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COLLEGE STATION, TX / ACCESSWIRE / January 11, 2021 / Enzolytics, Inc. (OTC Markets "ENZC" or the "Company") today, announced it has accepted a proposal from a Houston based PCAOB Audit firm to Audit the Company's year-end financial statements, subject to the receipt and acceptance of the engagement letter. The proposal covers the 2019 and 2020 calendar years for filing with the OTC Markets.
The Company's current accounting firm, Mallet & Barnes, will continue working with the Company to file the year-end financials for 2020 under the Pink Basic Disclosure Guidelines to ensure the continued timely filing of the required financial information during the initial audit of the Company. Future quarterly filings will be reviewed by the auditing firm.
On January 8, 2021, Enzolytics received comments from the OTC Markets Compliance Department referencing the September 30, 2019 filings and has made the edits and suggested changes, correcting the filings today.
In addition, the first tranche of additional funding has been received and with the engagement of the PCAOB auditor, the third tranche from the outside investors along with the first tranche from management should be received this week which will bring the total new funding since September 15, 2020 to $1,300,000.00.
"We are excited about working with our new auditors and achieving fully reporting status. The Company has been focusing on several fronts on which we have made considerable progress. Administratively, we have achieved our goal of bringing our filings current and expect the yield sign to be lifted eminently. We have engaged the Auditor to issue an audited statement in order to achieve our goal of fully reporting by April, if not sooner. One of our top priorities is finalizing the necessary steps for completing the permitting process for our ITV-1 HIV/AIDS therapeutic in Bulgaria. We have received proposals from FDA approved manufacturers to produce the quantities necessary for such certification and those are under review. Our lab at Texas A & M University meets our exact needs for completing development of additional monoclonal antibodies for treatment of the HIV and SARS-CoV-2 viruses," stated Charles Cotropia, CEO.
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 drug substance of ITV-1 and is a purified extract of porcine pepsin. ITV-1 has been shown to modulate the immune system.
About BioClonetics Immunotherapeutics, Inc.
BioClonetics Immunotherapeutics, Inc., a wholly owned subsidiary of Enzolytics, is a Dallas 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 may be used to produce therapeutics treatments for many infectious diseases including the SARS-CoV-2 CoronaVirus.
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 U.S. 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.
2000 North Central Expressway
Plano, TX 75074
Phone: (972) 292-9414 Fax: (972) 292-9414
Texas A&M University
College Station, TX 77843-4478
SOURCE: Enzolytics, Inc.
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