Enzolytics Inc (ENZC)

[davidsson10]

Enzolytics, Inc. Announces Execution of Binding Letter of Intent for Merger with BioClonetics Immunotherapeutics, Inc.


PLANO, TX / ACCESSWIRE / October 14, 2020 / Enzolytics, Inc. (OTC PINK:ENZC) (or the "Company") today announced the execution of a binding letter of intent (the "LOI") to merge with BioClonetics Immunotherapeutics, Inc. ("BCLS" or "BioClonetics") a biotech company located in Dallas Texas, replacing the earlier non-binding letter signed on September 12, 2020.

BioClonetics is in the final stage of development of a parent monoclonal antibody ("mAbs") (designated as Clone 3), which is non-toxic and has shown in initial in vitro testing to be effective against more than 95% of all strains and viral subtypes of HIV-1 against which it has been tested.

[http://www.bioclonetics.com/validation.html]. Final testing of BioClonetics' anti-HIV recombinant mAbs in PBMC neutralization assays are being conducted to be followed by animal trials at the California National Primate Research Center, UCDavis (Davis, CA).

The Companies plan to conduct binding studies combining the therapeutics produced by both companies to evaluate the beneficial effects and increased binding capability of the BioClonetics Clone 3 antibodies to multiple HIV isolates.

PBMC based in-vitro neutralization studies will be conducted with the Enzolytics ITV-1 peptide in combination with the BioClonetics Clone 3 antibodies. Based on the results, the best combination with be tested in primate studies at the California National Primate Research Center University of California, Davis, California.

ENZC is in the process of compiling the information to bring current its OTC filings. The company has begun the process of identifying a clinical research organization for the preparation of pre-IND protocols for submission to the FDA and is also in the final interviews with several pharmaceutical manufacturing companies to produce the validation order.

The proposed merger anticipated in the LOI will result in Charles Cotropia being appointed as CEO of the merged entity and Harry Zhabilov and Joseph Cotropia, MD, being appointed as co-CSO. Gaurav Chandra, MD, will serve as COO of the merged entity. Charles Cotropia was appointed to the ENZC Board of Directors on October 1, 2020 and will enter into an employment contract with the Company at or prior to the closing of the contemplated transaction.

"The Enzolytics family is excited that we are able to make this announcement concerning the merger of these two cutting edge technology companies", stated Harry Zhabilov, CEO of ENZC.

Charles Cotropia, CEO of BioClonetics added, "with the appointments of Harry and I to each other's boards, we have been able to move the due diligence and planning stages of the transaction forward quickly. Our cooperation has also allowed us to further the process of the planned binding studies combining the therapeutics produced by both companies for evaluation of the beneficial effects and increased binding capability of the BioClonetics Clone 3 antibodies to multiple HIV isolates."