Update on Sagaliam Acquisition Corp.
ALLEN, TX / ACCESSWIRE / July 1, 2024 / Enzolytics, Inc. (OTC PINK:ENZC) ("enzolytics.com") (the "Company") announced today that the Company is entering into a worldwide exclusive licensing agreement for US Patent # 8067531-B2, "Inactivated pepsin fragments for modulating immune system activity against human malignant tumor cells," applying Immunotherapy Treatment to the global fight against cancer. ENZC continues to explore therapeutic applications of the patent, and is preparing to commence Federal Drug Administration ("FDA") in-vitro studies. ENZC has developed a Statement of Work with a major university in Texas to further this effort.
In the interim, the Company will pursue various regulatory paths under "Right to Try Laws" for application to terminally ill stage four cancer patients. This could be achieved by approval of an individual IND to help prolong lives. Immune treatment, such as ITP-immune therapeutic protein, does not substitute for existing chemo therapy treatments.
Additionally, Dr. Lachezar Ivanov, Director of ENZC and member of the Bulgarian Senate, is negotiating the acquisition of a pharmaceutical manufacturing facility in Bulgaria which meets the Good Manufacturing Process ("GMP") standard required by the European Medicine Association ("EMA"). The manufacturing facility will be an integral part of the ENZC portfolio of products for the nutraceutical market as well as the manufacturing and distribution of its other licensed immunotherapy treatments.
Sagaliam Acquisition Corp. ("SAGA") has provided the Company with an update on multiple efforts including its application with OTC Markets. Currently, SAGA has secured funding for completion of the necessary audits required for the next steps toward completion of its application for membership on the OTC board and has engaged a PCAOB auditor.
Operationally, SAGA has filed two new patent applications, one for its Multiple Sclerosis immunotherapy treatment, for which a provisional application was previously filed, and the other for the Peptide Complex modulation of the immune system. A worldwide license will be awarded by the patent owner for both treatments to SAGA. Progress is being made to move forward with clinical trials in Europe to assess the effects of ITV-1 on diabetic patients. Additionally, progress continues to be made on the permitting of ITV-1 for treatment of HIV/Aids with the EMA.
SAGA and ENZC are coordinating the dividend approval process of the shares issued in association with the sale by ENZC of Virogentics, Inc. to SAGA in September of last year. The make-whole provision will apply to all shares distributed to ENZC shareholders.
Harry Zhabilov, Chief Science Officer of ENZC and SAGA, stated, "Enzolytics' licensing of the Cancer immunotherapy treatment is an expansion of its cutting edge portfolio of technology IP and products. The continued growth of the product base of the Company and Saga will give us the opportunity to utilize the skills, experience and expertise of our management team and partners."
Steve Sharabura, the CEO of Enzolytics commented, "In addition to the exciting progress on intellectual property, we will continue to build a robust IP portfolio going forward. We are also enthusiastic about moving forward on our ETC Marketing initiative, with an initial focus on consumer sales of nutraceutical products. With the current explosion of online communities, we appreciate the value of digital marketing and the power of social media augmented by AI. As we expand our consumer engagement through ETC Marketing, we will also use these tools to increase engagement with our investors and expand awareness and education related to our well-being therapies."
Barry Kostiner, the CEO of Sagaliam commented, "We are looking forward to regaining compliance and getting SAGA listed on OTC. Historically, Enzolytics' valuation has exceeded $500M, reflecting the value of the ITV-1 intellectual property embedded in Virogentics. Once the SAGA OTC listing is in place, we will be able to issue the dividend of SAGA shares to Enzolytics, and complete the funding needed to move forward on clinical trials and bring ITV-1 to market. Our technology has been well established, and we have only a few regulatory steps needed to bring value to SAGA and ENZC shareholders and make significant contributions to global health. The application to HIV in Europe and Africa will be well on its way within 6 months of completing the SAGA OTC listing, and work on applications to diabetes and cancer would commence within another 6 months.
About Enzolytics, Inc.
Enzolytics, Inc. is transitioning from a drug development company committed to commercializing its proprietary proteins and monoclonal antibodies to treat debilitating infectious diseases to a sales, marketing and distribution entity focusing on medical devices, medical testing and nutraceutical products.
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
Enzolytics, Inc.
Steve Sharabura, Chief Executive Officer
3002 Royal Palm
Baytown, Texas 77523
Tel: (845) 925-4597
X/Twitter: @EnzolyticsInc
SOURCE: Enzolytics, Inc.
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