Jupiter, FL – 
Inc. (“Marizyme”
or the “Company”) (OTCQB:MRZM),
is pleased to announce the closing of its acquisition of My Health Logic Inc.,
a subsidiary of Health Logic Interactive Inc. (TSXV:CHIP.H), along with a
concurrent financing.
My Health Logic’s “lab-on-chip”
technology platform and patient-centric digital point-of-care device, MATLOC 1,
further strengthens Marizyme’s life science technology product pipeline.
Marizyme is actively seeking FDA approval for both MATLOC1 and a second
product, DuraGraft.
My Health Logic’s MATLOC and Lab-on-Chip Technology
Platform
The excitement over
microfluidics, also known as lab-on-a-chip technology, lies in its potential
for producing revolutionary, timely, accessible, and practical point-of-care
devices; devices that are patient-centric (one-to-many, rather than doctor
centric, one-to-one) and support self-care and independence. Microfluidics is a
technology for analyzing small volumes of fluids, with the potential to
miniaturize complex laboratory procedures onto a small microchip, hence
the term “lab-on-chip” (LOC).
My Health Logic’s lab-on-chip
technology is currently being developed to diagnose the three leading
biomarkers for chronic kidney disease (CKD), a disease estimated to affect 37
million Americans – or one out of every seven people – and which costs the US
public healthcare system over $80 billion a year. By combining the lab-on-chip
technology with MATLOC 1 we expect to be able to quantitatively read the two
urine biomarkers, albumin and creatine, necessary for effective CKD screening
at point-of-care with results available instantly on a patient’s smartphone.
MATLOC 2, the Company’s next
generation point-of-care device is designed to quantitatively assess eGFR using
a blood-based biomarker. eGFR is a key measure of kidney function health and/or
stage of kidney disease and is designed to provide a complete quantitative
diagnostic assessment for CKD, potentially eliminating the need for lab visits
and in-person assessment.
The COVID Pandemic massively
accelerated the ongoing transformation in Healthcare. Connected consumer
electronic devices are enabling 24/7 home-based digital healthcare. Consumers
have the desire and are now empowered to manage their own healthcare.
With MATLOC we strive to create
earlier detection and prevention of CKD, allowing patients and healthcare
systems to prevent the enormous costs of kidney failure, transplant, and/or
dialysis. After completing the technology for CKD assessment, the Company plans
to explore other biomarkers for chronic diseases to be measured at
point-of-care.
Acquisition of Senior Officers and New Appointments of
CFO and VP of Finance
Additionally, Marizyme is pleased
to announce that David Barthel, who was appointed as Marizyme’s Chief Executive
Officer on November 10, 2021, was appointed as a member of the Company’s board of
directors on December 20, 2021.
Also, two of My Health Logic’s
senior officers, George Kovalyov, CPA, and Harrison Ross, CFA will join the
Company in leadership roles.
George Kovalyov will become
Marizyme’s CFO. Mr. Kovalyov is a founding member of the My Health Logic team
and is a CPA with cross border transaction experience. Before My Health Logic,
Mr. Kovalyov was VP of Finance for Phivida Holdings, a publicly traded Company
that raised over $19 million post its IPO and was successfully acquired. Furthermore,
Mr. Kovalyov has 11 years’ experience as a financial controller, working on
public company audits and financial statements for both US GAAP and IFRS.
Harrison Ross will become
Marizyme’s VP of Finance. Mr. Ross is another founding member of the My Health
Logic team and brings extensive knowledge of the MATLOC device and the
accompanying lab-on-chip technology. Mr. Ross has experience in both public and
private capital markets. In addition to creating another currently TSXV-listed
company, Mr. Ross spent 9 years on the buy-side managing investments at
registered firms and family offices.
Marizyme Announces Financing
Marizyme is also announcing that,
concurrent with the closing of the My Health Logic Acquisition, the Company
closed a private placement in the amount of $6 million, consisting of Units of
Convertible Notes and Warrants at a price per Unit of $1.75. This new
investment will allow the Company to continue with its business development
needs and prepare and file with the Securities and Exchange Commission (the
“SEC”) a Form S-1 registration statement (the “Registration Statement”) for an
anticipated public offering and Nasdaq uplisting in 2022. Subject to
satisfaction of certain conditions, the purchaser of the Units has agreed to
invest up to an additional $4 million in the Company. Specifically, the
Purchaser has agreed to subscribe for $2,000,000 in additional Units upon the
Company’s filing of the Registration Statement, and an additional $2,000,000
upon the Company’s submission of responses to a first round of comments on the
S-1 filing expected to be received from the SEC shortly after the S-1 filing. In
connection with this investment, the company also exchanged approximately
$1,456,039 in previously-issued outstanding convertible notes and warrants in
exchange for the new Convertible Notes and Warrants.
About
Marizyme, Inc.
Marizyme
is a life science company, based in Jupiter, FL that is engaged in the
research, development and commercialization of technologies and products to
prevent, treat and diagnose diseases with unmet clinical needs. The Company’s
flagship product, DuraGraft®, is an intra-operative vascular graft storage
solution that inhibits endothelial damage and leads to improved clinical
outcomes by reducing the incidence of complications associated with vein graft
failure after bypass surgery. DuraGraft enhances coronary artery bypass grafting
(CABG) surgical outcomes by significantly reducing major adverse cardiac events
such as repeat revascularization and myocardial infarction. DuraGraft is
approved for use in the EU and several Asian countries but is not yet approved
for use in the U.S. Marizyme is also focused on the development and marketing
of products based on its clinically tested and previously patented protease
based therapeutic Krillase® platform. Krillase is not approved for use in
the U.S. For more information about Marizyme, visit www.marizyme.com.
About My Health Logic
My Health Logic is developing and
commercializing consumer focused handheld point-of-care diagnostic devices that
connect to patient’s smartphones and digital continued care platforms. The
Company plans to use My Health Logic’s patent pending lab-on-chip technology to
provide rapid results and facilitate the transfer of that data from the
diagnostic device to the patient’s smartphone. The Company expects this data
collection will allow it to better assess patient risk profiles and provide
better patient outcomes. Our mission is to empower people with the ability to
get early detection anytime, anywhere with actionable digital management for
chronic kidney disease. More information about My Health Logic is available at www.healthlogicinteractive.com.
Forward Looking Statements
This press release contains
statements that do not relate to historical facts but are “forward-looking
statements” within the meaning of the safe harbor provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These statements can
generally (although not always) be identified by their use of terms and phrases
such as anticipate, appear, believe, continue, could, estimate, expect,
indicate, intend, may, plan, possible, predict, project, pursue, will, would
and other similar terms and phrases, as well as the use of the future
tense. Forward-looking statements are neither historical facts nor
assurances of future performance. Instead, they are based only on current
beliefs, expectations and assumptions regarding the future of the business of
our company, future plans and strategies, projections, anticipated events and
trends, the economy and other future conditions. Because forward-looking
statements relate to the future, they are subject to inherent uncertainties,
risks and changes in circumstances that are difficult to predict and many of
which are outside of our control, including the risks described in our annual
and quarterly reports under the heading “Risk Factors” as filed with the
SEC. Actual results and financial condition may differ materially from
those indicated in the forward-looking statements. Therefore, you should
not rely on any of these forward-looking statements. Forward-looking
statements in this press release speak only as of the date hereof. Unless
otherwise required by law, we undertake no obligation to publicly update or
revise these forward-looking statements, whether as a result of new
information, future events or otherwise.
Bradley Richmond
914-714-8615
info@marizyme.com