Enzolytics announces the procurement of funding for initial operations of merging entity
PLANO, TX / ACCESSWIRE / October 22, 2020 / Enzolytics, Inc. (OTC PINK:ENZC) (or the "Company") announced the appointment, by the Board of Directors of the Company, on October 20 of Charles Cotropia to the position of CEO of Enzolytics. Mr. Cotropia also serves as CEO of ENZC's Merger target BioClonetics Immunotherapeutics, Inc. ("BCLS" or "BioClonetics"), Harry Zhabilov the former CEO of ENZC has taken the position of CSO. Charles Cotropia was appointed to the ENZC Board of Directors on October 1, 2020. Simultaneously, Harry Zhabilov was appointed to the BCLS board.
Charles S. Cotropia is co-founder and CEO of BioClonetics Immunotherapeutics, Inc., a Texas based biotech company with a proprietary methodology for producing fully human IgG1 monoclonal antibodies for treating infectious diseases with non-toxic passive immunotherapy. Using this methodology, the company has created proprietary cell lines that produce fully human monoclonal antibodies that target and neutralize infectious diseases including HIV, influenza, tetanus and diphtheria.
Mr. Cotropia holds a Bachelor of Science degree with honors in Aerospace Engineering from the University of Texas at Austin and a Juris Doctorate Degree from Cornell University. He is a member of the Texas Bar Association and has served as a Member of the Board of Directors of the Dallas Bar Association. He is licensed to practice before the United States Patent and Trademark Office.
Prior to his current position at BioClonetics, Mr. Cotropia served as a partner and senior counsel at Sidley Austin LLP in its Dallas office. He has over 45 years of litigation experience having handled cases in the areas of patents, trademarks, trade dress, unfair competition and copyrights. As an intellectual property attorney, he served as lead counsel in patent, trademark, trade dress and copyright disputes litigated in Federal and State Courts and the United States Patent and Trademark Office. In his legal career, Mr. Cotropia represented clients with products and services in many diverse areas, including biotech, aerospace, electronics, the Internet and oil and gas equipment and processes.
Harry H. Zhabilov has served as Chairman, President & Chief Science Officer at Immunotech Laboratories, Inc., Chairman, President & Chief Executive Officer for Enzolytics, Inc. and Treasurer & Chief Science Officer at Bassline Productions, Inc. Mr. Zhabilov is a Member of American Institute of Chemical Engineers and Member of American Chemical Society.
Mr. Zhabilov was previously Executive Vice President at VG Life Sciences, Inc., Vice Chairman, Secretary & Chief Science Officer at International Technology Systems, Inc. and Research Scientist at Bulgarian Academy of the Sciences.
Mr. Zhabilov has extensive experience in protein isolation and purification in immunochemistry and biochemistry along with experience with therapeutic proteins used in HIV and cancer. Mr. Zhabilov also has experience in the preparation of an application for a nutraceutical compound/supplement for the FDA. He is the inventor of several U.S. patents related to the immunotherapy of HIV and cancer and an immune enhancer based on the company's IPF platform. Mr. Zhabilov has also managed several clinical trials utilizing therapeutic proteins.
The Company has also procured a commitment for funding of $500,000.00 to be used for implementation of the planned combined operations and the initial steps of the merged business strategy of creating successful therapeutics against infectious diseases thereby increasing the value of the Company's technology and the value of the Company through the combination the Enzolytics ITV-1 peptide in conjunction with BioClonetics' anti-HIV monoclonal antibodies. As part of this initial $500,000.00 funding, the Company and certain of its current convertible debt holders have agreed to a standstill on the issuance of any additional shares from conversions of debt.
The entities anticipate a decision in the near future on pending applications filed with the National Institute of Health (NIH) and the National Science Foundation (NSF) for further development of its anti-HIV monoclonal antibodies and proposed production of anti-SARS-CoV-2 (CoronaVirus) antibodies.
Enzolytics' application with OTC Markets was approved and ENZC has begun the process of bringing its filings current having filed the September 30, 2018 report.
In addition, management of ENZC is scheduling a meeting with a GMP manufacturer anticipated to take place before the end of the month.
"We are moving forward on the combination of our two companies, including the intellectual property owned by each, and are finalizing the necessary documents to bring the transaction to a successful closure in the very near future" said Charles Cotropia CEO of ENZC.
Harry Zhabilov CSO stated, "It has long been a dream of mine to be able to partner with an individual and management team such as BioClonetics to realize the full value of the Company's patented technology for ENZC and its shareholders."
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.
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SOURCE: Enzolytics, Inc.