- Oops!Something went wrong.Please try again later.
In the news release, AIkido Pharma Announces Third Quarter Highlights and Corporate Update, issued Nov. 11, 2021 by AIkido Pharma Inc. over PR Newswire, we are advised by the company that updates have been made. The complete, corrected release follows:
AIkido Pharma Announces Third Quarter Highlights and Corporate Update
Highlights recent investments in Electric Vehicles, Cannabis, Tele-health & Innovative Sports Businesses with near term monetization and liquidity events forthcoming
NEW YORK, Nov. 11, 2021 /PRNewswire/ -- AIkido Pharma Inc. (Nasdaq: AIKI) ("AIkido" or the "Company") today announced its third quarter ending September 30, 2021, financial highlights and provided a corporate update.
Cash and investments exceeding $104 million reflecting very low cash burn over Q2
Monetization and liquidity event in DatChat representing over 600% ROI
Investment in Tevva Motors electric truck producer, a space with recent Rivian Automotive IPO, ticker symbol RIVN.
Investment in Kerna Health, fast growth tele-health business with recurring revenue and large contract backlog with possible liquidity event in 2022
New investment in Slinger Bag, displaying strong progress and potential near-term monetization
New investment in Kaya Holding Corporation, a technology company focused on the development of "High There" the world's largest cannabis social network and the launch of the world's first cannabis media exchange. Since the Company's investment, the valuation of Kaya has more than doubled.
Anthony Hayes, CEO of AIkido, noted, "We are excited about our current pipeline portfolio, upcoming milestones and pending catalysts. This past quarter showcased our monetization strategy exemplified by a 600% ROI liquidity event in DatChat which went public over the summer. Additionally, we actively invested in several exciting high growth industries such as Electric Vehicles and Tele-health and we continue to actively pursue additional high growth interests with near term monetization events to help enhance shareholder value. We are pleased to also announce today our recent investments in the Cannabis and innovative sports industries that have strong growth potential. We are also working diligently to grow our drug platform through additional licensing efforts and are currently working on partnerships with academic institutions and private enterprise to find, fund and advance new drug compounds that can be brought to commercialization. We continue to maintain an extremely low cash burn and note that our valuation does not currently reflect the value of our assets. With our strong balance sheet, we have pulled our registration statement and we look forward to continued shareholder value creation."
Third Quarter Highlights
On August 17, 2021, DatChat closed its initial public offering at an initial offering price to the public of $4.15 per share under the ticker DATS. On September 22, 2021, the Company sold 167,084 shares of DatChat common stock for net proceeds of approximately $0.9 million. As of September 30, 2021, the Company continued to hold 357,916 shares of DatChat valued at approximately $4.9 million.
On September 22, 2021, the Company agreed to purchase 29,004 Interests of Tevva Motors for approximately $1.0 million. Subsequently, on September 30, 2021, the Company entered into a second securities purchase agreement to purchase an additional 29,004 Interests of Tevva Motors for approximately $1.0 million. Tevva Motors Ltd is a UK-based, leading developer of modular electrification systems for medium duty commercial vehicles. This is an exciting space, with companies such as Rivian Automotive recently going public with very high valuations.
On September 15, 2021, the Company entered into a securities purchase agreement with Kerna Health Inc. Under Agreement, the Company agreed to purchase 1,333,334 shares of common stock of Kerna for $1.0 million. Kerna health is a fast-growing tele-health business with recurring revenue and large contract backlog and has the potential to lead to a liquidity event in 2022.
On August 6, 2021, the Company entered into a securities purchase agreement with Slinger Bag Inc. Under the Agreement, the Company agreed to pay $1.4 million to Slinger Bag for the issuance of a convertible promissory note in the principal amount of $1.4 million and a common stock purchase warrant. Slinger Bag which is currently listed on the OTC market under symbol SLBG, is a fast-growing leading connected sports company focused on delivering innovative, game improvement technologies and equipment across tennis and other ball sports.
Kaya Holding Corp
The Company on September 29th entered into a securities purchase agreement with Kaya Holding Corporation. Under the agreement, the Company agreed to purchase 8,325,000 shares of common stock of Kaya for $0.70 million. Kaya is a technology company focused on the development of "High There" the world's largest cannabis social network and the launch of the world's first cannabis media exchange. Since the Company's investment, the valuation of Kaya has more than doubled. The Kaya app is available for download for both Apple and Android phones.
Drug Development Pipeline Update
The Company's pipeline consists of patented technology from leading universities and researchers and is currently in the process of developing its innovative therapeutic drug pipeline through strong partnerships with world renowned educational institutions, including the University of Texas at Austin, the University of Maryland, Baltimore and Wake Forest University.
The Company is also developing a broad-spectrum antiviral platform, in which the lead compounds have activity in cell-based assays against multiple viruses including Influenza virus, Ebolavirus and Marburg virus, SARS-CoV, MERS-CoV, and SARS-CoV-2, the cause of COVID-19.
In January 2021, the Company invested in Convergent Therapeutics, which has exclusive rights to technology related to next-generation dual-action peptide receptor radionuclide therapy ("PRRT") for prostate cancer covered by multiple issued U.S. and foreign patents. Convergent is currently conducting advanced human trials relating to prostate cancer treatments utilizing PRRT that targets the prostate-specific membrane antigen ("PSMA") present on prostate cancer cells. The technology was developed under the direction of Dr. Neil Bander, Professor of Urologic Oncology at Weill Cornell Medicine.
In January 2021, the Company entered into an exclusive patent license agreement with Silo Pharma where Silo Pharma granted the Company a worldwide exclusive, sublicensable, royalty-bearing license to certain Silo Pharma owned provisional patent applications directed to the use of psilocybin in cancer treatment. The license is for "Field of Use" of "treatment of cancer and symptoms caused by cancer, including but not limited to pain, nausea, neuroinflammation, brain and neural dysfunction, depression, seizures, confusion, dizziness, numbness/tingling, dysfunction of the senses and all other symptoms that are caused by cancer of any type."
About AIkido Pharma Inc.
AIkido Pharma Inc. was initially formed in 1967 and is a biotechnology Company with a diverse portfolio of small-molecule anti-cancer therapeutics. The Company's platform consists of patented technology from leading universities and researchers, and we are currently in the process of developing an innovative therapeutic drug platform through strong partnerships with world renowned educational institutions, including The University of Texas at Austin and University of Maryland at Baltimore. Our diverse pipeline of therapeutics includes therapies for pancreatic cancer and prostate cancer. We are constantly seeking to grow our pipeline to treat unmet medical needs in oncology. The Company is also developing a broad-spectrum antiviral platform that may potentially inhibit replication of multiple viruses including Influenza virus, SARS-CoV (coronavirus), MERS-CoV, Ebolavirus and Marburg virus.
Certain statements in this press release constitute "forward-looking statements" within the meaning of the federal securities laws. Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "project," "plan," "intend" or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward-looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including without limitation those set forth in the Company's filings with the SEC, not limited to Risk Factors relating to its business contained therein. Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law.
View original content to download multimedia:https://www.prnewswire.com/news-releases/aikido-pharma-announces-third-quarter-highlights-and-corporate-update-301422204.html
SOURCE AIkido Pharma Inc.