Company is in the process to be listed on the TSX Venture Exchange (Canada) at a Proposed Valuation of 40 million Canadian Dollars
TEL AVIV, Israel, June 18, 2024 /PRNewswire/ -- Zero Candida (the "Company" or "ZC ") an Israeli FemTech medical device start-up is pleased to announce its first INTELLECTUAL PROPERTY - 2022/09265 Granted + PCT patent PCT-IL 2023050243 in South Africa.
The company is in the process of applying to the TSX Venture Exchange in Canada to list its shares at a proposed valuation of 40 million Canadian dollars.
Zero-Candida's technology is a game changer that has the potential to change the treatment of women and FemTech industry in the world. The first of its kind technology uses a controlled "Blue Light" to destroy the fungus at record speed and without side effects. The treatment is carried out by a tampon-like medical device which, according to medical experts, provides an optimal solution for removing the fungus altogether and preventing the recurrence of the disease.
Another significant advantage of the Zero Candida device is treatment without side effects, supporting the growing demand from women to improve their health without the use of chemicals.
Eli Ben Haroosh, Founder & CEO: "This first Intellectual Property marks a great potential to the company as we expect to announce additional ones in the coming future. In addition, we will be able to start commercial sales in South Africa following the U.S. Food and Drug Administration (FDA) approval."
"Zero Candida has a potential to become a technological leader and use its ground-breaking technology to expand boundaries of non-chemical candida treatment". Added Ben Haroosh.
Dr. Asher Holtzer, Director: "the invention of Zero Candida brings amazing news to FemTech women's care and can become a leader in women's health globally. According to medical studies, 75% of women will suffer during their lifetime from Candida disease, a fungal infection that attacks large parts of the female reproductive system, which causes significant damage to the quality of life and, in severe cases, even disability. Until now, the common treatments for candida included antifungal drugs that alleviated the symptoms but failed to solve the problem at its root".
Summary of Transaction
Pursuant to the business combination agreement (the "Agreement") between a Canadian reporting issuer (the "Reporting Issuer") and the Company, the transaction is expected to be contemplated by a three-cornered amalgamation, where the Reporting Issuer's wholly owned Israeli subsidiary incorporated solely for the purpose of the transaction, is expected to amalgamate with ZC. Each holder (each a " ZC Shareholder") of ZC Share, other than a ZC Shareholder who exercised Dissent Rights (as defined in the Israeli Companies Law) is expected to receive 8.6277 eight and six thousand two hundred seventy seven ten-thousandths) shares in the capital of the Reporting Issuer (each a "Resulting Issuer Share") in exchange for each ZC Share held by such ZC Shareholder, resulting in the Company issuing up to an aggregate of 12,223,232 Resulting Issuer's Shares (which will represent approximately 85.94% of the issued and outstanding Resulting Issuer Shares, without taking into consideration any ZC share purchase warrants to be exercised immediately prior to completion of the Transaction, stock options or a concurrent financing). Additionally, the holders of stock options of ZC will be entitled to receive Resulting Issuer Shares, instead of ZC Shares, on the exercise of their options.
About Zero Candida:
ZC is a private FemTech technology company incorporated under the corporate laws of the State of Israel. ZC is developing an AI smart tampon-like device based on AI on a therapeutic light source with a selected wave-length and intensity that can treat the Candida fungus successfully of 99.999% an POC. Vulvo-Vaginal Candidiasis ("VVC") affects about 75% of women globally, each year 138 million women are affected world-wide and 492 million over their lifetime. Recurrent VVC (4 or more episodes per year) is increasingly documented to become drug resistant to existing treatments and constitutes up to 10% of the cases of VVC. Existing treatments are unable to overcome the high rate of recurrence, since the root cause of the condition is poorly understood and addressed.
ZC has signed pre-clinical agreements with hospitals in Israel and Europe and the company has successfully completed a safety trial for the use of a pre-clinical device in large animals (sheep) ZC continues the development of the final product for human use in preparation for a clinical trial that will take place in June 2025.
Zero Candida's device will bring the field of gynecology into the 21st century with hybrid medicine and technology-based diagnostics. At the same time as developing the treatment procedure, Zero Candida is working on creating a technology to enable the hybrid medicine services to be provided by gynecologists to populations that until now received no treatment at all, including, among others, in the developing countries.
Contact:
Eli Ben Haroosh, CEO & Founder
E: info@zero-candida.com
Website : www.Zero-Candida.com
Facebook: @Zero-candida
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Forward-Looking Statements
This news release includes certain statements and information that constitute forward-looking information within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts, are forward-looking statements. The Company provides no assurance that forward-looking statements and information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company does not undertake to update any forward-looking statements, other than as required by law. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by Zero Candida. Readers are cautioned not to place undue reliance on forward-looking statements.
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