Nice Asset agreement, $5 PPS for restricted shares.
Marizyme, Inc. Agrees to Acquire All Assets of Somahlution
JUPITER, FLA, December 17, 2019 Marizyme, Inc. (Marizyme or the Company), a publicly traded (OTC:MRZM) company focused on acquiring late-stage drug and medical device assets to develop for use in the acute care space, announced today that they have agreed to acquire all of Somahlutions assets including their DuraGraft® intellectual property and derivative works. DuraGraft is a first-in-class, revenue generating, cleared product in Europe which will transfer to Marizyme as part of the acquisition. At the closing Marizyme will issue 10 million shares of restricted common stock and a warrant to purchase 3 million shares of restricted common stock at a strike price of $5 per share. The agreement is contingent on raising $10 Million to expand distribution of DuraGraft in new and existing markets and to support US FDA clearance.
Mr. James Sapirstein, Marizyme, Executive Chairman, commented, We are excited to be taking the next phase of our growth working with Somahlution. With their deep platform technology, seasoned technical leadership and a compelling clinical development plan, we are poised to deliver strong shareholder value for Marizyme. We expect our relationships in Europe and South America, combined with their approved product, will result is significant sales growth in 2020.
The flagship product, DuraGraft is a CE-marked and patented product that protects vascular grafts against ischemic injury and is the only product registered and indicated for graft protection and preservation during bypass and other vascular surgeries including Coronary Artery Bypass and Peripheral Bypass surgery. DuraGraft protects graft tissue from harvesting through anastomosis and is used as a treatment to maintain the structural and functional integrity of free vascular grafts. The use of DuraGraft is associated with reductions of post-CABG complications associated with graft disease and failure: Myocardial Infarction, Repeat Revascularization and MACE.
Dr. Hugo Morales Ballejo, MD, FACC states that Coronary artery bypass grafting (CABG) is a most critical operation requiring very important care in each step. One of these important steps is the meticulous care of the vascular graft (VG). It is imperative to avoid damage of the graft endothelium. A damaged endothelium precipitates in VG disease leading to VG failure. DuraGraft addresses this need and was developed to prevent endothelial damage and ischemic injury thereby preventing VG disease and hence VG failure.
Dr. Satish Chandran, Somahlution, CEO, added, We believe Marizyme will be an excellent partner for us. DuraGraft has undergone extensive and rigorous clinical testing in Europe and Canada and has been cleared for use throughout the EU and several other countries around the world. While DuraGraft is already generating revenue, Marizyme will allow us to expand DuraGrafts reach throughout Europe and North and South America.
Coronary Artery Bypass Grafting Surgery alone in the South American and European markets represent a patient population win excess of 600,000 cases per year for which DuraGraft use can be indicated.
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