Enzolytics Inc. Files Supplemental Information Report on the Sale of Biogenysis, Inc. and Virogentics, Inc to Sagaliam Acquisition Corp.

Rhea-AI Summary

Enzolytics, Inc. has filed a supplemental information report regarding the sale of its subsidiaries Biogenysis, Inc. and Virogentics, Inc. to Sagaliam Acquisition Corp. The transaction is valued at $450 million and will provide funding for the advancement of medical technologies. The CEOs of Biogenysis and Virogentics expressed their excitement about the agreement and the potential for expanding their programs and bringing therapies to market more rapidly. Enzolytics sees this transaction as a monumental step forward for the company and expects significant progress as a result.

Positive

• Enzolytics, Inc. has entered into a non-binding letter of intent to sell its subsidiaries Biogenysis, Inc. and Virogentics, Inc. to Sagaliam Acquisition Corp. The transaction is valued at $450 million, providing necessary funding for the advancement of medical technologies. This agreement allows Biogenysis and Virogentics to expand their programs and accelerate the development of monoclonal antibody therapies. The intellectual property portfolio of these subsidiaries includes diagnostics, therapeutics, and vaccines targeting numerous viruses, creating diverse licensing and partnering opportunities. The sale of these subsidiaries is expected to have a positive impact on Enzolytics' stock price.

Negative

• None.

COLLEGE STATION, TX / ACCESSWIRE / July 11, 2023 / Enzolytics, Inc. (OTC PINK:ENZC) (https://enzolytics.com/).

Enzolytics, Inc. ("ENZC" or the "Company") filed a Supplemental Information report today to provide additional details regarding the recently entered non-binding letter of intent with Sagaliam Acquisition Corp. ("NASDAQ: SAGA") ("SAGA") (together the "Parties") to sale the Company's two operating subsidiaries Biogenysis, Inc. ("BGEN") and Virogentics, Inc. ("VIRO") in a transaction valued at $450 million.

Dr. Gaurav Chandra, CEO of Biogenysis stated, "At Biogenysis, our primary focus is on developing and producing monoclonal antibodies to treat numerous infectious viruses. We have realized meaningful progress in achieving significant results which will be reported as we progress. Through the SPAC agreement, we will be able to expand our programs and bring monoclonal antibodies therapies to market more rapidly. Our intellectual property portfolio includes diagnostics, therapeutics, and vaccines targeting numerous viruses that have been analyzed using our AI technology. We expect that this progress and technology will lead to diverse licensing and partnering opportunities. AI has played a critical role in advancing our research and development in drug discovery, and we remain committed to using AI to revolutionize healthcare. We continue to partner with major biotech entities to assist us in pushing the boundaries of personalized medicine as we remain dedicated to our mission of producing safe and effective treatments using monoclonal antibodies."

Diana Zhabilov, CEO of Virogentics added, "The Virogentics team is excited about the SAGA agreement which will support further development of the Company's technologies and bring them to a higher level of achievement. Virogentics' IPF Immunotherapy platform can be used in combination with existing therapies for treatments of different viral and chronic diseases and under the proposed SAGA agreement, this extension can be realized. The Company is moving ahead toward registration of its ITV-1 therapeutics under the requirements of the European Medicines Agency (EMA). Also, the Company expects favorable results from the outcome of ITV-1 trials being conducted in Africa. The Company is also currently focusing on the development of several new nutraceutical products for liver and brain detox that VIRO has been exclusively licensed for distribution in north America. These therapeutics will soon be presented to the FDA for approval."

Barry Kostiner, CEO of SAGA commented, "We are working together with the Enzolytics team to structure our transaction to give the Enzolytics shareholders the benefits of our Nasdaq listing, while also protecting their interests, given the current volatility in financial markets. Additionally, we are committed to working together to facilitate continued liquidity and provide the capital needed to properly fund the Enzolytics technology that has already demonstrated tremendous promise."

Charles Cotropia, CEO of Enzolytics, Inc., stated, "This transaction with SAGA is a monumental step forward for our Company, providing BGEN and VIRO with the necessary funding to fully advance technologies in the medical field that are so desperately needed. Each of our subsidiaries has laid the groundwork for therapies that are at a point where the next advances place them at the forefront of the global biotech market. We look forward to the journey ahead and the progress we know will be achieved as a result of this agreement.

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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https://www.accesswire.com/766891/Enzolytics-Inc-Files-Supplemental-Information-Report-on-the-Sale-of-Biogenysis-Inc-and-Virogentics-Inc-to-Sagaliam-Acquisition-Corp

FAQ

What is Enzolytics, Inc. filing a report about?

Enzolytics, Inc. has filed a supplemental information report on the sale of its subsidiaries Biogenysis, Inc. and Virogentics, Inc. to Sagaliam Acquisition Corp.

What is the value of the transaction?

The transaction is valued at $450 million.

What will the funding be used for?

The funding will be used to advance medical technologies.

What are the benefits of this agreement for Biogenysis and Virogentics?

This agreement allows Biogenysis and Virogentics to expand their programs and bring monoclonal antibody therapies to market more rapidly.

What is the impact on Enzolytics' stock price?

The sale of these subsidiaries is expected to have a positive impact on Enzolytics' stock price.