Business
Marizyme, Inc. Completes Acquisition of Somahlution, Inc. and Raises $7.0 Million in Private Placement
Marizyme, Inc. Completes Acquisition of Somahlution, Inc. and Raises $7.0 Million in Private Placement.
About this update from Marizyme, Inc.
[{"type":"text","content":"JUPITER, FL / ACCESSWIRE / September 29, 2020 / Marizyme, Inc. ("Marizyme" or the "Company"), a publicly traded (OTCQB:MRZM) company focused on acquiring late-stage drug and medical device assets announced today that it has completed the acquisition of all or substantially all of the Somahlution, Inc. and Somahlution, LLC assets, including their DuraGraft® intellectual property, Somaceutica intellectual property and derivative works. DuraGraft is a CE-marked and patented product that protects vascular grafts against ischemic injury and is the only product registered and indicated for graft protection and preservation during bypass and other vascular surgeries including Coronary Artery Bypass Graft (CABG) and Peripheral Bypass surgery. Marizyme has issued 10 million shares of restricted common stock to the Somahlution shareholders and a warrant to purchase 3 million shares of restricted common stock at an exercise price of $5 per share.In addition, Marizyme also raised $7.0 million in gross proceeds in a private placement where Univest Securities, LLC acted as the exclusive placement agent. Marizyme plans to use the proceeds to expand sales of DuraGraft in Europe and to begin to seek US FDA approval in the United States.As part of the transaction Dr. Satish Chandra will be joining Marizyme as President and COO and Dr. Catherine Pachuk will be joining as Chief Science Officer.Mr. James Sapirstein, Marizyme, Executive Chairman, commented, "We are excited to complete this transaction and most importantly bring on the seasoned technical leadership of the Somahlution team. In addition, we are grateful to Univest Securities and our new investors for the trust they are placing in us to deliver strong shareholder value for Marizyme."Somahlution's platform technology has enabled the development of a robust product pipeline with the potential to address unmet medical needs and reduce disease burden not only in vascular grafting indications but also indications involving tissue and fat grafting and organ transplant. DuraGraft protects graft tissue from harvesting through anastomosis and is used as a treatment to maintain the structural and functional integrity of free vascular grafts. The use of DuraGraft is associated with reductions of post-CABG complications associated with graft disease and failure...