Enzolytics Inc. Continues Progress with Business Combination; Biogenysis Announces Team and Plans for Success
Enzolytics, Inc. (OTC PINK: ENZC) announced progress on its business combination with Sagaliam Acquisition Corp. As part of the transition, Dr. Gaurav Chandra has been appointed CEO of Biogenysis. The deadline for completing the business combination has been extended to May 23, 2023, providing additional time for finalization. Enzolytics aims to leverage its AI and Monoclonal Antibody platforms in developing therapies for infectious diseases. CEO Charles Cotropia emphasized the commitment to advancing their technology pipeline, focusing on multiple Monoclonal Antibodies. The company continues to explore collaborations and aims for a strong intellectual property portfolio. Enzolytics has patented therapeutics targeting HIV/AIDS and other infectious diseases, including potential therapies for various viruses.
- Appointment of Dr. Gaurav Chandra as CEO of Biogenysis indicates strategic leadership continuity.
- Extension to May 23, 2023, provides more time to finalize the business combination with Sagaliam.
- Focus on developing multiple Monoclonal Antibodies enhances growth potential.
- Plans to establish a strong intellectual property portfolio for diagnostics and therapeutics.
- The need for multiple extensions highlights uncertainty in completing the business combination.
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COLLEGE STATION, TX / ACCESSWIRE / April 27, 2023 / Enzolytics, Inc. (OTC PINK:"ENZC" or the "Company") announces its continuing progress with the recently announced business combination between Enzolytics' operating subsidiaries, Biogenysis and Virogentics, and Sagaliam Acquisition Corp. ("Sagaliam"). In preparation for this ownership transition, Dr. Gaurav Chandra has been appointed the Chief Executive Officer and Chairman of Biogenysis.
Enzolytics is continuing to make progress on the definitive agreement for the business combination with Sagaliam Acquisition Corp. Sagaliam recently announced the funding of its fifth extension. The date by which Sagaliam has to complete its business combination has been extended from April 23, 2023, to May 23, 2023. The Extension is the fifth of ten one-month extensions permitted under Sagaliam's governing documents and provides the Company with additional time to complete its business combination.
Dr. Gaurav Chandra stated, "As the world emerges from the COVID-19 pandemic, we realize that the most influential companies are built from years of commitment, dedication, and vision. Enzolytics represents 40 years of resilience with a strong foundation and strength of the human spirit. It is an honor to carry forward this legacy with our vision amalgamated with integrity and dedication to bring successful therapies to the world. Biogenysis will achieve such results by combining the novel aspects of its Artificial Intelligence (AI) and Monoclonal Antibody platforms. With purpose and passion to succeed, we are moving forward. As we continue to reach successful milestones, we must remember to celebrate these accomplishments and thank all our partners as we prepare for the road ahead."
Enzolytics CEO, Charles Cotropia, has led the Company since the successful merger of BioClonetics Immunotherapeutics and Enzolytics, Inc. Now, after almost two and a half years, with planned clinical trials and studies, the Company sees this as the right time to align the talents in the Company to focus on successful advancement of the distinctive technologies within Enzolytics.
Mr. Cotropia has established a steady growth path for Enzolytics and laid the foundation for success. As a result, the Company is poised to realize the benefits of hard work and complete the transformation into a global biotechnology company. Mr. Cotropia will continue as the Executive Director of Biogenysis and guide a comprehensive Intellectual Property strategy.
Dr. Joseph Cotropia will assume the Chief Scientific Officer position of Biogenysis. Dr. Cotropia said, "I am encouraged to see a roadmap and strategies in place to fulfill my life's work. We were few when we started, and it is encouraging to now have many professionals and partnering companies that believe in our science and therapies. Our AI platform and the collaboration we have with Samsung Biologics will accelerate our progress. Since the steps from early discovery to IND studies are identical, we can move ahead rapidly with production of multiple Monoclonal Antibodies."
Dr. Suraj Saggar will be an Advisory Board Member of Biogenysis. Dr. Saggar said, "There is tremendous progress in developing our Monoclonal Antibodies for multiple infectious diseases. Besides IgG Monoclonal Antibodies, the IgA Monoclonal Antibodies for COVID-19 have disruptive potential. In addition, we recognize the role of IgA antibodies in the immune function of mucous membranes and are working on harnessing their potential for powerful, efficient Immunotherapeutics. These can be offered as an intranasal spray which can be easily applied to achieve long-term protection."
Dr. Kirsten Bischof will continue to develop the AI platform as an Advisory Board Member. In addition, as the AI platform is expanded, Dr. Bischof will serve as the Chief Information Officer. The Company plans to create an Artificial Intelligence division to develop drug discovery and development strategies. Dr. Bischof said, "Large pharmaceutical companies are creating internal algorithms and partnering with or acquiring new companies to use AI to increase their portfolios and pipelines. With an increased focus on AI-empowered Drug Discovery Platforms that allow the discovery of multiple drugs with multiple targets and applications, we continue to consider collaborations with our AI platform. Biogenysis acknowledges the importance of the all-encompassing One Health in pandemic prevention and preparedness. The application of AI in achieving One Health enables monitoring and facilitates control of public health threats at an early stage by recognizing changes in behavioral patterns and in the relationship between humans, animals, and the environment."
Charles Cotropia, CEO of Enzolytics, stated, "At Biogenysis, we have a pipeline of Monoclonal Antibodies. In addition, we are creating a strong IP portfolio for multiple infectious diseases covering diagnostics, therapeutics, and vaccines for these viruses. Strategically, we are focused on meeting milestones and licensing each of these assets. The SPAC agreement allows us to move forward with multiple Monoclonal Antibodies simultaneously, bringing significant value to our shareholders."
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.
Company Contact:
Enzolytics, Inc.
1101 Raintree Circle
Allen, Texas 75013
www.enzolytics.com
SOURCE: Enzolytics, Inc.
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