Enzolytics, Inc. (OTC:ENZC) (
Enzolytics, Inc. announces today that it has executed the binding business combination agreement for the sale of Biogenysis, Inc. ("BGEN") and Virogentics Inc. ("VIRO"), the operating subsidiaries of Enzolytics Inc., to Sagaliam Acquisition Corp (NASDAQ:SAGA) in a transaction valued at $450,000,000. The combined company is expected to trade on NASDAQ. The entities have begun the de-SPAC process and are moving on with the closing of this project.
Harry Zhabilov, CSO of VIRO, stated, "The SAGA transaction opens numerous opportunities to advance our existing technology, developing new technology and expansion of our growing nutraceutical product line at what we believe will be a significantly faster pace."
Dr. Gaurav Chandra, CEO of BGEN, stated: "Biogenysis strives to make a significant impact in drug discovery and development by utilizing advanced AI technology. Our focus is on safeguarding our assets with multi-layered security while expanding our IP portfolio to include AI-driven monoclonal antibodies. With these antibodies, we aim to revolutionize the fight against HIV, COVID-19 mutations, and other viruses. Collaborating with pharmaceutical companies, our focus is to cover all viruses in our repository, providing patients with necessary diagnostics and therapies. Our AI Platform is constantly evolving with disruptive innovations in healthcare. We are proud to be at the forefront of this crucial work and look forward to continuing to positively impact the world."
Charles Cotropia, Enzolytics' CEO, said, "We have a well-defined strategy and the necessary technology in place for producing numerous therapeutics for successfully treating numerous viruses that affect patients around the world. Completing the business combination with Sagaliam comes at a critical time. By providing additional funding to Biogenysis and Virogentics, this combination will make possible the final development of the numerous therapeutics now being produced."
Barry Kostiner, the CEO of Sagaliam, stated, "Being listed on Nasdaq provides increased visibility and access to a broader pool of investors, facilitating the advance of our pioneering research and drug development initiatives. Bringing Virogentics and Biogenysis to our Nasdaq platform opens the door to funding which serves as the lifeblood of all pharmaceutical development companies. We are working with the investor community, as well as the dedicated VIRO and BGEN management teams, to secure the financial resources required to expedite clinical trials. With these investments, we aim to accelerate our progress, ensuring that both therapeutic and nutraceutical innovations swiftly find their way into the market, ultimately improving the lives of countless individuals."