Will Enzolytics Inc (OTCMKTS:ENZC) Come Back?
This morning most investors are expected to take a keen interest in those stocks which may have clocked notable gains on Thursday and one of those could well be that of Enzolytics Inc (OTCMKTS:ENZC). The company was in significant focus yesterday and ended the day with gains of 7%. It is a drug development company that is involved in commercializing its monoclonal antibodies and proprietary proteins for the purpose of treating debilitating infectious diseases.
At this point, Enzolytics is involved in advancing a range of therapeutics aimed at treating a number of infectious diseases. The company synthesized the compound ITV-4, which was clinically tested and patented. Studies conducted on ITV-4 have revealed that it could be used to treat HIV/AIDS. The compound could also be used to modulate the immune system.
The company made a key announcement with regards to the latest breakthrough achieved by its fully owned subsidiary unit Virogenetics Inc. Virogenetics announced that it had plans for introducing a new dietary supplement named + Liver Rescue, a beverage meant for detoxifying the liver. The product had already gone on sale in Europe.
Virogenetics had been able to acquire exclusive distribution rights for the product in the North American market. The label and packaging were to be submitted to the United States Food and Drug Administration soon for approval before marketing and distribution could begin.
It was also announced yesterday that Virogenetics continued to make progress with regard to the administering of ITV-4 to volunteers in August. It would be accomplished under a fast-track protocol under the supervision of Neuro Pharma Ltd- Rwanda. The approval of the criteria of the protocol would be the final necessary step before ITV4 could be administered to the volunteers in Africa.
The company’s partner in this initiative already arranged the life insurance of the volunteers and also paid all the relevant costs related to the issuance of the permits. The clinical trials would be overseen by Dr. AmogneWondwossen, the Associate Professor in Internal Medicine and Infectious diseases (MD, PhD) at Addis Ababa University College of Health Sciences, School of Medicine.
On June 29 Enzolytics had announced that it had reached an agreement with regards to the amendment to the executed non-binding agreement with Sagaliam Acquisition Corp for the sale of Virogenetics Inc and Biogenesis Inc, both fully owned subsidiary units of Enzolytics. The combined purchase price of the two was amended to $450 million. Additionally, the two parties also agreed to a Make Whole calculation after six months following the closure of the transaction. The aim of that is to make sure that the value received by Enzolytics is appropriate.
