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."
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. Immunotech is committed to creating drugs for the better health of mankind. Enzolytics is a 49% shareholder of IMMB BG.
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 produce fully human monoclonal antibodies may be used to produce therapeutics treatments for 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..
IR Contact:
Enzolytics, Inc.
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Plano, TX 75074
Phone: (972)292-9414 Fax: (972)292-9414
SOURCE: Enzolytics, Inc.