Enzolytics Announces the Signing of the Business Combination Agreement with Sagaliam Acquisition Corp (SAGA)
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Sep 18, 2023, 8:00 AM ET
COLLEGE STATION, TX / ACCESSWIRE / September 18, 2023 / Enzolytics, Inc. (OTC PINK:ENZC) (https://enzolytics.com).
Enzolytics, Inc. announces today that it has executed the binding business combination agreement for the sale of Biogenysis, Inc. ("BGEN") and Virogentics Inc. ("VIRO"), the operating subsidiaries of Enzolytics Inc., to Sagaliam Acquisition Corp (NASDAQ: SAGA) in a transaction valued at $450,000,000. The combined company is expected to trade on NASDAQ. The entities have begun the de-SPAC process and are moving on with the closing of this project.
Harry Zhabilov, CSO of VIRO, stated, "The SAGA transaction opens numerous opportunities to advance our existing technology, developing new technology and expansion of our growing nutraceutical product line at what we believe will be a significantly faster pace."
Dr. Gaurav Chandra, CEO of BGEN, stated: "Biogenysis strives to make a significant impact in drug discovery and development by utilizing advanced AI technology. Our focus is on safeguarding our assets with multi-layered security while expanding our IP portfolio to include AI-driven monoclonal antibodies. With these antibodies, we aim to revolutionize the fight against HIV, COVID-19 mutations, and other viruses. Collaborating with pharmaceutical companies, our focus is to cover all viruses in our repository, providing patients with necessary diagnostics and therapies. Our AI Platform is constantly evolving with disruptive innovations in healthcare. We are proud to be at the forefront of this crucial work and look forward to continuing to positively impact the world."
Charles Cotropia, Enzolytics' CEO, said, "We have a well-defined strategy and the necessary technology in place for producing numerous therapeutics for successfully treating numerous viruses that affect patients around the world. Completing the business combination with Sagaliam comes at a critical time. By providing additional funding to Biogenysis and Virogentics, this combination will make possible the final development of the numerous therapeutics now being produced."
Barry Kostiner, the CEO of Sagaliam, stated, "Being listed on Nasdaq provides increased visibility and access to a broader pool of investors, facilitating the advance of our pioneering research and drug development initiatives. Bringing Virogentics and Biogenysis to our Nasdaq platform opens the door to funding which serves as the lifeblood of all pharmaceutical development companies. We are working with the investor community, as well as the dedicated VIRO and BGEN management teams, to secure the financial resources required to expedite clinical trials. With these investments, we aim to accelerate our progress, ensuring that both therapeutic and nutraceutical innovations swiftly find their way into the market, ultimately improving the lives of countless individuals."
Enzolytics, Inc. Overview
Enzolytics, Inc. is a drug development company committed to commercializing its proprietary proteins and monoclonal antibodies to treat debilitating infectious diseases. The Company is advancing multiple therapeutics targeting numerous infectious diseases. One patented and clinically tested compound, ITV-1 (Immune Therapeutic Vaccine-1), is a suspension of Inactivated Pepsin Fraction (IPF), covered by U.S. Patent Nos. 8,066,982 and 7,479,538. Studies have shown it to be effective in treating HIV/AIDS. ITV-1 has also been shown to modulate the immune system.
The Company has proprietary technology for producing fully human monoclonal antibodies (mAbs) against infectious diseases which is currently being employed to produce monoclonal antibody therapeutics for treating the CoronaVirus (SARS-CoV-2), HIV-1 and the Feline Leukemia virus. The Company has also identified conserved epitopes on and has plans to produce mAbs targeting many other viruses, including HIV-2, Influenza A and B, H1N1 influenza, Respiratory syncytial virus (RSV), Small-Pox, Ebola Virus, Tetanus, Diphtheria, HTLV-1/2, Rabies, Herpes zoster, Varicella zoster, Anthrax, Mason-Pfizer monkey virus (MPMV) and Visna virus (VISNA). The Company has also analyzed epitopes of animal viruses and plans to produce mAbs for treating these animal viruses.
Safe Harbor Statement: This news release contains forward-looking statements that involve risks and uncertainties associated with financial projections, budgets, milestone timelines, clinical development, regulatory approvals, and other risks described by Enzolytics, Inc. from time to time in its periodic reports filed with the SEC. ITV-1 is not approved by the U.S. Food and Drug Administration or by any comparable regulatory agencies elsewhere in the world.
While Enzolytics, Inc. believes that the forward-looking statements and underlying assumptions contained therein are reasonable, any of the assumptions could be inaccurate, including, but not limited to, the ability of Enzolytics to establish the efficacy of its therapeutics in the treatment of any disease or health condition, the development of studies and strategies leading to commercialization of its therapeutics in the United States, the obtaining of funding required to carry out the development plan, the completion of studies and tests on time or at all, and the successful outcome of such studies or tests. Therefore, there can be no assurance that the forward-looking statements included in this release will prove to be accurate.
Such forward-looking statements are based on current expectations. They involve inherent risks and uncertainties, including factors that could delay, divert or change any of the statements made, and cause actual outcomes and results to differ materially from current expectations. No forward-looking statement can be guaranteed. These forward-looking statements are made as of the date of this press release. The Company expressly disclaims any intention or obligation to update the forward-looking statements or update the reasons why actual results could differ from those projected in the forward-looking statements.
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SOURCE: Enzolytics, Inc.
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