Impact Biomedical And GRDG Sciences Announce Medical Technology Package Valued At USD 1.39 Billion
SGX-listed Singapore eDevelopment Limited's (the "Company") (SeD; SGX:40V) wholly owned subsidiary, Impact Biomedical Inc. ("Impact Biomedical"), would like to update its stakeholders on its suite of antiviral and medical technologies ("Suite"). This Suite is valued at USD 1.39 Billion (SGD 1.97 Billion) as of 26 May 2020 by another independent valuation experts which are reputed for their expertise and skills in assessing the potential deal value of medical intellectual property. The Suite is mainly co-owned by Impact Biomedical and its scientific research partner, Global Research and Discovery Group Sciences ("GRDG Sciences"). Impact Biomedical's ownership in the Suite equates to a value of approximately USD 933 Million (SGD 1.32 Billion).
Impact Biomedical previously announced on 23 April 2020 that the Suite was valued at USD 592 million (SGD 841 million) by Destum Partners. Unlike the previous valuation, the new valuation of the Suite conducted, which was initiated by GRDG Sciences, takes into consideration numerous additional disease applications of the Suite. The scope of the new valuation of the Suite includes: 3F Mosquito and Antiviral Biofragrance; Equivir, an OTC medication with broad antiviral activity; Laetose, an advanced sugar replacement that is reduced calorie and low glycemic; and Linebacker, a broad-spectrum universal therapeutic.
The Company refers to its announcement on 4 May 2020 in relation to Impact Biomedical's entry into a share exchange agreement for a proposed US$50 million share swap. The Company wishes to state that as the terms of the share swap transaction has been finalized prior to the new valuation, the new valuation amount of the suite will not vary the terms and consideration of the share swap transaction.
Impact Biomedical and GRDG Sciences developed this Suite in a long-term research program adhering to the principles and initiatives established by the Panacea program, the Open Air Defense Initiative, Project Bioshield and the Biomedical Advanced Research and Development Authority ("BARDA") of the U.S. Department of Health and Human Services.
3F Biofragrance was designed for the Open Air Defense Initiative, a strategy to protect locations where large numbers of people gather or transit such as airports, containment areas, train stations, convention centers, hospitals, and other appropriate enclosed spaces, and ports of entry. 3F Mosquito Biofragrance and Mosquito Booster are a multi-aspect inhibitors of mosquito receptors that shut down the ability of the insects to detect human prey and they deactivate the feeding impulse. 3F Antiviral Biofragrance has proven to be successful against E. coli, MRSA, Influenza, Rhinovirus, Tuberculosis, and COVID-19. All three Biofragrance technologies are patent pending and were valued for their mosquito repellent, mosquito repellent boosting, and antimicrobial disinfectant applications.
Equivir was created as a solution for Project Bioshield, a U.S. government program to conduct and support research and development activities for countermeasures in biological emergencies. Equivir is a patented OTC medication/vitamin that has broad antiviral efficacy and was valued for its use as a prophylactic and treatment against multiple types of Influenza, Rhinovirus, Cholera, Ebola, and COVID-19.
Linebacker was modeled to shadow the Panacea program created by the US Defense Advanced Research Projects Agency ("DARPA"). Panacea was a research program designed to provide novel, multi-target therapeutics for unmet physiological needs. Linebacker is a patented universal therapeutic medication and was valued for its demonstrated effectiveness against neurological diseases including Parkinson's, 17 types of cancer, and multiple pathogens such as MRSA, E. coli, A. baumannii, K. penumoniae, S. flexneri, Cholera, Influenza, SARS, MERS, Malaria, and COVID-19.
Laetose is a reduced calorie and low glycemic sugar replacement created to address the rising global problem of metabolic disorders and associated conditions such as obesity and diabetes.
GRDG Sciences's Chief Scientific Advisor is Dr. Roscoe M. Moore, Jr., the former United States Assistant Surgeon General and former Epidemic Intelligence Service Officer at Centers for Disease Control and Prevention or CDC. He said, "GRDG's broad set of technology clearly shows a comprehensive approach to provide solutions to global healthcare that is poised to make a real impact and improve the lives of many people around the world."
Also advising GRDG Sciences is Lieutenant Colonel William H. Lyerly Jr., retired Career Senior Executive / Scientific Professional from the U.S. Department of Homeland Security and retired U.S. Army Medical Service Corps Officer. Lieutenant Colonel Lyerly also served as a senior official in the U.S. Department of Health and Human Services, the U.S. Agency for International Development, and the U.S. Executive Office of the President (White House). Lieutenant Colonel Lyerly states, "GRDG has a wide range of novel, unique capabilities which are reflected in this valuation. Each aspect is important on its own and the combination of assets is simply astounding."
Impact Biomedical accomplished this research and development in strategic partnership with GRDG Sciences led by Mr. Chan Heng Fai, Chairman. "I am greatly encouraged with the results and the team's contribution to this cause. We hope this will eventually prove to be beneficial to everyone and we look forward to more exciting discoveries" said Mr. Chan.
Daryl Thompson, Director of Scientific Initiatives and founder of GRDG Sciences said, "This valuation validates the 5-year project to prove the speed in which biomedical countermeasure research can be achieved, a major accomplishment especially in the present atmosphere of the COVID pandemic." GRDG Sciences is working with large global companies and organizations to license and integrate this technology into pipelines and programs for further validation, regulatory approval, and deployment to treat or prevent multiple threats to the health of people worldwide.
Shareholders and potential investors of SeD are advised to read this Press Release and any further announcements made by SeD carefully. Shareholders and potential investors of SeD are advised to refrain from taking any action with respect to their securities in SeD which may be prejudicial to their interests, and to exercise caution when dealing in the securities of SeD. Shareholders and potential investors of SeD should consult their stockbrokers, bank managers, solicitors or other professional advisers if they have any doubt about the actions they should take.