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- Company Asset, DatChat IPO's on Nasdaq, Valued at $3.4 Million
- Patent Allowed on Company Technology by US Patent Office
NEW YORK, Sept. 14, 2021 /PRNewswire/ -- AIkido Pharma Inc. (Nasdaq: AIKI) ("AIkido" or the "Company") today released the following shareholder update:
September is an opportune time to provide a shareholder and investor update and we are pleased to report on positive developments and near-term upcoming potential value creating catalysts.
To start, we are pleased to announce that last month, DatChat Inc., (Nasdaq: DATS) went public. AIkido owns 525,000 shares of DatChat, which it previously purchased for $500,000.00. As of September 13th, DatChat shares closed at $6.54, well higher than its IPO price and representing a more than 600% return or an additional $3,433,500.00 added to AIkido's balance sheet. We believe that DatChat is a terrific product and we wish DatChat continued success and growth. This validating valuation and liquidity event is exciting as it is a further demonstration of our growth model leading to shareholder value. We are excited about our current assets and look forward to additional upcoming milestones and potential catalysts that are on the near-term horizon.
Moving forward, the Company's strategy will continue its primary focus on acquiring biotechnology assets which it will operate, develop, and move towards monetization. This is our primary business focus and the bulk of our energies are spent pursuing this objective. Additionally, the Company is also continuing to opportunistically review smaller acquisitions that are in later stage companies like DatChat and Convergent, that we hope will reach further monetization points in the next 6 to 18 months. These smaller assets have a fixed cost and help diversify risk while still providing for value enhancing growth opportunities. Importantly, we are hopeful to have other opportunities to increase shareholder value by the end of the year.
In addition to DatChat, other Company assets are advancing in their respective timelines. Convergent Therapeutics, a clinical stage pharmaceutical company focused on developing next generation radiopharmaceutical therapies for prostate and other cancers, continues to progress and we are looking forward to additional milestones this year. We are enthused with their recent announcement that Philip Kantoff, M.D., a world-renowned medical oncologist, former Chairman of the Department of Medicine at Memorial Sloan Kettering Cancer Center (MSK) and Co-Founder of Convergent, was appointed as Convergent's Chief Executive Officer. Dr. Kantoff stated, "My decision to lead Convergent was driven by the opportunity to accelerate the development of precision radiopharmaceuticals, including CONV 01-α, with the goal of producing highly transformative treatments for patients with prostate and other cancers." We believe this is a high growth opportunity where we have seen numerous monetization events in the sector at high valuations and multiples and look forward to further clinical progress this year.
Convergent also announced the appointment of Alexander Brown to the position of Chief Operating Officer. Prior to joining Convergent, Mr. Brown was the Head of New Product Planning, Global Oncology, at Sanofi responsible for the commercial readiness of the company's early-stage oncology pipeline. Before that, he served in several positions of increasing responsibility at EMD Serono (a Merck KGaA subsidiary). Both Dr. Kantoff and Mr. Brown are clearly first in class professionals and the Company could not be happier about their addition to Convergent. We believe Convergent will be a very successful company and produce a great drug that will help many people.
Moreover, the Company has been notified that its pancreatic cancer asset, licensed from University of Texas, has received a Notice of Allowance from the United States Patent and Trademark Office. This represents another notable step forward in the development of this cancer asset. Our robust patent portfolio positions us well and we believe represents a solid asset for the Company.
I continue to be a strong believer in the Company and its growth prospects. I have personally purchased stock in the open market this past year and plan to continue that when appropriate. We have numerous near-term initiatives in the works that we are extremely excited about that aim to capitalize on high growth opportunities in sectors that we believe will be received well by the investment community. Our focus is on making smart value enhancing acquisitions and have a strong balance sheet to continue this strategy for a long time to come. With over $100 million in in the bank, in addition to other assets such as DatChat, Hoth Therapeutics and Convergent, we have a market cap significantly below that combined amount, making this an opportunistic time in our lifecycle. Our burn rate is extremely low and do not plan on any further equity dilution for the foreseeable future. Lastly, we will continue to focus on enhancing shareholder value through our operational and acquisition strategies.
In the meantime, I would like to thank each of the shareholders for their continued support and look forward to our near-term catalysts and longer-term overall growth prospects.
Chief Executive Officer
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.
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SOURCE AIkido Pharma Inc.