April 26th PR...
Sagaliam Acquisition Corp. Announces Novation Agreement with Enzolytics, Inc.
Sagaliam Acquisition Corp.
Fri, Apr 26, 20246 min read
NEW YORK, NY / ACCESSWIRE / April 26, 2024 / Sagaliam Acquisition Corp. ("SAGAU", "SAGA", SAGAR") (the "Company") announced that Sagaliam entered into a Novation Agreement with Enzolytics, Inc. (OTC PINK:ENZC), Biogenysis, Inc. (BGEN), and Virogentics, Inc. (VIRO) (together the "Parties"). ?Under this restructured agreement SAGA retains 100% ownership of VIRO, ITV-1, the nutraceutical products and license along with VIRO's other assets. This agreement transferred ownership of Biogenysis, Inc. ("BGEN") and it's IP, patents and associated asset being developed back to ENZC in exchange for a reduction of the price from $450,000,000 to $290,000,000 with the dividend of the purchase shares to come directly to the ENZC shareholders from SAGA. The Parties believe this will significantly shorten the time needed to obtain regulatory approval to initiate the dividend of the 29 million SAGA shares issued for the purchase of VIRO. All other terms and conditions of the purchase agreement, including the make-whole provision relating to the 29 million SAGA shares, remain in place.
Barry Kostiner, the CEO of Sagaliam, commented, "After the Sagaliam - Enzolytics transaction was closed in September, we have worked together with the Enzolytics management team to tweak the details for mutual benefit. We are excited about moving forward with the Virogentics team. The ITV-1 therapy has potential to significantly improve effectiveness and reduce costs of the standard of care for HIV. Additionally, ITV-1 is believed to have therapeutic application to other chronic conditions including diabetes, cancer and other conditions known to be impacted by peptide therapies targeting inflammation. Our IPF nutraceutical has received strong consumer approval, and we will be ramping up our marketing efforts, in parallel with our other nutraceutical products. Through the Novation Agreement, return of Biogenysis to Enzolytics, and reduction of shares issued, we believe that we have a strong foundation for building a valuable pharmaceutical company with global impact, in partnership with our colleagues at Enzolytics. We are also working with Enzolytics on building the sales, marketing and distribution infrastructure for our nutraceutical products."
Steve Sharabura, the CEO of Enzolytics, commented, "The Novation Agreement is an exciting development for Enzolytics. It serves as a solid foundation for building both Enzolytics and Sagaliam as significant biotech companies that are independent entities, but that work closely together. Enzolytics is proud to be a major shareholder in Sagaliam. The two companies have several initiatives in the works, specifically in the areas of medical testing, medical devices and an expanded nutraceutical product line. Negotiations are ongoing between Sagaliam and Enzolytics on these matters."
Harry Zhabilov, the Chief Science Officer of Virogentics, commented, "With the completion of the Novation Agreement, we have visibility to funding and the success of both companies. We now have a platform that allows us to implement our vision of bringing our technology to commercial implementation. We are also in advanced discussions with multiple synergistic biotech companies that are interested in joining our platform. After much anticipation, we are excited about moving forward on bringing our therapies to improve the lives of many patients with multiple chronic conditions, as well as increasing the near-term revenue of our nutraceutical products."
About Sagaliam Acquisition Corp.
We are a blank check company incorporated under the laws of the State of Delaware on March 31, 2021 for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses or entities. Sagaliam intends to continue to pursue the consummation of a business combination with an appropriate target.
Virogentics, a subsidiary of Sagaliam, is advancing multiple therapeutics targeting numerous infectious diseases. One patented and clinically tested compound, ITV-1 (Immune Therapeutic Vaccine-1), is a suspension of Inactivated Pepsin Fraction (IPF), covered by U.S. Patent Nos. 8,066,982 and 7,479,538. Studies have shown it to be effective in treating HIV/AIDS. ITV-1 has also been shown to modulate the immune system.
