SAGALIUM RESPONDS TO COMPETITOR’S FALSE AND MISLEADING PRESS RELEASE
Sagaliam Acquisition Corp (Expert Market: SAGA) has responded to a press release by Nika Pharmaceuticals, Inc., calling it false and misleading. SAGA claims that Nika's CEO, Dimtar Savov, is falsely asserting rights to patents for an Immunotherapy treatment of HIV/AIDS, which are actually owned by Harry H. Zhabilov and the Zhabilov Trust. SAGA's subsidiary, Virogentics, Inc., holds the exclusive worldwide license for ITV-1, the treatment in question.
SAGA's CEO, Barry Kostiner, stated that the company will pursue legal and regulatory actions against Nika for what they believe is a pattern of false and damaging statements. SAGA is continuing its work on registration, clinical trials, and distribution of ITV-1 in African countries. The company emphasizes that ITV-1 has shown positive results in HIV treatment and is covered by U.S. Patent Nos. 8,066,982 and 7,479,538.
Sagaliam Acquisition Corp (Expert Market: SAGA) ha risposto a un comunicato stampa di Nika Pharmaceuticals, Inc., definendolo falso e fuorviante. SAGA sostiene che il CEO di Nika, Dimtar Savov, stia erroneamente affermando diritti su brevetti per un trattamento immunoterapico dell'HIV/AIDS, che in realtà appartengono a Harry H. Zhabilov e al Zhabilov Trust. La sussidiaria di SAGA, Virogentics, Inc., detiene la licenza esclusiva a livello mondiale per ITV-1, il trattamento in questione.
Il CEO di SAGA, Barry Kostiner, ha dichiarato che la società intraprenderà azioni legali e regolamentari contro Nika per quello che credono sia un modello di dichiarazioni false e dannose. SAGA sta continuando il suo lavoro su registrazione, studi clinici e distribuzione di ITV-1 nei paesi africani. L'azienda sottolinea che ITV-1 ha mostrato risultati positivi nel trattamento dell'HIV ed è coperto dai brevetti statunitensi n. 8,066,982 e 7,479,538.
Sagaliam Acquisition Corp (Expert Market: SAGA) ha respondido a un comunicado de prensa de Nika Pharmaceuticals, Inc., llamándolo falso y engañoso. SAGA afirma que el CEO de Nika, Dimtar Savov, está alegando falsamente derechos sobre patentes para un tratamiento de inmunoterapia para el VIH/SIDA, que en realidad son propiedad de Harry H. Zhabilov y el Zhabilov Trust. La subsidiaria de SAGA, Virogentics, Inc., posee la licencia exclusiva mundial para ITV-1, el tratamiento en cuestión.
El CEO de SAGA, Barry Kostiner, declaró que la empresa emprenderá acciones legales y regulatorias contra Nika por lo que ellos creen que es un patrón de declaraciones falsas y dañinas. SAGA continúa su trabajo en registro, ensayos clínicos y distribución de ITV-1 en países africanos. La empresa enfatiza que ITV-1 ha mostrado resultados positivos en el tratamiento del VIH y está cubierto por las patentes estadounidenses n. 8,066,982 y 7,479,538.
사갈리암 인수 주식회사 (전문 시장: SAGA)는 니카 제약회사(Nika Pharmaceuticals, Inc.)의 보도 자료에 대해 허위 및 오해의 소지가 있다고 응답했습니다. SAGA는 니카의 CEO인 딘타르 사보프(Dimtar Savov)가 실제로 해리 H. 자빌로프(Harry H. Zhabilov)와 자빌로프 신탁(Zhabilov Trust)이 소유한 HIV/AIDS의 면역 치료에 대한 특허에 대한 권리를 잘못 주장하고 있다고 주장하고 있습니다. SAGA의 자회사인 비로젠틱스(Virogentics, Inc.)는 해당 치료제인 ITV-1에 대한 전 세계 독점 라이센스를 보유하고 있습니다.
SAGA의 CEO인 배리 코스티너(Barry Kostiner)는 회사가 니카에 대해 그들이 믿는 허위 및 피해를 주는 발언의 패턴에 대해 법적 및 규제 조치를 취할 것이라고 밝혔습니다. SAGA는 아프리카 국가에서 ITV-1의 등록, 임상 시험 및 배급 작업을 계속하고 있습니다. 이 회사는 ITV-1이 HIV 치료에 긍정적인 결과를 보였으며 미국 특허 번호 8,066,982 및 7,479,538로 보호받고 있다고 강조합니다.
Sagaliam Acquisition Corp (Expert Market: SAGA) a répondu à un communiqué de presse de Nika Pharmaceuticals, Inc., le qualifiant de faux et trompeur. SAGA affirme que le PDG de Nika, Dimtar Savov, prétend faussement avoir des droits sur des brevets concernant un traitement immunothérapeutique du VIH/SIDA, qui sont en réalité détenus par Harry H. Zhabilov et le Zhabilov Trust. La filiale de SAGA, Virogentics, Inc., détient la licence mondiale exclusive pour ITV-1, le traitement en question.
Le PDG de SAGA, Barry Kostiner, a déclaré que l'entreprise envisagera des actions légales et réglementaires contre Nika pour ce qu'ils estiment être un modèle de fausses déclarations nuisibles. SAGA continue son travail sur l'enregistrement, les essais cliniques et la distribution d'ITV-1 dans les pays africains. La société souligne qu'ITV-1 a montré des résultats positifs dans le traitement du VIH et est protégé par des brevets américains n° 8,066,982 et 7,479,538.
Sagaliam Acquisition Corp (Expert Market: SAGA) hat auf eine Pressemitteilung von Nika Pharmaceuticals, Inc. geantwortet und diese als falsch und irreführend bezeichnet. SAGA behauptet, dass der CEO von Nika, Dimtar Savov, fälschlicherweise Ansprüche auf Patente für eine Immuntherapie zur Behandlung von HIV/AIDS erhebt, die tatsächlich Harry H. Zhabilov und dem Zhabilov Trust gehören. Die Tochtergesellschaft von SAGA, Virogentics, Inc., besitzt die weltweit exklusive Lizenz für ITV-1, die betreffende Behandlung.
Der CEO von SAGA, Barry Kostiner, erklärte, dass das Unternehmen rechtliche und regulatorische Schritte gegen Nika einleiten wird, da sie glauben, dass es sich um ein Muster falscher und schädlicher Aussagen handelt. SAGA setzt seine Arbeit an der Registrierung, klinischen Studien und dem Vertrieb von ITV-1 in afrikanischen Ländern fort. Das Unternehmen betont, dass ITV-1 positive Ergebnisse in der HIV-Behandlung gezeigt hat und durch die US-Patente Nr. 8,066,982 und 7,479,538 geschützt ist.
- Virogentics, Inc., a SAGA subsidiary, holds exclusive worldwide license for ITV-1
- ITV-1 has shown positive results in HIV treatment
- SAGA is progressing with registration, clinical trials, and distribution of ITV-1 in African countries
- ITV-1 is protected by U.S. Patent Nos. 8,066,982 and 7,479,538
- SAGA is facing potential market confusion due to competitor's misleading claims
- Legal actions against Nika Pharmaceuticals may incur costs for SAGA
BAYTOWN, TX, July 25, 2024 (GLOBE NEWSWIRE) -- Sagaliam Acquisition Corp (Expert Market: SAGA) (the “Company”) announced today that it believes that a misleading press release has been issued by Nika Pharmaceuticals, Inc. in another attempt by NIKA and its CEO, Dimtar Savov, to falsely claim rights to patents issued to Harry H. Zhabilov and the Zhabilov Trust for the Immunotherapy treatment of HIV/AIDS. Mr. Savov has erroneously and maliciously asserted claims to ITV-1 in attempts to mislead the investing public and to harm the shareholder value of SAGA as well as the former owner, Enzolytics, Inc. (PINK: ENZC). The exclusive license holder of this intellectual property is Virogentics, Inc., a wholly owned subsidiary of SAGA.
The Company will be pursuing all available regulatory and legal recourse, as it has identified a what the Company believes is a pattern of false, misleading, malicious and damaging statements which have targeted the interests of SAGA and our investors.
Barry Kostiner, the CEO of Sagaliam, commented, “Virogentics, Inc. holds the exclusive worldwide license for ITV-1 and is the sole owner of the trade secrets needed to produce the treatment. The statements in the NIKA press release are incorrect and have no foundation in truth. After numerous failed attempts by Mr. Savov to make a claim of ownership to the patents owned by the Zhabilov Trust or any other association with ITV-1, it appears that he has now taken to making unfounded assertions in the public market by claiming an ownership of intellectual properties that it does not possess. We are continuing our work for registration, clinical trials and subsequent distribution of ITV-1 in African countries. At the same time, we will not allow pirate companies such as Nika Pharmaceuticals to take advantage of ITV-1's undeniably positive results in HIV treatment.”
Sagaliam will continue to update investors as it continues to investigate this matter.
About Sagaliam Acquisition Corp.
We are a blank check company incorporated under the laws of the State of Delaware on March 31, 2021 for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses or entities. Sagaliam intends to continue to pursue the consummation of a business combination with an appropriate target.
Virogentics, a subsidiary of Sagaliam, 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.
Forward Looking Statements
The disclosure herein includes certain statements that are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding projections, estimates and forecasts of revenue and other financial and performance metrics and projections of market opportunity and expectations, Company’s ability to enter into a definitive business combination agreement and Company’s ability to obtain the financing necessary to consummate the potential business combination transaction. These statements are based on various assumptions and on the current expectations of Company’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. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Company. These forward-looking statements are subject to a number of risks and uncertainties, including: Company’s ability to enter into a definitive agreement with respect to the proposed business combination or consummate a transaction; the risk that the approval of the stockholders of Company for the potential transaction is not obtained; failure to realize the anticipated benefits of the potential transaction, including as a result of a delay in consummating the potential transaction or difficulty in integrating the businesses of Company; the amount of redemption requests made by Company’s stockholders and the amount of funds remaining in Company’s trust account after satisfaction of such requests; those factors discussed in Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 under the heading “Risk Factors,” and other documents of Company filed, or to be filed, with the SEC. If the risks materialize or assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Company presently does not know or that Company currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Company’s expectations, plans or forecasts of future events and views as of the date hereof. Company anticipates that subsequent events and developments will cause Company’s assessments to change. However, while Company may elect to update these forward-looking statements at some point in the future, Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Company’s assessments as of any date subsequent to the date of this disclosure statement. Accordingly, undue reliance should not be placed upon the forward-looking statements.
CONTACT INFORMATION
Sagaliam Acquisition Corp
Barry Kostiner, Chief Executive Officer
3002 Royal Palm
Baytown, Texas 77523
Tel: (845) 925-4597
FAQ
What is the dispute between Sagaliam Acquisition Corp (SAGA) and Nika Pharmaceuticals?
Who holds the exclusive license for ITV-1, the HIV/AIDS treatment mentioned in SAGA's press release?
What actions is Sagaliam Acquisition Corp (SAGA) taking in response to Nika Pharmaceuticals' claims?
What are SAGA's current plans for ITV-1, as mentioned in the July 25, 2024 press release?
