NewGenIvf Provides Update on Potential Reverse Merger with COVIRIX
NewGenIvf Group (NASDAQ: NIVF) has provided an update on its proposed reverse merger with COVIRIX Medical Pty The company anticipates completing the transaction by the end of August 2024, subject to regulatory approvals. Key highlights include:
1. COVIRIX's ongoing antiviral research at a U.S. university, focusing on respiratory diseases.
2. COVIRIX holds 80,000 Zucoins crypto tokens, potentially representing significant value.
3. The merger aims to create a multifaceted healthcare company.
4. COVIRIX has engaged a U.S. university for an in vitro study of its patented antiviral drug candidate.
5. NewGen proposes to issue 102,890,000 shares to COVIRIX shareholders, valued at US$617,340,000.
6. COVIRIX to introduce investors to raise US$6 million for NIVF at US$6 per share.
NewGenIvf Group (NASDAQ: NIVF) ha fornito un aggiornamento sulla sua proposta di fusione inversa con COVIRIX Medical Pty. L'azienda prevede di completare la transazione entro la fine di agosto 2024, in attesa delle approvazioni regolamentari. I principali punti salienti includono:
1. La continua ricerca antivirale di COVIRIX presso un'università statunitense, focalizzata sulle malattie respiratorie.
2. COVIRIX detiene 80.000 token crittografici Zucoins, che potrebbero rappresentare un valore significativo.
3. La fusione mira a creare un'azienda sanitaria multifunzionale.
4. COVIRIX ha coinvolto un'università statunitense per uno studio in vitro del suo candidato farmaco antivirale brevettato.
5. NewGen propone di emettere 102.890.000 azioni agli azionisti di COVIRIX, valutate a US$617.340.000.
6. COVIRIX presenterà investitori per raccogliere US$6 milioni per NIVF a US$6 per azione.
NewGenIvf Group (NASDAQ: NIVF) ha proporcionado una actualización sobre su propuesta de fusión inversa con COVIRIX Medical Pty. La compañía anticipa completar la transacción para finales de agosto de 2024, sujeto a aprobaciones regulatorias. Los aspectos más destacados incluyen:
1. La continua investigación antiviral de COVIRIX en una universidad estadounidense, centrada en enfermedades respiratorias.
2. COVIRIX posee 80.000 tokens de criptomoneda Zucoins, que podrían representar un valor significativo.
3. La fusión tiene como objetivo crear una empresa de atención médica multifacética.
4. COVIRIX ha contratado a una universidad de EE. UU. para un estudio in vitro de su candidato a fármaco antiviral patentado.
5. NewGen propone emitir 102.890.000 acciones a los accionistas de COVIRIX, valoradas en US$617.340.000.
6. COVIRIX presentará a inversores para recaudar US$6 millones para NIVF a US$6 por acción.
NewGenIvf Group (NASDAQ: NIVF)가 COVIRIX Medical Pty와의 제안된 역합병에 대한 업데이트를 제공했습니다. 회사는 규제 승인에 따라 2024년 8월 말까지 거래를 완료할 것으로 예상하고 있습니다. 주요 사항은 다음과 같습니다:
1. COVIRIX의 미국 대학교에서 진행 중인 항바이러스 연구는 호흡기 질환에 초점을 맞추고 있습니다.
2. COVIRIX는 80,000개의 Zucoins 암호화 토큰을 보유하고 있으며, 이는 상당한 가치를 나타낼 수 있습니다.
3. 합병은 다각화된 헬스케어 회사를 만드는 것을 목표로 하고 있습니다.
4. COVIRIX는 자사의 특허 항바이러스 약물 후보를 위한 시험관 연구를 위해 미국 대학교와 협력했습니다.
5. NewGen은 COVIRIX 주주에게 US$617,340,000에 해당하는 102,890,000주를 발행할 계획입니다.
6. COVIRIX는 주당 US$6로 NIVF를 위해 US$6백만을 조달하기 위해 투자자를 소개할 것입니다.
NewGenIvf Group (NASDAQ: NIVF) a fourni une mise à jour sur sa fusion inversée proposée avec COVIRIX Medical Pty. L'entreprise prévoit de finaliser la transaction d'ici la fin août 2024, sous réserve des approbations réglementaires. Les points clés incluent :
1. La recherche antivirale en cours de COVIRIX dans une université américaine, axée sur les maladies respiratoires.
2. COVIRIX détient 80 000 tokens de cryptomonnaie Zucoins, représentant potentiellement une valeur significative.
3. La fusion vise à créer une entreprise de santé multifonctionnelle.
4. COVIRIX a engagé une université américaine pour une étude in vitro de son candidat médicament antiviral breveté.
5. NewGen propose d'émettre 102 890 000 actions aux actionnaires de COVIRIX, d'une valeur de US$617 340 000.
6. COVIRIX présentera des investisseurs pour lever US$6 millions pour NIVF à un prix de US$6 par action.
NewGenIvf Group (NASDAQ: NIVF) hat ein Update zu seiner vorgeschlagenen Umkehrfusion mit COVIRIX Medical Pty bereitgestellt. Das Unternehmen plant, die Transaktion bis Ende August 2024 abzuschließen, vorbehaltlich der behördlichen Genehmigungen. Die wichtigsten Punkte umfassen:
1. Die fortlaufende antivirale Forschung von COVIRIX an einer US-Universität, die sich auf Atemwegserkrankungen konzentriert.
2. COVIRIX besitzt 80.000 Zucoins-Krypto-Token, die potenziell einen erheblichen Wert darstellen.
3. Die Fusion zielt darauf ab, ein vielseitiges Gesundheitsunternehmen zu schaffen.
4. COVIRIX hat eine US-Universität für eine in vitro Studie zu seinem patentierten antiviralem Arzneimittelkandidaten engagiert.
5. NewGen plant, 102.890.000 Aktien an die COVIRIX-Aktionäre auszugeben, die auf US$617.340.000 geschätzt werden.
6. COVIRIX wird Investoren vorstellen, um US$6 Millionen für NIVF zu einem Preis von US$6 pro Aktie zu beschaffen.
- Potential expansion of healthcare offerings beyond fertility treatments
- COVIRIX's antiviral research progress at a prominent U.S. university
- Possible value addition from 80,000 Zucoins crypto tokens held by COVIRIX
- In vitro study of COVIRIX's antiviral drug candidate against multiple respiratory viruses
- Proposed US$617,340,000 valuation for COVIRIX in the merger deal
- Planned US$6 million capital raise at US$6 per share for NIVF
- Significant shareholder dilution with COVIRIX shareholders expected to hold 85.8% equity post-merger
- Uncertainty regarding the actual value of Zucoins crypto tokens
- Potential risks associated with cryptocurrency holdings
- No guarantee of success for COVIRIX's antiviral drug research
- Completion of the merger subject to various conditions and approvals
The proposed reverse merger between NewGenIvf and COVIRIX Medical is a notable strategic move with significant financial implications. The issuance of 102,890,000 ordinary shares of NewGen in exchange for 100% equity interest in COVIRIX, valued at
The merger aligns with NewGenIvf’s strategy to diversify its healthcare services beyond fertility treatments. COVIRIX’s engagement with a prominent U.S. university to conduct in vitro studies on its antiviral drug candidate, which targets multiple respiratory viruses, is a critical step. Positive results could significantly enhance COVIRIX's profile and, by extension, NewGen’s market position. Furthermore, the holding of 80,000 Zucoins crypto tokens by COVIRIX adds a speculative element to the merger. Although projecting these tokens to achieve approximately
The ongoing antiviral research by COVIRIX, particularly its in vitro study on various respiratory viruses, is an exciting development in the pharmaceutical landscape. The drug's previous effectiveness against SARS-CoV-2 and its variants indicates a strong potential for broad-spectrum antiviral therapies. If the current studies yield positive results, it could pave the way for significant advancements in treating respiratory diseases, including those with pandemic potential. Long-term, this could position the merged entity as a key player in the healthcare sector, driving innovation and potentially leading to new treatment protocols. The strategic alignment in healthcare offerings between NewGen and COVIRIX may enhance research capabilities and accelerate the development of new therapies.
BANGKOK, July 24, 2024 (GLOBE NEWSWIRE) -- NewGenIvf Group (NASDAQ: NIVF) (“NewGen” or the “Company”), a comprehensive fertility services provider in Asia helping couples and individuals obtain access to fertility treatments, today announced an update on its proposed reverse merger (the “Proposed Transaction”) with pharmaceutical company COVIRIX Medical Pty Ltd ("COVIRIX"). The Company reports steady progress in its due diligence efforts and, contingent upon meeting all regulatory requirements, anticipates completing the Proposed Transaction by the end of August 2024.
Mr. Siu Wing Fung Alfred, Founder, Chairman, and CEO of NewGen, commented, "We are very encouraged by the progress of our due diligence on COVIRIX. The ongoing antiviral research at a prominent U.S. university underscores COVIRIX's commitment to developing innovative therapies for respiratory diseases. This aligns well with our vision to expand our healthcare offerings beyond fertility treatments. Additionally, we've learned that COVIRIX holds 80,000 Zucoins crypto tokens in its treasury. These tokens are expected to be listed on the Zutopia Marketplace trading platform soon, with COVIRIX’s projections suggesting they could achieve approximately
Mr. Richard Li, Executive Director and Head of Corporate Development of COVIRIX Medical, commented, "We are thrilled to announce that COVIRIX has officially engaged a prominent U.S. university to conduct an in vitro study of our primary patented antiviral drug candidate. This study will focus on several respiratory viruses, including various influenza strains and the rapidly spreading Avian influenza H5N1 in the United States, as well as RSV. We expect to have results within weeks, which marks an exciting milestone in our research timeline. Our drug's unique mechanism of action has already shown promising effectiveness against SARS-CoV-2 and its multiple variants in our previous in vitro studies. Based on these earlier results, we are optimistic that our drug candidate will demonstrate similar efficacy against the respiratory viruses in this current study, subject to appropriate results from follow-up clinical trials. This research represents a significant step forward in our mission to develop broad-spectrum antiviral therapies that can address multiple respiratory diseases, potentially including those with pandemic potential."
The Proposed Transaction
Pursuant to the Term Sheet, it is proposed that NewGen issue 102,890,000 of its ordinary shares to the shareholder(s) of COVIRIX or their respective nominees (the “COVIRIX Shareholders”) in exchange for
Following stockholder approval of the Proposed Transaction, COVIRIX Shareholders are expected to hold approximately
About NewGen
NewGen is a comprehensive fertility services provider in Asia helping couples and individuals obtain access to fertility treatments. With a mission to aid couples and individuals in building families regardless of fertility challenges, NewGen has dedicated itself to creating increased access to infertility treatment and providing comprehensive fertility services for its customers. NewGen Group and its management have over a decade of experience in the fertility industry. NewGen's clinics are located in Thailand, Cambodia, and Kyrgyzstan, and present a full suite of services for its patients, including comprehensive infertility and assisted reproductive technology treatments, egg and sperm donation, and surrogacy, in the appropriate jurisdictions, respectively. To learn more, visit www.newgenivf.com. The information contained on, or accessible through, NewGen's website is not incorporated by reference into this press release, and you should not consider it a part of this press release.
About COVIRIX Medical
COVIRIX Medical is a pharmaceutical company based in Melbourne, Australia. COVIRIX Medical’s mission is dedicated to repurpose and develop antiviral and anti-inflammatory drugs for treatment of Pulmonary Diseases (Respiratory Infections), including COVID-19, with existing small molecule antivirals uniquely administered via oral inhalation. COVIRIX Medical was founded by a team of renowned professionals with complementary expertise and decades of industry experience to deliver the company’s stated mission. COVIRIX Medical is managed by a team of professionals with complementary expertise and deep experience in healthcare, biotech, drug development, drug synthesis and testing, and investment banking.
The COVIRIX antiviral drug has demonstrated effectiveness against a number of SARS CoV-2 variants in extensive in-vitro studies. Its drug has a unique mechanism of action and is a broad-spectrum antiviral. Subject to appropriate clinical trial results, the same patented antiviral treatment is applicable to treating a wide range of viral respiratory diseases: (all types of) influenza including Avian Influenza, RSV, metapneumoviruses, seasonal coronaviruses, etc. COVIRIX Medical has responded to COVID-19 since the start of the COVID Pandemic in early 2020. While preparing for future mutations of the SARS CoV-2 virus, COVIRIX Medical is also readying for the inevitable next respiratory virus pandemic. To learn more about COVIRIX Medical, visit http://covirix.com/.The information contained on, or accessible through, COVIRIX Medical’s website is not incorporated by reference into this press release, and you should not consider it a part of this press release.
Forward-Looking Statements
This press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. Without limiting the generality of the foregoing, the forward-looking statements in this press release include descriptions of the Company's or NewGenIvf Group's future commercial operations. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, such as the Company's or NewGenIvf Group's inability to implement its business plans, identify and realize additional opportunities, or meet or exceed its financial projections and changes in the regulatory or competitive environment in which the Company or NewGenIvf Group operates. You should carefully consider the foregoing factors and the other risks and uncertainties described in NewGenIvf Group's Annual Report on Form 20-F and other documents filed or to be filed by NewGenIvf Group with the U.S. Securities and Exchange Commission (the "SEC") from time to time, which could cause actual events and results to differ materially from those contained in the forward-looking statements. Copies of these documents are available on the SEC's website, www.sec.gov. All information provided herein is as of the date of this press release, and the Company and NewGenIvf Group undertakes no obligation to update any forward-looking statement, except as required under applicable law.
Investor Relations Contact
ICR, LLC
Robin Yang
Phone: +1 (212) 537-4406
Email: Newgenivf.IR@icrinc.com
![](https://ml.globenewswire.com/media/Y2Q3YWY4NzItZTgxMC00ZmQyLTgzNDctMjk3OTAxM2FlYjFmLTEyOTcwMTE=/tiny/NewGenIVF-Limited.png)
FAQ
When is NewGenIvf (NIVF) expected to complete its reverse merger with COVIRIX?
What is the proposed valuation of COVIRIX in the reverse merger with NewGenIvf (NIVF)?
What percentage of NewGenIvf (NIVF) will COVIRIX shareholders own after the merger?
What is the focus of COVIRIX's antiviral research mentioned in the NewGenIvf (NIVF) update?