating Director, AlpineBrook Capital Group; former Senior Financial Director, Guazi.com (Chehaoduo Group); former Financial Director, UMU Group; former Head of Mainland China Business Division, Heju Group.
June H. Lee, M.D. – Former Chief Development Officer & Chief Operating Officer, MyoKardia, Inc.; Founder & CEO, Esker Therapeutics; current member of the Board of Directors of Eledon Pharmaceuticals, Inc.

"We welcome the addition of Dr. Angie You, Ms. Hanhan Xu, Ms. Xuan Zhang, and Dr. June Lee to the NKGen Korea Board," said Paul Y. Song, M.D., Chief Executive Officer of NKGen and Chairman of NKGen Korea. "These appointments were made by the NKGen Korea Board, and as the majority shareholder, we fully support them. Each director brings a proven track record of building successful companies, along with deep operational and strategic expertise. Their guidance and governance will be invaluable as NKGen Korea emerges from rehabilitation and accelerates its development of NK cell therapies in Asia and lays the foundation for future commercialization. These appointments represent an exciting step forward in strengthening NKGen Korea's leadership and advancing its mission across the Asia-Pacific region."

About NKGen Biotech Korea Co., Ltd. (formerly NKMax Co., Ltd.)

NKGen Korea, based in Seoul, South Korea, is a clinical-stage biotechnology company developing advanced NK cell therapies. The company also commercializes bioreagents and immunodiagnostic technologies. Founded in 2002, NKGen Korea operates a GMP-certified cell therapy manufacturing facility supporting domestic and international clinical trials and research programs. NKGen Korea is a majority-owned subsidiary of NKGen Biotech, Inc.

About NKGen Biotech, Inc.

NKGen is a clinical-stage biotechnology company focused on the development and commercialization of innovative autologous and allogeneic NK cell therapeutics. NKGen is headquartered in Santa Ana, California, USA. For more information, please visit www.nkgenbiotech.com.

Forward-Looking Statements

Statements contained in this press release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements may be identified by the use of words such as "anticipate", "believe", "could", "continue", "expect", "estimate", "may", "plan", "outlook", "future" and "project" and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Because such statements are subject to risks and uncertainties, many of which are outside of the Company's control, actual results may differ materially from those expressed or implied by such forward-looking statements. Such statements include, but are not limited to, statements regarding the expected impact of recent board appointments at NKGen Biotech Korea Co., Ltd.; the Company's plans and expectations regarding its majority-owned subsidiary; anticipated governance, strategic, or operational benefits associated with the subsidiary's updated leadership structure; and the Company's broader development plans, including potential benefits of its product candidates.

Risks that contribute to the uncertain nature of the forward-looking statements include: the Company's ability to execute its plans and strategies; risks related to the development of cell therapy product candidates; the risk that development timelines may be delayed or may not progress as expected; and NKGen's ability to raise additional funding to complete the development of its product candidates. Additional risks include uncertainties related to the Company's majority ownership and oversight of NKGen Korea, including risks regarding the future performance of NKGen Korea's business, the Company's ability to successfully integrate its subsidiary's operations, personnel, and technologies, potential challenges in realizing expected synergies and cost savings, and risks that the Company may not achieve the anticipated strategic, financial, or operational benefits of the acquisition on the expected timeline or at all. These and other risks and uncertainties are described more fully under the caption "Risk Factors" and elsewhere in the Company's filings and reports, which may be accessed for free by visiting the Securities and Exchange Commission's website at www.sec.gov and on the Company's website under the subheading "Investors—Financial and Filings". Investors should take such risks into account and should not rely on forward-looking statements when making investment decisions. All forward-looking statements contained in this press release speak only as of the date hereof. The Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date hereof, except as required by law.

Internal Contact:

Denise Chua, MBA, CLS, MLS (ASCP)

SVP, Corporate Affairs

949-396-6830

dchua@nkgenbiotech.com

External Contact:

Kevin Gardner

Managing Director

LifeSci Advisors, LLC

kgardner@lifesciadvisors.com

NKGen Biotech, Inc. Issues Statement on Recent Board Appointments at Majority-Owned Korean Affiliate NKGen Korea Co., Ltd.