Regenerative medicine has been described as the ultimate therapeutic procedure for the repair of tissues.

The transplant material (cultured corneal epithelial cell sheets) for the repair of the corneal epithelium, for which we are currently making concerted efforts to commercialize, is a "live transplant material" in which epithelial cells are cultured on collagen sheets obtained from amniotic membrane.

At the Department of Ophthalmology, Kyoto Prefectural University of Medicine (Professor Shigeru Kinoshita), the originator of this technique, numerous patients have already had their sight restored through the use of this material.

Together with the Kyoto Prefectural University of Medicine and other research specialists in regenerative medicine, we are striving to develop a variety of products, foremost the one referred to above, and to achieve a higher QOL for the many patients suffering from refractory disorders.

Meanwhile, in the pharmaceutical industry, where considerable time and funds are required for product development, understanding investors have backed our efforts. A bioventure company that enjoys such a fortunate environment as ours on both the technology and management fronts is a rarity, for which the directors and officers are all sincerely appreciative.

At the end of 2003, we settled into the Kobe Medical Industry City, Japan's regenerative medicine base, and constructed a pilot plant in the Kobe International Business Center. This relocation has helped accelerate our research and development activities while also facilitating access to the great variety of support in the Kobe Medical Industry City.

In a concerted effort from all those involved, we will strive for the best possible commercial application of research outcomes and future product development, and relentlessly pursue novel technologies and innovative products. We promise to continue developing and delivering products that we know will be of great benefit.

It is my greatest hope that we will continue to benefit from the support and encouragement of those who place their trust in us.