SAGA Partnership Sets Enzolytics on Nasdaq Listing Path, Ensuring Shareholder Benefits
Enzolytics, Inc., a pioneering drug development company, recently made a significant announcement regarding its future plans. The company has filed a Supplemental Information report, providing more details about a non-binding letter of intent it entered into with Sagaliam Acquisition Corp. (NASDAQ: SAGA). The agreement involves the sale of Enzolytics’ two operating subsidiaries, Biogenysis, Inc. (BGEN) and Virogentics, Inc. (VIRO), in a transaction worth $450 million.
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Biogenysis, under the leadership of Dr. Gaurav Chandra, is primarily focused on developing and manufacturing monoclonal antibodies to combat various infectious viruses. Dr. Chandra expressed the company’s commitment to progress and highlighted the positive outcomes that will be shared as their work advances.
The partnership with SAGA will enable Biogenysis to expand its programs and accelerate the introduction of monoclonal antibody therapies to the market. Dr. Chandra emphasized the role of artificial intelligence (AI) in their research and development efforts, stating that AI has played a critical role in advancing their drug discovery process. The company’s intellectual property portfolio includes diagnostics, therapeutics, and vaccines for numerous viruses, all analyzed using AI technology. Dr. Chandra expressed optimism that their progress and technology will lead to various licensing and partnering opportunities.
Diana Zhabilov, CEO of Virogentics, shared her excitement about the agreement with SAGA. She stated that the partnership would support further development of Virogentics’ technologies and elevate their achievements to a higher level. Virogentics’ IPF Immunotherapy platform, when combined with existing therapies, can effectively treat different viral and chronic diseases. For example, the company is also pursuing registration of its ITV-1 therapeutics under the European Medicines Agency (EMA) requirements. Additionally, Virogentics is focusing on developing new nutraceutical products for liver and brain detox, exclusively licensed for distribution in North America. These therapeutics will soon undergo FDA approval.
Barry Kostiner, CEO of SAGA, assured Enzolytics shareholders that the transaction would provide them with the benefits of a Nasdaq listing while protecting their interests amidst market volatility. Kostiner expressed the commitment to ensure continued liquidity and provide the necessary capital to fund Enzolytics’ promising technologies.
In addition, Charles Cotropia CEO of Enzolytics, described the transaction as a monumental step forward for the company. He expressed confidence that the agreement with SAGA would provide the necessary funding for BGEN and VIRO to advance their groundbreaking medical technologies. Cotropia highlighted that both subsidiaries are at the forefront of the global biotech market, and this partnership would lead to remarkable progress.
Cutting-edge therapies target HIV/AIDS, COVID-19, and beyond for a healthier future.
Enzolytics, Inc. is dedicated to commercializing its proprietary proteins and monoclonal antibodies to address debilitating infectious diseases. The company is actively developing multiple therapeutics targeting various infectious diseases. One of its clinically tested compounds, ITV-1 (Immune Therapeutic Vaccine-1), has shown effectiveness in treating HIV/AIDS and modulating the immune system. Enzolytics has also developed proprietary technology for producing fully human monoclonal antibodies against infectious diseases. Currently, the company is utilizing this technology to produce monoclonal antibody therapeutics for combating the SARS-CoV-2 virus, HIV-1, and the Feline Leukemia virus.
Furthermore, Enzolytics aims to produce monoclonal antibodies targeting other viruses such as HIV-2, Influenza A and B, H1N1 influenza, and many more. The company is also exploring the production of monoclonal antibodies for animal viruses.
The recent announcement by Enzolytics, Inc. signifies a major step forward in their mission to revolutionize healthcare through advanced therapies and groundbreaking research. With the support of SAGA, the company is poised to make significant strides in the development and commercialization of life-saving treatments for infectious diseases.
