Board of Directors

Ethan Shen, Ph.D., Chief Executive Officer and Chairman, has served as Chief Executive Officer and Chairman of the Board since March 2024. Dr. Shen has served as Chief Executive Officer and founder of Yong Ding Biopharma Co., Ltd., the subsidiary of YD Biopharma since 2013. Dr. Shen has deep expertise in translational medicine, new drug development, medical-grade health product development, and financial management. From 2001 to 2008 Dr. Shen served as the Key Account Manager at Novartis, where he managed projects and oversaw new drug submissions. His expertise spans R&D, innovation and entrepreneurship, financial management, as well as genetics and cellular technologies. Dr. Shen is currently director of EG BioMed and Shen Capital Co., Ltd. Dr. Shen graduated from Taipei Medical University with a degree in Pharmacy and holds a pharmacist license. Dr. Shen also holds a master’s degree in finance from Baruch College, CUNY, and executive MBA degrees from National Taiwan University and Fudan University. Dr. Shen obtained a Ph.D. in Translational Medicine from Academia Sinica and Taipei Medical University.

Benjamin Zhang, M.D., Chief Medical Officer and Director, has served as Chief Medical Officer and Director since January 2025. Dr. Zhang has served as Chief Medical Officer at JY BioMedical since 2024, and as a resident doctor at Taipei Medical University Hospital since 2023. Dr. Zhang is a dedicated medical professional with extensive expertise in immune cell research, stem cell therapy, cell engineering, and clinical trial management. Dr. Zhang is a leader in cancer immunotherapy, regenerative medicine, and translational medicine. His innovative contributions include the development of proprietary protocols for gamma delta T cell expansion, mesenchymal stem cell (MSC) treatments for glioblastoma, hepatocellular carcinoma, Parkinson’s disease, and lung cancer, and exosome-based therapeutics. Additionally, Dr. Zhang has secured multiple U.S. FDA Drug Master File (DMF) qualifications for cutting-edge cell and exosome therapies. From 2023 to 2024, Dr. Zhang served as a Cell Engineer at SL-Link Co., Ltd., where he focused on optimizing cell culture processes and enhancing biomanufacturing efficiency. From 2019 to 2021, Dr. Zhang served as a part-time research assistant at Taipei Medical University, where he designed and implemented translational research experiments, focusing on unmet medical needs. Dr. Zhang holds a certification in Cell Therapy Techniques and is a certified Cell Therapy R&D Engineer. Dr. Zhang graduated from the School of Medicine at Taipei Medical University with a Doctor of Medicine degree. We believe Dr. Zhang is qualified to serve on our board of directors due to his expertise in cancer immunotherapy and regenerative medicine.

Jan Hall, Director Nominee, is expected to serve as a Director of Pubco following the consummation of the Business Combination. Ms. Hall is a senior executive with over 25 years of business experience across multiple product categories in the U.S, and international markets in leading consumer packaged goods (CPG) corporations including Johnson & Johnson, The Coca-Cola Company, GSK, Cadbury Schweppes, The Wonderful Company, and small to mid-size, family-owned and private equity-backed entrepreneurial companies with a focus on health, wellness, and sustainability. From June 2023 to October 2024, Ms. Hall served as President and Chief Executive Officer at Guardion Health Sciences, Inc. (Nasdaq: GHSI), where she was responsible for leading the growth of the company’s science-based, clinically supported products designed to meet the health needs of consumers, healthcare professionals, and their patients. From February 2018 to October 2022, Ms. Hall served as Chief Executive Officer at M2 Ingredients, Inc., a private equity-owned vertically integrated company with an FDA registered controlled environment facility that grows, processes and packages functional mushrooms into single species and curated blends of bulk specialty powders and Om branded mushroom superfood products, where she was responsible for leading the turnaround and growth of the company. Ms. Hall is currently a director at Guardion Health Sciences, Inc. and Fieldless Farms, Inc., and has more than 15 years of experience serving on boards. Ms. Hall graduated from Leeds University, England, with a degree in Political Science. We believe Ms. Hall is qualified to serve on our board of directors due to her extensive executive leadership and regulatory experience.

Mr. Lee, age 52, currently serves and the founder and manager of Gravity Capital Investment Company, based in Shanghai, China. Mr. Lee founded Gravity Capital Investment Company in November 2006, specializing in domestic and international mergers and acquisitions of early-stage biotech and healthcare companies. In addition, Mr. Lee serves as a director on multiple boards. He currently serves as Chairman of the boards of directors for Baolong International Co. Ltd. and Shanghai Taivex Healthcare Management Co. Ltd. and has held these positions since 2025 and 2018, respectively. Mr. Lee also serves as a director on each of the following boards of directors: Sinmag Equipment (China) Co. Ltd. (since 2022), Beijing San Valley Biotech Company (since 2017), Suzhou Weizhen Biotech Company (since 2016), Jiangsu Yi-Cheng Biotech Company (since 2020), Shanghai Shengmei Pharmaceutical Company (since 2018), Zhuhai Ruineng Medical Equipment Co. Ltd (since 2015), Wuhan Tonggan Cell-Biotechnology Co. Ltd (since 2016), Fuzhou Dongze Medical Equipment Co. Ltd (since 2016), Fuzhen Cell Therapy Biotech Co. Ltd. (since 2021), and Y2 Education Foundation (NPO) (since 2017). Further, since 2016, Mr. Lee has served as a lecturer at Taipei Medical University. Previously, Mr. Lee served as a director on each of the following boards of directors: Beijing Sinovision CT Company (from 2016 until 2022), from Trust Bio-sonics Inc. (from 2017 until 2021), and Tyson BioResearch Inc. (from 2017 until 2020). Mr. Lee graduated from New York University with a bachelor’s degree in finance. He also holds a Master of Business Administration from Peking University, Beijing, China. We believe Mr. Lee is qualified to serve on our board of directors due to his extensive professional experience advising early-stage biotech and healthcare companies.

Michaela Griggs, Independent Director Nominee, is expected to serve as a Director of Pubco following the consummation of the Business Combination. Ms. Griggs is a senior executive with over 25 years of experience in healthcare, medical aesthetics, and consumer products across the U.S. and international markets, with a focus on driving growth and operational excellence in both Fortune 500 and private equity-backed companies. From 2023 to 2025, Ms. Griggs served as Chief Aesthetics Officer and Head of Marketing at Forefront Dermatology, where she was responsible for developing and executing strategy, structure, and product initiatives for a network of over 250 clinics in 30 states. In this role, she grew the Medical Aesthetics business group by 26%, integrated four new plastic surgery acquisitions, and delivered an incremental $30 million in revenue. From 2020 to 2022, Ms. Griggs served as Chief Executive Officer at Southern California Reproductive Center, a private equity-owned chain of fertility clinics, where she profitably grew sales by 18%, increased EBITDA by 11%, expanded the clinical footprint, and led the organization through the COVID-19 pandemic. Ms. Griggs is currently a director at Materna Medical and previously served on the boards of Guardion Health Sciences, Inc. (NASDAQ: GHSI) and SOOVU (formerly CareWave). Ms. Griggs holds an MBA from the University of Wales, and a Diploma of British Orthoptics from Sheffield & Leeds University. We believe Ms. Griggs is qualified to serve on our board of directors due to her extensive executive leadership and board governance experience in the healthcare and medical aesthetics sectors.

J. Douglas Ramsey, Ph.D. has served as our Chairman, Chief Executive Officer and Chief Financial Officer since June 2020. Dr. Ramsey was the President and Chief Financial Officer of Saddle Operating and served in that role from May 2014 until February 2019. Prior to joining Saddle Operating, Dr. Ramsey served as the Director of Strategic Planning and Special Projects of EXCO from June 2013 until April 2014, Vice President — Finance and Special Assistant to the Chairman of EXCO Resources from August 2009 until May 2013 and as Treasurer of EXCO Resources from December 1997 until May 2013. From December 1997 until July 2009, Dr. Ramsey served as EXCO Resources’ Chief Financial Officer during which time EXCO Resources completed over 160 transactions and its assets grew from $3 million to over $6 billion with over 15,000 wells and more than 1,400 employees and contractors. Dr. Ramsey also played a key role in EXCO Resources’ $698 million IPO in February 2006 after EXCO Resources had gone private in July 2003. Other key financing transactions in which Dr. Ramsey was involved included a $2 billion mandatory convertible preferred stock offering, a $2.4 billion line of credit with 34 banks in the syndicate, and two bond offerings totaling $750 million. Dr. Ramsey also served as a director of EXCO Resources from March 1998 until July 2003. From March 1992 until December 1997, Dr. Ramsey worked for Coda Energy as the Financial Analyst and Assistant to the President and then as the Financial Planning Manager. Dr. Ramsey also taught finance at various universities including Southern Methodist University in its undergraduate and professional MBA programs and Baylor University in its Executive MBA program. Dr. Ramsey was named the 1996 Distinguished Alumnus of the College of Business Administration at Cal Poly Pomona. Dr. Ramsey earned his BS in Finance from Cal Poly Pomona, an MBA from the University of Chicago Booth School of Business and an MA and Ph.D. in Business and Financial Economics from the Claremont Graduate University. Dr. Ramsey is National Association of Corporate Directors (NACD) Directorship Certified.

Albert McLelland has served as a director since November 2020. Since 2002, Mr. McLelland has served as the Managing Director of AmPac Strategic Capital LLC, an advisory firm and investment holding company that creates value across the investment process from deal origination and execution to management, oversight and exit. Before founding AmPac, from 1998 until 2002, Mr. McLelland was the Director of the Chairman’s Asian Cross-Border Transactions Initiative for PricewaterhouseCoopers (“PwC”) Financial Advisory Services. Mr. McLelland assisted PwC’s largest clients to complete cross-border transactions in Asia. In 1993, Mr. McLelland founded Pearl Delta Capital Corp. in Taiwan, which he subsequently sold in 1998. From 1991 until 1993, Mr. McLelland was Senior Manager for Corporate Finance at CEF Taiwan Limited, a large Hong Kong based merchant bank. In 1990, Mr. McLelland assisted in the formation of Riddell*Tseng where he worked until 1993. Mr. McLelland started his investment banking career at Shearson Lehman in 1987, where he worked until 1990. Mr. McLelland has served as an adjunct professor and guest lecturer at leading business schools in the US and China. He currently serves on the Advisory Board at the Institute for Excellence in Corporate Governance at the University of Texas (Dallas), where he is also the Chairman of the Steering Committee for the North Texas Private Equity Council. Mr. McLelland received his BA in Political Science and History from the University of South Florida, an MBA from the University of Chicago Booth School of Business and an MA in International Affairs from Columbia University. Mr. McLelland has served as an Independent Director, Audit Committee Chairman and Financial Expert for four Nasdaq listed companies. In his public board capacity, he has also served as the Chairman of the Special Committee for the sale of China Fire & Security Group, Inc. Mr. McLelland holds a National Association of Corporate Directors (NACD) Directorship Certification.