SunRegen is pleased to announce that it has entered into a binding Letter of Intent (“LOI”) dated August 12, 2024 with Verisante Technology Inc, a company listed on the TSX Venture Exchange (TSXV) under the stock symbol VER.H, to undertake a Reverse Takeover transaction (“RTO”) with the resulting listed issuer carrying on the business of SunRegen.
Verisante has applied a trading halt with the Exchange on August 13, 2024 until a comprehensive news release with regard to the Definitive Share Exchange Agreement is reached, prepared by both parties and accepted by the Exchange.
SunRegen shareholders will own 90% of the outstanding common shares of the resulting issuer on a pre-money basis. The acquisition shares will have a deemed value of $0.80 per share for an aggregate deemed acquisition value of $31,635,363.
Both parties intend to negotiate and enter into a Definitive Share Exchange Agreement prior to September 30, 2024 and complete the RTO with a proposed name change to SunRegen Pharmaceuticals Inc before December 31, 2024.
SunRegen’s pre-RTO capital raise is currently in progress. The next step is to complete a concurrent financing.
The use of proceeds of the anticipated financing will be to advance the regulatory approval of SunRegen’s drug candidate SBC003 toward FDA Phase I/II by hiring a CRO to conduct CMC(Chemistry, Manufacturing, and Controls) and Safety studies for Retinitis Pigmentosa (“RP”).
Mr. Thomas Braun, the CEO of Verisante stated, "We are pleased to acquire a 100% interest in SunRegen Healthcare AG, a Swiss pharmaceutical company, by way of share exchange. SunRegen has first and best-in-class oral therapies to treat retinal neurodegenerative diseases, and the leading drug candidate SBC003 has shown highly encouraging in-vitro & in-vivo results on numerous indications. This transaction will enhance our fundamentals and is expected to provide higher returns to our shareholders."
Mr. David Guan, the CEO of SunRegen stated, “We are delighted to conduct a RTO transaction with Verisante Technology Inc. This will accelerate our access to the world’s largest capital pool with better liquidity. With the upcoming funding and continuous support from our shareholders, we are confident to launch our first and best-in-class oral medication (SBC003) to treat and reverse Retinitis Pigmentosa (RP).”
RP is a hereditary family disease. Patients usually catch this disease at a young age, and it is generally manifested as apoptosis of peripheral retinal rod cells. At present, Luxturna® (Voretigene Neparvovec) is the only approved RP Therapy to treat a small subset of patients with RPE65 mutations, accounting for 0.3%-1% of the total number of RP patients. The vast majority of RP patients cannot obtain effective treatment. Currently, there are approximately 2 million RP patients worldwide.
Although RP is a rare disease, according to Data Bridge Market Research, the global RP market was worth US$11.57 billion and forecast to grow at a CAGR of 7.3% to reach US$20.33 billion by 2029.
SBC003 has also demonstrated prominent neuro-rescuing effects for indications including dry Age-Related Macular Degeneration (DAMD), Primary Optic Atrophy (POA) and Glaucoma Optic Atrophy (GOA). SBC003 is in the pre-approval stage of FDA approval.
For more information about this transaction, please refer to
Verisante Technology Inc’s Press Release.
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