Welichem announces 2009 AGM Board members election and management changes

BURNABY, BC, Nov. 17 /CNW/ - Welichem Biotech Inc. (the "Company") (TSX-V: WBI), held its Annual and Special General Meeting on November 10, 2009 at which four Directors were elected to the Board. Shareholders re-elected Messrs. Guoqing Li, Meilin Yi and Xiangdong Tan as directors. The new director elected for the coming year was Mr. Jack (Jianke) Yang.

Mr. Yang is currently also the Vice-President of Operations of Be-on Consultant Inc. He has managed major projects for the Hebei Provincial Development & Planning Commission with a total investment of RMB50 billion. Mr. Yang obtained a master's degree in Project Management from the University of Sydney in Australia.

"We are very fortunate to have Mr. Yang joining the Board as he has extensive industrial experience," stated Dr. Xiangdong Tan, the Chairman of the Board.

The Company's rolling stock option plan which reserves for issuance as options a maximum of 10% of the issued common shares from time to time was also approved at the meeting, and Ernst & Young LLP, Chartered Accountants, was reappointed as auditor of the Company until the close of the next annual general meeting of the Company.

Subsequent to the Annual and Special General Meeting, the Board of Directors reappointed Ms. Jane Yue as the Company's CFO and Secretary and Dr. John Webster as the Company's Chief Scientific Officer. Dr. Liren Tang, former Director of Clinical Development for the Company was appointed as the Company's CEO and President, to replace Dr. Genhui Chen, who will be pursuing other business opportunities.

"Dr. Liren Tang, a long serving member of the Company, is well qualified to lead the management of Welichem Biotech at this time as the Company takes its lead drug candidate, WBI-1001 for the treatment of inflammatory skin diseases, through crucial clinical trials," said the Chairman, Dr. Xiangdong Tan.

The Board was grateful to Dr. Genhui Chen for his contributions while serving as the CEO and President of the Company. "After so many years of insightful, loyal and energetic contribution by Dr. Chen, he should be proud of the excellent progress made by the Company during his tenure as the CEO and President. We wish him success in his future endeavours," said Dr. Tan.

For a more complete business and financial profile of the Company, interested parties are encouraged to visit the Company's website, www.welichem.com.

About Welichem Biotech Inc.

Welichem Biotech Inc. is a publicly-traded biotechnology company developing therapeutic drugs in the fields of autoimmune diseases and cancer.

    
    ON BEHALF OF THE BOARD

        Tan Xiangdong, Chairman of the Board
    

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release. This press release contains forward-looking statements that include our belief as to the potential of our products. Certain risks and uncertainties such as our ability to successfully commercialize the products could cause the Company's actual results to differ materially from those in the forward-looking statements.

%SEDAR: 00021386E

SOURCE Welichem Biotech Inc.

For further information: For further information: Liren Tang, Chief Executive Officer, Tel.: (604) 432-1703, Email: lirentang@welichem.com

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Welichem Biotech Inc.

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