CARLSBAD, Calif., April 01, 2025 (GLOBE NEWSWIRE) -- Qualigen Therapeutics, Inc. (NASDAQ: QLGN) (the “Company”) announced today they have entered a non-binding Memorandum of Understanding (MOU) to acquire Marizyme (OTC: MRZM).
Qualigen and Marizyme have entered an MOU dated March 28, 2025. This is the logical next step in acquiring Marizyme, following on our co-marketing agreement established in 2024. Upon completion of full due diligence, we will proceed with the final structure and deal terms which will be subject to shareholder approval following the filing of an S4.
There can be no assurance that any transaction will be completed or that definitive agreements will be executed.
Marizyme’s DuraGraft is an FDA cleared platform technology in the Coronary Artery Bypass Graft (CABG) market. The CABG market is over $10 billion in revenue annually. It is estimated there are more than 500,000 CABG surgeries performed every year in the US. In CABG surgery, saphenous vein graft (SVG) failure rates are a concern, with approximately 50% failing within 5 to 10 years, and between 20-40% failing within the first year. DuraGraft has the potential to change the landscape of cardiac care by preventing oxidative damage, therefore slowing the progression of vein graft failure. DuraGraft has the potential to increase hospital savings through the reduction of repeat procedures and hospital stays.
“We are extremely excited to bring Marizyme into the Qualigen Therapeutics company. Having an already FDA cleared product in our portfolio of businesses will provide the company with rapid revenue growth beginning in 2025. We look forward to providing further updates to shareholders as we make progress on completing diligence and finalizing terms of the transaction “stated Kevin Richardson II, Chief Executive Officer of Qualigen.
David Barthel, Chief Executive Officer of Marizyme, stated, “We are thrilled to have an agreement worked out with Qualigen. By combining the two companies we will be able to leverage our FDA cleared DuraGraft medical device and begin generating revenue. We should begin to see our commercialization strategy develop in the third quarter with revenue expected by the end of fiscal 2025. Bringing Duragraft to market will have a positive impact for shareholders, and more importantly for patients and the healthcare system”.
ABOUT MARIZYME
Marizyme Inc. is a multi-technology Life Science company engaged in the research, manufacture and commercialization of medical devices, diagnostics and first-in class products to address unmet clinical needs.
https://marizyme.com/
About Qualigen Therapeutics, Inc.
For more information about Qualigen Therapeutics, Inc., please visit www.qlgntx.com.
Forward-Looking Statements
This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company may in some cases use terms such as “predicts,” “believes,” “potential,” “continue,” “anticipates,” “estimates,” “expects,” “plans,” “intends,” “may,” “could,” “might,” “likely,” “will,” “should” or other words that convey uncertainty of the future events or outcomes to identify these forward-looking statements. The Company’s forward-looking statements are based on current beliefs and expectations of its management team that involve risks, potential changes in circumstances, assumptions, and uncertainties, including statements regarding the timing of the offering. Any or all of the forward-looking statements may turn out to be wrong or be affected by assumptions the Company makes that later turn out to be incorrect, or by known or unknown risks and uncertainties. These forward-looking statements are subject to risks and uncertainties including risks related to the Company’s ability to regain compliance with Nasdaq’s continued listing requirements, including the Company’s ability to file its Form 10-K for the period ended December 31, 2024, or otherwise in the future, or otherwise maintain compliance with any other listing requirement of The Nasdaq Capital Market, the potential de-listing of the Company’s shares from The Nasdaq Capital Market due to its failure to comply with the continued listing requirement of The Nasdaq Stock Market, LLC, or its alternatives, or otherwise in the future, and the other risks set forth in the Company’s filings with the Securities and Exchange Commission, including in its Annual Reports on Form 10-K and its Quarterly Reports on Form 10-Q. For all these reasons, actual results and developments could be materially different from those expressed in or implied by the Company’s forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which are made only as of the date of this news release. The Company disclaims any intent or obligation to update these forward-looking statements beyond the date of this news release, except as required by law. This caution is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
Contact:
Investor Relations
ir@qlgntx.com.
