Aspire Biopharma Holdings, Inc., Announces Public Listing on Nasdaq
Aspire Biopharma Holdings has completed its business combination with PowerUp Acquisition Corp, creating a Nasdaq-listed biopharmaceutical company. The company will trade under the ticker symbol 'ASBP' starting February 20, 2025. The transaction raised approximately $3.8 million through PowerUp's trust account and PIPE financing.
Aspire focuses on developing breakthrough innovations in FDA-approved drugs using its proprietary sublingual delivery system. Their pipeline includes a fast-acting aspirin product for cardiology emergencies, a Viagra/Cialis combination, and various bi-hormonal drugs. The company's patented technology enables rapid absorption of drugs directly into the bloodstream, bypassing the gastrointestinal tract and liver.
Led by CEO Kraig Higginson, Aspire plans to use the proceeds to accelerate development of its product pipeline and advance clinical trials, particularly for its lead product - an 'instant absorption' aspirin formulation.
Aspire Biopharma Holdings ha completato la sua fusione con PowerUp Acquisition Corp, creando una società biofarmaceutica quotata al Nasdaq. La società inizierà a essere scambiata con il simbolo ticker 'ASBP' a partire dal 20 febbraio 2025. L'operazione ha raccolto circa 3,8 milioni di dollari attraverso il conto fiduciario di PowerUp e il finanziamento PIPE.
Aspire si concentra sullo sviluppo di innovazioni rivoluzionarie in farmaci approvati dalla FDA, utilizzando il proprio sistema di somministrazione sublinguale. Il loro portafoglio include un prodotto a base di aspirina a rapido assorbimento per emergenze cardiologiche, una combinazione di Viagra/Cialis e vari farmaci bi-ormonali. La tecnologia brevettata dell'azienda consente un rapido assorbimento dei farmaci direttamente nel flusso sanguigno, evitando il tratto gastrointestinale e il fegato.
Guidata dal CEO Kraig Higginson, Aspire intende utilizzare i proventi per accelerare lo sviluppo del proprio portafoglio prodotti e avanzare gli studi clinici, in particolare per il suo prodotto di punta - una formulazione di aspirina a 'assorbimento istantaneo'.
Aspire Biopharma Holdings ha completado su fusión con PowerUp Acquisition Corp, creando una empresa biofarmacéutica que cotiza en Nasdaq. La empresa comenzará a operar bajo el símbolo de ticker 'ASBP' a partir del 20 de febrero de 2025. La transacción recaudó aproximadamente 3,8 millones de dólares a través de la cuenta fiduciaria de PowerUp y financiamiento PIPE.
Aspire se centra en desarrollar innovaciones revolucionarias en medicamentos aprobados por la FDA utilizando su sistema de entrega sublingual patentado. Su pipeline incluye un producto de aspirina de acción rápida para emergencias cardiológicas, una combinación de Viagra/Cialis y varios medicamentos bi-hormonales. La tecnología patentada de la empresa permite la rápida absorción de medicamentos directamente en el torrente sanguíneo, evitando el tracto gastrointestinal y el hígado.
Bajo la dirección del CEO Kraig Higginson, Aspire planea utilizar los ingresos para acelerar el desarrollo de su pipeline de productos y avanzar en los ensayos clínicos, particularmente para su producto principal: una formulación de aspirina de 'absorción instantánea'.
아스파이어 바이오파마 홀딩스가 파워업 인수 법인과의 사업 합병을 완료하여 나스닥에 상장된 바이오 제약 회사를 설립했습니다. 이 회사는 2025년 2월 20일부터 'ASBP'라는 티커 기호로 거래될 예정입니다. 이번 거래는 파워업의 신탁 계좌와 PIPE 자금을 통해 약 380만 달러를 모금했습니다.
아스파이어는 FDA 승인 약물에서 혁신적인 혁신을 개발하는 데 집중하고 있으며, 독자적인 설하 전달 시스템을 사용하고 있습니다. 그들의 파이프라인에는 심장 응급 상황을 위한 빠른 작용 아스피린 제품, 비아그라/시알리스 조합 및 다양한 이중 호르몬 약물이 포함되어 있습니다. 회사의 특허 기술은 약물이 위장관과 간을 우회하여 혈류로 직접 빠르게 흡수될 수 있게 합니다.
CEO 크레이그 히긴슨이 이끄는 아스파이어는 수익금을 사용하여 제품 파이프라인 개발을 가속화하고 임상 시험을 진행할 계획이며, 특히 '즉각 흡수' 아스피린 제형을 위해 노력할 것입니다.
Aspire Biopharma Holdings a terminé sa fusion avec PowerUp Acquisition Corp, créant ainsi une entreprise bio-pharmaceutique cotée au Nasdaq. L'entreprise sera négociée sous le symbole ticker 'ASBP' à partir du 20 février 2025. La transaction a permis de lever environ 3,8 millions de dollars grâce au compte fiduciaire de PowerUp et au financement PIPE.
Aspire se concentre sur le développement d'innovations révolutionnaires dans des médicaments approuvés par la FDA, utilisant son système de délivrance sublinguale propriétaire. Son pipeline comprend un produit d'aspirine à action rapide pour les urgences cardiologiques, une combinaison de Viagra/Cialis et divers médicaments bi-hormonaux. La technologie brevetée de l'entreprise permet une absorption rapide des médicaments directement dans le flux sanguin, contournant le tractus gastro-intestinal et le foie.
Dirigée par le PDG Kraig Higginson, Aspire prévoit d'utiliser les fonds pour accélérer le développement de son portefeuille de produits et faire avancer les essais cliniques, en particulier pour son produit phare - une formulation d'aspirine à 'absorption instantanée'.
Aspire Biopharma Holdings hat seine Fusion mit PowerUp Acquisition Corp abgeschlossen und damit ein an der Nasdaq gelistetes biopharmazeutisches Unternehmen gegründet. Das Unternehmen wird ab dem 20. Februar 2025 unter dem Tickersymbol 'ASBP' gehandelt. Die Transaktion hat über das Treuhandkonto von PowerUp und PIPE-Finanzierungen etwa 3,8 Millionen Dollar eingebracht.
Aspire konzentriert sich auf die Entwicklung bahnbrechender Innovationen in von der FDA zugelassenen Arzneimitteln mit einem eigenen sublingualen Abgabesystem. Ihr Produktportfolio umfasst ein schnell wirkendes Aspirin-Produkt für kardiologische Notfälle, eine Viagra/Cialis-Kombination und verschiedene bi-hormonale Medikamente. Die patentierte Technologie des Unternehmens ermöglicht eine schnelle Absorption von Medikamenten direkt in den Blutkreislauf, wodurch der Magen-Darm-Trakt und die Leber umgangen werden.
Unter der Leitung von CEO Kraig Higginson plant Aspire, die Erlöse zu nutzen, um die Entwicklung seines Produktportfolios zu beschleunigen und klinische Studien voranzutreiben, insbesondere für sein Hauptprodukt - eine 'sofort absorbierbare' Aspirin-Formulierung.
- Successful completion of business combination and Nasdaq listing, providing access to capital markets
- Raised $3.8 million through trust account and PIPE financing
- Proprietary sublingual delivery technology with patent protection
- Multiple product candidates in development including fast-acting aspirin and Viagra/Cialis combination
- initial funding of only $3.8 million for multiple product developments
- Early stage company with no commercialized products yet
Insights
The completion of Aspire Biopharma's business combination with PowerUp presents a mixed picture for investors. The $3.8 million capital raise through the SPAC merger and PIPE financing is notably small for a biotech company with multiple product candidates in development. For context, typical early-stage biotech companies often require $20-50 million just to advance a single drug candidate through early clinical trials.
The company's sublingual delivery technology platform represents a potentially valuable innovation in drug delivery. This approach, which bypasses first-pass metabolism through the liver, could offer significant advantages:
- Enhanced bioavailability compared to oral administration
- Faster onset of action - particularly important for their emergency cardiac aspirin product
- Reduced gastrointestinal side effects
- Potential for lower dosing requirements
However, several critical considerations warrant attention. The capital raise suggests potential challenges in fully executing their broad pipeline strategy. Development costs for their various candidates - including fast-acting aspirin, Viagra/Cialis combination, and hormone-based drugs - will likely exceed their current capital position, potentially necessitating additional fundraising that could dilute shareholders.
The company's strategy of reformulating approved drugs could offer a faster path to market through the FDA's 505(b)(2) pathway, potentially reducing development costs and risks compared to novel drug development. However, success will heavily depend on demonstrating meaningful improvements over existing formulations and securing strong patent protection for their delivery technology.
While the Nasdaq listing provides improved access to capital markets and increased visibility, investors should closely monitor:
- Burn rate and timeline to additional financing needs
- Progress in clinical development, particularly for their lead aspirin product
- Patent position and potential competition in drug delivery technology
- Prioritization of pipeline assets given resources
The closing of the business combination with PowerUp Acquisition Corp. creates Nasdaq-listed biopharmaceutical company dedicated to developing breakthrough innovations in FDA approved drugs, nutraceuticals, and supplements
Aspire has multiple product candidates in key areas of medical needs such as a fast-acting aspirin product for cardiology emergencies and pain management, a proprietary Viagra/Cialis combination product, various bi-hormonal drugs such as testosterone, estrogen, weight loss, anti-seizure, and thyroid drugs. Supplements such as pre-workout and melatonin are already being developed using Aspire's proprietary sublingual delivery system.
Aspire Biopharma Holdings, Inc. ("Aspire Biopharma") is scheduled to begin trading on Nasdaq on February 20, 2025 under the ticker symbol "ASBP".
HUMACO, PR AND NEW YORK, NY / ACCESS Newswire / February 20, 2025 / Aspire Biopharma, Inc. ("Aspire" or the "Company"), a developer of a multi-faceted patent-protected disruptive drug delivery mechanism technology, and PowerUp Acquisition Corp. (Nasdaq:PWUP), a Nasdaq Global Market® listed special purpose acquisition company, ("PowerUp"), today announced the completion of their previously announced business combination (the "Business Combination"). Proceeds from the transaction totaled approximately
The Business Combination is expected to provide Aspire Biopharma with improved access to sources of new capital, enable Aspire to further expand the internal development of new product offerings, accelerate strategic partnerships, and pursue trials and commercialization of its fast-absorbing aspirin for use in stopping cardiac incidents which management believes is a candidate for fast-track approval through the FDA.
Highlights
Industry-Leading Platform: Aspire is focused on developing a pipeline of products utilizing its novel sublingual delivery mechanisms to enhance the efficacy of FDA- approved drugs, nutraceuticals, and supplements.
Innovative Drug Delivery Technology: Aspire's patented and patent-pending delivery system includes components specifically formulated to allow rapid sublingual absorption of drugs and supplements directly into the blood stream, thus on first pass avoiding the gastrointestinal tract and liver, allowing far more of the drugs to reach where they are needed in a very short time and avoiding irritation of the gastric system.
Growth and Innovation: Proceeds from the transaction are expected to further fuel Aspire's strategic growth plan to accelerate the development of its differentiated pipeline and finance several key therapeutic programs to data announcements.
Management and Governance
Aspire Biopharma will continue to be led by Kraig Higginson, Director, Chairman and Chief Executive Officer of the Company, and the rest of the current Aspire Biopharma management team. Aspire Biopharma's Board of Directors is comprised of seven directors, including Michael Howe, Gary E. Stein, Barbara Sher, Edward J. Kimball, Surendra Ajjarapu and Donald G. Fell.
Kraig Higginson, Chief Executive Officer of Aspire, commented, "I am thrilled with the completion of this business combination and excited to lead this talented organization as it prepares to commercialize a technology with the potential to make a meaningful impact on healthcare and patient well-being. We believe Aspire's approach, which merges a focus on affordability with advanced science to create innovative and improved formulations of approved FDA drugs and nutraceuticals, is a blueprint for sustainable success in the current era of healthcare."
Higgnson added, "We are immensely proud of our clinical development results so far for our lead product, a novel "instant absorption" formulation of aspirin, to address cardiology emergencies and pain management. We are excited about accelerating our lead product candidate through the development and regulatory pathway. The proceeds from this transaction have improved our financial position and are expected to enable the advancement of multiple clinical stage candidates and the delivery of several important near-term catalysts for value creation."
Suren Ajjarapu, Chief Executive Officer of Powerup, said, "We are excited to see Aspire take this important next step in its evolution as a transformative biopharmaceutical company by becoming a publicly traded company. This step will enable Aspire to continue to leverage Aspire's commercial and clinical stage assets to develop innovative advancements of FDA approved drugs, nutraceuticals and supplements."
About this Transaction
On August 26, 2024, Aspire Biopharma, Inc., a developer of a multi-faceted patent protected disruptive drug delivery mechanism technology, entered into a definitive business combination agreement with PowerUp Acquisition Corp. (Nasdaq: PWUP), a Nasdaq Global Market® listed special purpose acquisition company. Under the terms of the business combination agreement, the SPAC Sponsors and certain current equity holders, officers and directors of Aspire Biopharma have agreed to be subject to a (term) lockup in respect of their common stock, in each case subject to certain customary exceptions, which will provide important stability to the leadership and governance of the combined entity.
The description of the business combination contained herein is only a high-level summary and is qualified in its entirety by the more detailed description of the terms of the transaction provided in the definitive proxy statement/prospectus filed with the U.S. Securities and Exchange Commission on January 14, 2025.
Aspire Overview
Aspire Biopharma, Inc. is a privately held, early-stage biopharmaceutical technology company founded in 2021. The Company is engaged in the business of developing and marketing a disruptive technology for novel delivery mechanisms for FDA approved drugs, nutraceuticals, and supplements. Aspire has developed and acquired technologies that we believe are a Novel Soluble Formulation which address emergencies and drug efficacy, dosage management, patient compliance and safety and rapid response and absorption time when required or desired.
High-dose, sublingual aspirin - Aspire's Expected Launch Product
Aspire had historically focused on the delivery of aspirin, which may be the most studied and accepted analgesic and anti-inflammatory. However, current aspirin applications have limitations due to side effects from acidity.
Aspire's first product, which addresses cardiology emergencies and pain management, is a granular or powder formulation of a soluble, Ph neutral, fast-acting aspirin. Benefits of "instant absorption" aspirin include the potential to quickly stop heart attack and stroke; allow high dose absorption for pain management including quick headache relief, post-surgery, cancer pain management, and general pain relief. Aspire currently plans to pursue a "fast track" 505(b)(2) New Drug Application with the U.S. Food and Drug Administration ("FDA") for its aspirin product. The 505(b)(2) pathway specifically benefits new drugs that are similar to already approved drugs but have slight variations in formulation or administration routes. Aspire can reference the safety and efficacy data of the original innovator drug which can accelerate the approval process and reduce associated costs.
Aspire's Development Pipeline
In addition to the Company's lead high-dose aspirin candidate, Aspire has numerous pharmaceutical and nutraceutical applications under development in the following areas, including but not limited to a proprietary Viagra/Cialis combination product which is faster acting, requiring decreased dosages with the benefit of a longer half-life, various bi-hormonal drugs such as testosterone, estrogen and weight loss drugs, anti-seizure drugs, anti-nausea drugs, and thyroid drugs, as well as various supplements including a rapid-absorbing pre-workout and a melatonin sleep aid.
Advisors
Dykema Gossett, PLLC served as legal counsel to PowerUp Acquisition Corp.
Sichenzia Ross Ference Carmel LLP served as legal counsel to Aspire BioPharma, Inc.
About Aspire Biopharma, Inc.
Headquartered in Humacao, Puerto Rico, Aspire Biopharma has developed a disruptive technology through a Novel Soluble Formulation which addresses emergencies, drug efficacy, dosage management, and response time. For more information, please visit www.aspirebiolabs.com.
About PowerUp Acquisition Corp.
PowerUp Acquisition Corp. is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses.
Safe Harbor Statement
Certain statements made in this communication are "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may generally be identified by the use of words such as "estimate," "projects," "expects," "anticipates," "forecasts," "plans," "intends," "believes," "seeks," "may," "will," "would," "should," "future," "propose," "potential," "target," "goal," "objective," "outlook" and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding the financial position, business strategy and the plans and objectives of management for future operations of the combined public company, including as they relate to the potential Business Combination and related transactions, pricing and market opportunity, the completion of the potential Business Combination and related transactions, the level of redemptions by PowerUp's public shareholders and the timing of the completion of the proposed Business Combination, including the anticipated closing date of the proposed Business Combination and the use of the cash proceeds therefrom. These statements are based on various assumptions, whether or not identified in this communication, and on the current expectations of PowerUp's and Aspire's management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as and must not be relied on by any investor as a guarantee, an assurance, a prediction or a definitive statement of fact or probability. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the control of the parties, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
Aspire Biopharma, Inc. Contact
TraDigital IR
Kevin McGrath
+1-646-418-7002
kevin@tradigitalir.com
SOURCE: Aspire Biopharma, Inc.
View the original press release on ACCESS Newswire
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