PLANO, TX / ACCESSWIRE / October 1, 2020 / Enzolytics, Inc. (OTC PINK:ENZC) or (the "Company") today announced the addition of Charles Cotropia to the Company's Board of Directors. ENZC entered into a Letter of Intent (the "LOI") to merge with BioClonetics Immunotherapeutics, Inc. ("BCLS" or "BioClonetics"), a biotech company located in Dallas Texas, on September 15, 2020. In addition, the Company announces that Harry Zhabilov, CEO of ENZC will also be joining the Board of Directors of BioClonetics. The additions to the boards of ENZC and BCLS is expected to assist each group to complete their due diligence more rapidly in order to move to definitive agreements and prepare for a smooth transition upon completion of the transaction.
BioClonetics is in the final stage of development of a parent monoclonal antibody ("mAb") (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]. The recombinant form of the parent mAb have been produced and are being tested.
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.
Thereafter, additional PBMC based in-vitro neutralization studies will be conducted with the BioClonetics Clone 3 recombinant antibodies in combination with the Enzolytics ITV-1 peptide. 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.
In anticipation of ENZC bringing current its OTC filings the Company has made application to OTC Markets for membership. Once the Membership Application is approved by OTC Markets, the Company will begin filing its delinquent quarters.
The proposed merger anticipated in the non-binding 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. Additional details will be disclosed as the transaction progresses.
"The addition of Charles to our board will allow Charles access as a Board member to certain technical information that will give him an in depth understanding of our patented technology", stated Harry Zhabilov, CEO of ENZC.
Charles Cotropia, CEO of BioClonetics added, "We are looking forward to negotiating the terms of the merger for our two entities and bringing our therapies to market upon completion of clinical trials."
About Enzolytics, Inc.
Enzolytics, Inc. is a drug development company committed to the commercialization of its proprietary proteins for the treatment of debilitating infectious diseases. Enzolytics is committed to creating drugs for the better health of mankind. Enzolytics, Inc. is also a 49% shareholder in IMMB BG its Bulgarian subsidiary.
Enzolytics' flagship compound ITV-1 (Immune Therapeutic Vaccine-1) is a suspension of Inactivated Pepsin Fraction (IPF), which studies have shown is effective in the treatment of HIV/AIDS. IPF is the active drug substance of ITV-1 and is a purified extract of porcine pepsin. ITV-1 has been shown to modulate the immune system.
About BioClonetics Immunotherapeutics, Inc.
BioClonetics Immunotherapeutics, Inc. is a Dallas Texas biotech company with proprietary technology for producing fully human monoclonal antibodies (mAbs) against infectious diseases including HIV, rabies, influenza A, influenza B, tetanus, and diphtheria. Its proprietary methodology for producing fully human monoclonal antibodies may be used to produce therapeutic fully human monoclonal antibodies for treating many infectious diseases including the Coronavirus.
Safe Harbor Statement
This news release contains forward-looking statements that involve risks and uncertainties associated with financial projections, budgets, milestone timelines, clinical development, regulatory approvals, and other risks described by Enzolytics, Inc. (f/k/a Eco Petroleum Solutions, Inc. / Immunotech Laboratories, Inc.) from time to time in its periodic reports filed with the SEC. IPF is not approved by the US Food and Drug Administration or by any comparable regulatory agencies elsewhere in the world.
While Enzolytics, Inc. believes that the forward-looking statements and underlying assumptions contained therein are reasonable, any of the assumptions could be inaccurate, including, but not limited to, the ability of Enzolytics to establish the efficacy of IPF in the treatment of any disease or health condition, the development of studies and strategies leading to commercialization of IPF in the United States, the obtaining of funding required to carry out the development plan, the completion of studies and tests on time or at all, and the successful outcome of such studies or tests. Therefore, there can be no assurance that the forward-looking statements included in this release will prove to be accurate.
Such forward-looking statements are based on current expectations and involve inherent risks and uncertainties, including factors that could delay, divert or change any of the statements made, and could cause actual outcomes and results to differ materially from current expectations. No forward-looking statement can be guaranteed. These forward-looking statements are made as of the date of this press release, and the Company expressly disclaims any intention or obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements.
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SOURCE: Enzolytics, Inc.