Enzolytics Inc (ENZC)

[falon]

Where is ENZC headed?

To the Beach?

To Disneyland?

To the Moon?

Enzolytics, Inc. (the "Company" or "ENZC"), a drug development biotech company, and Sagaliam Acquisition Corp. (NASDAQ: SAGA) ("Sagaliam"), a special purpose acquisition company ("SPAC"), announced today, April 17, 2023, they have executed a non-binding term sheet for the sale of Biogenysis, Inc. ("BGEN") and Virogentics, Inc. ("VIRO"), operating subsidiaries of Enzolytics. The value of the transaction is $250,000,000 The definitive agreement is being finalized with an expected closing date of May 19, 2023.

Under the terms of the agreement, BGEN and VIRO will become wholly owned subsidiaries of Sagaliam, currently trading on NASDAQ, and will adopt SAGA Scientific Holdings Corp. as the corporate name.

The transaction, once completed, will provide BGEN and VIRO with significant additional capital to continue their development and expansion of existing and future technology platforms. In addition, Sagaliam expects to raise additional capital through a private investment in public equities ("PIPE"). The anticipated capital raise from the PIPE is expected to be primarily used by BGEN and VIRO to pay transaction-related expenses and fund the clinical trials of ITV-1, marketing of IPF Immune™, production of fully human monoclonal antibodies (mAbs) and continued advancement in its proprietary technology involving the application of Artificial Intelligence (AI) in therapeutic discoveries and production.

The Chief Scientific Officer of VIRO, Harry Zhabilov, offered the following update on the production of ITV-1 vials for the Africa initiative and European Medicines Agency ("EMA") permitting progress, "Production of the necessary anti-HIV immunotherapy treatments for use in the hospitals located in Central and Eastern regions of Africa was successfully completed on April 12, 2023, and will be delivered to the hospitals in the coming weeks." With the preliminary results of Toxicology studies of the Company's ITV-1 anti-HIV therapeutic confirming that the therapy is non-toxic and demonstrating the safety of administration of this patented proprietary immunotherapy, VIRO has negotiating a contract with a German company to perform the pharmacokinetics methodology the EMA has required as part of the EMA permitting process. VIRO wishes to recognize the contribution that Dr. Lachezar Ivanov has made in this endeavor."

The CEO of BGEN, Dr. Gaurav Chandra, emphasized the progress being made by the Company using its Artificial Intelligence (AI) platform. "We continue to utilize our disruptive AI platform to identify conserved immutable epitopes on viruses and then produce species-specific monoclonal antibodies targeting those sites. We are advancing in production of multiple monoclonal antibodies against HIV, SARS-CoV-2, and the Feline Leukemia virus. Our AI platform drives the Company's drug discovery and development and executes our strategy to produce multiple therapeutics protected by International Patents. We take pride in strengthening our IP portfolio and protecting the anti-virus therapeutics, their production method, use in diagnostics and prognostics. Our application of Artificial Intelligence to drug formulation and creation is a move ahead of big pharma's monoclonal antibody discovery and development. We recognize that large pharmaceutical companies are now focused more than ever on the significant advantage provided by AI in creating highly successful therapeutics. We continue to engage with large pharma and discuss potential partnerships involving our AI platform."

Enzolytics CEO Charles Cotropia stated, "Enzolytics is focused on accelerating the growth of our clinical products, technology platforms and multiple programs now in progress. This agreement with Sagaliam will allow us to accelerate progress in each of these areas."
https://www.stocktitan.net/news/ENZC/enzolytics-inc-announces-execution-of-non-binding-term-sheet-with-nan3wyeoq2jm.html


So SAGA gets Biogenysis, Inc. and Virogentics, Inc. for $250,000,000.

What exactly do they get?

Well what ever is owned by Biogenysis, Inc. and Virogentics, Inc.

ENZOLYTICS, INC.
SUPPLEMENTAL REPORT
SUBSEQUENT EVENTS
December 2, 2020
Business Combination Agreement with Bioclonetics Immunotherapeutics, Inc. Resulting in Change of Control

On November 30, 2020, Enzolytics, Inc. (the “Company”) entered into a Business Combination Agreement with Bioclonetics Immunotherapeutics, Inc., (“Bioclonetics”) a Texas Corporationcontrolled by Charles S. Cotropia, the Company’s current Chief Executive Officer.

As consideration for the Business Combination, and in exchange for 100% of the issued and outstanding stock of BioClonetics, the Company has agreed to issue a total of 204,430,000 newly issued shares of Series B Preferred Stock to Charles S. Cotropia, and others Bioclonetics Designees
and 90,570,000 shares of newly issued Series B Preferred Stock to Harry Zhabilov, the Company’s
current Chief Financial Officer.

Control Block Transfer Agreement

In addition, on November 30, 2020, the Zhabilov Trust, the Company’s Controlling Shareholder,entered into a Control Block Transfer Agreement, under which the Zhabilov Trust has agreed totransfer 35,100,000 shares of Series A Preferred Stock and 231,000,000 shares of Common Stock
(together the “Control Block”) to Charles S. Cotropia and other Bioclonetics Designees.

Once such share issuances and transfers are completed, Charles S. Cotropia will be the Company’s new Control Block holder and majority shareholder, in addition to his role as Chief Executive Officer of Enzolytics, Inc., resulting in a Change of Control.

Formation of Two New Wholly-Owned Subsidiaries

Pursuant to the terms of the Business Combination Agreement, on November 24, 2020, the Company formed two new Texas corporations as wholly-owned subsidiaries for the purpose of licensing certain patented technologies: Biogenysis, Inc. and Virogentics, Inc.

Two Patent License Agreements

On November 30, 2020, Biogenysis, Inc., a wholly-owned subsidiary of Enzolytics, Inc., entered into a Patent License Agreement with Bioclonetics in order to license the U.S. Provisional Patent Application No. 63/078,482, filed September 15, 2020, entitled NOVEL HIV-BINDINGPEPTIDES for treating, preventing and reducing the risks of HIV, including all patents issuing therefrom and any foreign counterparts thereof.

Also on November 30, 2020, Virogentics, Inc., a wholly-owned subsidiary of Enzolytics, Inc., entered into a Patent License Agreement with the Zhabilov Trust in order to license the U.S. Patent No. 7,479538, entitled Irreversibly - Inactivated pepsinogen fragment and Pharmaceutical composition the same for detecting preventing and treating HIV; U.S. Patent No. 8,066982, Irreversibly - Inactivated pepsinogen fragment and Pharmaceutical composition compressing the same for detecting preventing and treating HIV, including all patents issuing therefrom and any foreign counterparts thereof.
https://www.otcmarkets.com/otcapi/company/financial-report/265788/content

The press release speaks of mAbs and AI that wasn't in the original patent license agreements.

Who is going to run SAGA Scientific Holdings Corp?

Probably the same people running point now.

"In the year ahead, Enzolytics will share additional plans regarding our technologies, planned partnerships, and projects, as well as achievements in each of our therapeutics platforms. We have full faith in our long-term vision and mission and are confident in our team's ability to achieve set goals" Charles Cotropia December 19, 2022

This isn't a high risk high reward deal, this is a show me the DATA, we like the DATA, let's do a deal.

Someone has been shown something we haven't seen and knows something we don't know.

Timely, Interesting, Accurate