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COLLEGE STATION, TX / ACCESSWIRE / May 12, 2021 / Enzolytics, Inc. (OTC Markets "ENZC" or the "Company") today announced it has granted a distributorship license to a European pharma entity (the Licensing Entity) for the right to distribute the Company's anti-HIV-1 therapeutic ITV-1 in the countries of India, Pakistan, UAE, Indonesia, Philippines, Nigeria, Benin and Togo, Kenya, Tanzania, Rwanda, Libya, Uganda, North Sudan, Egypt, Morocco, and Tunisia (the Licensed Territory). The Licensing Entity is the owner of a pharmaceutical plant in Eastern Europe. Pursuant to the Agreement, Enzolytics will received $1 Million USD and 50% ownership in the Licensing Entity valued at $8 Million. The License is granted with a commitment by the Licensee to sale and distribute the ITV-1 therapeutic in the Licensed Territory.
In addition, the Licensing Entity will invest $2 Million USD in the Company in exchange for Company Preferred Series E stock bringing to the Company $3 Million in cash plus a 50% ownership in the Licensing Entity. This agreement will result in establishing a committed partner for sale and distribution of the Company's ITV-1 therapeutic in the Licensed Territory as well as 50% ownership in Licensee and its profit derived from sales in the Licensed Territory.
Charles Cotropia, CEO, stated, "This is yet another milestone in our Company's progress toward producing revenue from our technology and the therapeutics produced from it. We gratefully acknowledge Harry Zhabilov's years of commitment to the Company that are making possible the partnerships and agreements now being finalized. As a result of his efforts, we have another European transaction which we expect to consummate and report in the coming week. Just as important as the investments being made into the Company are the partners and licensees being engaged - all individuals who have strategic contacts within the countries in which they will be distributing our therapeutics. These strategic contacts and their familiarity with geographic areas being served is as significant as any aspect of the arrangements we are completing."
"For many years, we have been developing and strengthening the relationships that are now leading to our current significant partnerships. With the advances the Company is making toward preparation for and completion of clinical trials in Europe, which will lead to approval from the EMA, we are meeting our goal of bring our technology to those in need", said Harry Zhabilov, CSO.
About Enzolytics, Inc.
Enzolytics, Inc. is a drug development company committed to the commercialization of its proprietary proteins for the treatment of debilitating infectious diseases.
Enzolytics' flagship compound ITV-1 (Immune Therapeutic Vaccine-1) is a suspension of Inactivated Pepsin Fraction (IPF), which studies have shown is effective in the treatment of HIV/AIDS. IPF is the active component of ITV-1 and is a purified extract of porcine pepsin. ITV-1 has also been shown to modulate the immune system.
About BioClonetics Immunotherapeutics, Inc.
BioClonetics Immunotherapeutics, Inc., a wholly owned subsidiary of Enzolytics, is a Dallas and College Station, Texas biotech company with proprietary technology for producing fully human monoclonal antibodies (mAbs) against infectious diseases including HIV, rabies, influenza A, influenza B, tetanus, and diphtheria. Its proprietary methodology for producing fully human monoclonal antibodies is currently being employed to produce monoclonal antibody therapeutics for other infectious diseases including the Coronavirus (SARS-CoV-2).
Safe Harbor Statement: This news release contains forward-looking statements that involve risks and uncertainties associated with financial projections, budgets, milestone timelines, clinical development, regulatory approvals, and other risks described by Enzolytics, Inc. from time to time in its periodic reports filed with the SEC. ITV-1 is not approved by the US Food and Drug Administration or by any comparable regulatory agencies elsewhere in the world.
While Enzolytics, Inc. believes that the forward-looking statements and underlying assumptions contained therein are reasonable, any of the assumptions could be inaccurate, including, but not limited to, the ability of Enzolytics to establish the efficacy of ITV-1 in the treatment of any disease or health condition, the development of studies and strategies leading to commercialization of ITV-1 in the United States, the obtaining of funding required to carry out the development plan, the completion of studies and tests on time or at all, and the successful outcome of such studies or tests. Therefore, there can be no assurance that the forward-looking statements included in this release will prove to be accurate.
Such forward-looking statements are based on current expectations and involve inherent risks and uncertainties, including factors that could delay, divert or change any of the statements made, and could cause actual outcomes and results to differ materially from current expectations. No forward-looking statement can be guaranteed. These forward-looking statements are made as of the date of this press release, and the Company expressly disclaims any intention or obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements.
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Tom Nelson, CEO
Investor Relations Contact
2000 North Central Expressway
Plano, TX 75074
Texas A&M University
Institute for Preclinical Studies
College Station, TX 77843-44
SOURCE: Enzolytics, Inc.
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