QuestCap Inc. (“
QuestCap” or the
“
Company”) (CSE: QSC; OTCMKTS: COPRF; FRA:
34C1) is pleased to announce that the Company has entered into
a binding letter of intent (the “
LOI”) with Amino
Therapeutics, Inc. (“
Amino”) to acquire 40% of the
issued and outstanding shares of Amino. QuestCap cautions that this
is still early stage research and development and is not making any
express or implied claims that it has the ability to treat the
SARS-CoV-2 virus at this time.
Amino has obtained exclusive rights to leverage
their parent company’s, Exponential Genomics Inc.
(“Xenomics”) XenoArray platform to engineer a
potential treatment for COVID-19 (the “Treatment”)
based on peptide protease inhibitors. Being developed to engineer
to genetically modify multiple microbial strains to produce
thousands of peptide-based protease inhibitors in parallel, the
XenoArray platform may empower Amino Therapeutics with a unique
advantage to potentially design an effective treatment for
COVID-19.
The terms of the LOI are as follows:
- Amino will sell a 40% equity interest to QuestCap;
- QuestCap will inject $1 million USD of cash on the closing
date, $500,000 USD 60 days from the closing date and $500,000 USD
120 days from the closing date;
- QuestCap will issue 15 million common shares on the closing
date;
- QuestCap will receive a warrant to purchase an additional 9%
equity in Amino for $2 million with an expiry of 24 months from the
closing date;
- QuestCap will receive a warrant to acquire up to a 9.9% equity
in Amino’s parent company, Exponential Genomics Inc., for $2
million USD for a period of 12 months from the closing date.
The closing of the transaction to acquire a 40%
equity interest in Amino is subject to the parties negotiating a
definitive agreement.
Stan Bharti, QuestCap’s Co-Chairman, stated:
“The global COVID-19 pandemic caused by the SARS-CoV-2 virus is an
emergency situation that requires immediate intervention. By
leveraging the XenoArray technology at Exponential Genomics, Amino
Therapeutics is well positioned to potentially develop the next
generation antiviral therapeutic candidates.”
David Preiner, Amino’s President and Chief
Executive Officer, stated: “Engineering of next generation
therapeutics to potentially combat the current COVID-19 outbreak
normally requires a long process of research and development that
is typically associate with long development timelines and high
development costs, which in this emergency could have catastrophic
consequences. At Amino, we are working on ways to accelerate the
drug development timeline for novel biologics to start regulatory
processes, demonstrate patient safety, and bring patient’s
treatments.”
Amino’s current stage of development for the
potential Treatment is as follows:
- Amino has started to perform research on the
SARS-CoV-2 virus based on prior published research;
- The cash investment will be used for further research and
development related to the potential Treatment. Amino’s parent
company, Xenomics, is a bio-engineering company that has received
$1.2 million in revenue from a related party to date for gene
editing research which has been applied in this research and
development;
- Xenomics currently has the necessary equipment and research and
development team that will be responsible for conducting research
related to the potential Treatment;
- Xenomics has successfully filed two previous patents for
bio-synthesis which includes the creation of small molecules and
enzymes;
- Due to the recent pandemic Amino has just began the research
based on prior published research;
- No clinical testing has yet been performed related to the
potential Treatment; and
- Amino is not primarily relying on third parties to perform the
research and development.
About QuestCap Inc.
QuestCap is an investment company that seeks to
enhance shareholder value over the long term by opportunistically
making various investments that may include, without limitation,
the acquisition of equity, debt or other securities of publicly
traded or private companies or other entities, financing in
exchange for pre-determined royalties or distributions and the
acquisition of all or part of one or more businesses, portfolios or
other assets.
About Exponential Genomics, Inc.
(Xenomics)
Exponential Genomics Inc. (Xenomics) has built a
team of scientists trained at Harvard and MIT that utilize
genetically modified microorganisms to manufacture compounds
identical to those found in nature. Our core XenoArray technology
is a novel gene-editing technique designed to perform over 400
years of CRISPR in 8 weeks. Experts on the Xenomics’ leadership
team includes:
David Preiner, Founder & CEOJohn Harrold,
PhD, Co-Founder & COOSophie Ni, PhD, Co-Founder & CPORyan
Hubbard, MD, Co-Founder & CMODan Kriznic, CPA, CA, Co-Founder
& CFONatasha Collins, CPA, CA, VP FinanceOlivier Roussy Newton,
VP Business DevelopmentDavid Wood, PhD LLB, Advisor
About Amino Therapeutics,
Inc.
Amino is working to create the next generation
of novel cell penetrating peptides to spearhead the development of
biologic pharmaceuticals focusing on intracellular mechanisms of
action. Amino’s current leading project is to develop broad
spectrum protease inhibitors as a potential therapeutic treatment
for patients with COVID-19.
For additional information, please contact:
G Scott Moore
Co-Chairman SMoore@Questcapinc.com
1-416-861-5903
Media contact:
Wynn Theriault Thirty Dash Communications 34 King
St East #400 Toronto M5C 2X8 416.710.3370
Cautionary Note Regarding
Forward-looking Information
This press release contains "forward-looking
information" within the meaning of applicable Canadian securities
legislation. Forward-looking information includes, but is not
limited to, statements with respect to the acquisition of an equity
interest in Amino; and the potential of any “COVID-19 Treatment.
Generally, forward-looking information can be identified by the use
of forward-looking terminology such as "plans", "expects" or "does
not expect", "is expected", "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates" or "does not anticipate", or
"believes", or variations of such words and phrases or state that
certain actions, events or results "may", "could", "would", "might"
or "will be taken", "occur" or "be achieved". Forward-looking
information is subject to known and unknown risks, uncertainties
and other factors that may cause the actual results, level of
activity, performance or achievements of the Company, as the case
may be, to be materially different from those expressed or implied
by such forward-looking information. Although the Company has
attempted to identify important factors that could cause actual
results to differ materially from those contained in
forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can
be no assurance that such information will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking information. The Company
does not undertake to update any forward-looking information,
except in accordance with applicable securities laws.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS
REGULATION SERVICES PROVIDER HAS REVIEWED OR ACCEPTS RESPONSIBILITY
FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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