Sigyn Therapeutics Announces Completion of Merger with Reign Resources
Sigyn is Focused on the Treatment of Sepsis and Other Life-Threatening Inflammatory Conditions That are Not Addressed with Approved Drug Therapies
Trading to Commence Tomorrow Under the Ticker Symbol “SIGY”
San Diego, California, Oct. 19, 2020 (GLOBE NEWSWIRE) -- via NewMediaWire -- Sigyn Therapeutics, Inc., a medical technology company focused on the treatment of life-threatening inflammatory conditions, today announced the completion of its previously disclosed merger with Reign Resources Corporation (OTCMarkets: RGNP). The new combined company will operate under the name Sigyn Therapeutics, Inc. (Sigyn) and will commence trading tomorrow, October 20th under the ticker symbol SIGY.
Sigyn was established to address a significant unmet need in global health; the treatment of life-threatening inflammatory conditions precipitated by Cytokine Storm Syndrome (“the Cytokine Storm”), a hyperactive immune response that can induce multiple organ failure and cause death. The annual market opportunity for a therapeutic strategy to prevent or mitigate the Cytokine Storm exceeds $20 billion.
Sigyn Therapy™ is a development-stage blood purification therapy created to overcome the limitations of previous drugs and devices to treat life-threatening inflammatory conditions, including sepsis, the #1 cause of in-hospital deaths. Mechanistically, Sigyn Therapy is designed to deplete the presence of a broad-spectrum of inflammatory factors from the human circulatory system. This includes pro-inflammatory cytokines, cytokine aggregates, endotoxin and larger CytoVesicles that transport cytokines and other inflammatory cargos in the bloodstream.
Beyond sepsis, Cytokine Storm related therapeutic opportunities may include, but are not limited to virus-induced Cytokine Storm (a leading cause of COVID-19 deaths), bacteria-induced Cytokine Storm, acute respiratory distress syndrome (ARDS) and acute forms of liver failure, including hepatic encephalopathy. Sigyn Therapy may also be a candidate to stabilize or extend the life of patients waiting for the identification of a matched liver for transplantation. In such a scenario, Sigyn Therapy™ would serve as a bridge-to-liver transplant. Cytokine Storm Syndrome may also be induced by trauma, severe burns, acute pancreatitis, adverse drug reactions, cancer immunotherapies, cancer cachexia, acute kidney injury (AKI) and severe pneumonia.
“The completion of this merger fulfills our objective to establish Sigyn Therapeutics as a publicly-traded company,” stated Sigyn Chairman and CEO, Jim Joyce. “To further the advancement of Sigyn Therapy, we are initiating a series of studies to reinforce the capability of our technology and to support our regulatory milestone objective to submit an Investigation Device Exemption (IDE) to The United States Food and Drug Administration (FDA) in 2021.”
Mr. Joyce has two decades of public company CEO and corporate board leadership experience. Specific to blood purification therapies, Mr. Joyce is the founder, former Chairman and CEO of Aethlon Medical, a company he navigated from a single shareholder start-up to Nasdaq-traded Company with 8000+ shareholders. During his tenure at Aethlon, Mr. Joyce oversaw the development of the Hemopurifier®, a first-in-class blood purification technology to address life-threatening viruses and cancer-promoting exosomes. Under his leadership, the Hemopurifier® became the first therapeutic candidate to be awarded two FDA “Breakthrough Device” designations and was the first and only device to receive “Emergency Use Authorization” (EAU) approval from both the FDA and Health Canada to treat Ebola virus. Time Magazine named the Hemopurifier® one of the “11 Most Remarkable Advances in Healthcare” and designated the device to its “Top 25 Best Inventions” award list.
Sigyn Therapy was developed by Mr. Joyce and Sigyn Chief Technical Officer, Craig Roberts. Collectively, they have 50+ years of experience in the medical technology field and played instrumental roles in the development of three device technologies that have been cleared by the FDA to treat COVID-19 infected individuals.
In connection with the closing of the merger, Sigyn has approximately 34 million shares of common stock issued and outstanding with prior Sigyn equity-holders collectively owning approximately 75% of the combined company on a fully-diluted basis, and Reign equity-holders collectively owning approximately 25% of the combined company on a fully-diluted basis.
About Sigyn Therapeutics
Sigyn Therapeutics is a development-stage therapeutic technology company headquartered in San Diego, California USA. Our focus is directed toward a significant unmet need in global health; the treatment of life-threatening inflammatory conditions that are precipitated by Cytokine Storm Syndrome and not addressed with an approved therapy. Our mission is to save lives.
Sigyn Therapy™ is a novel blood purification technology designed to mitigate cytokine storm syndrome through the broad-spectrum depletion of inflammatory targets from the bloodstream. Cytokine storm syndrome is the hallmark of sepsis, which is the most common cause of in-hospital deaths and claims more lives each year than all forms of cancer combined. Virus induced cytokine storm (VICS) is associated with high mortality and is a leading cause of SARS-CoV-2 (COVID-19) deaths. Other therapeutic opportunities include, but are not limited to bacteria induced cytokine storm (BICS), acute respiratory distress syndrome (ARDS) and acute forms of liver failure, such as hepatic encephalopathy.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements of Sigyn Therapeutics, Inc. (“Sigyn”) that involve substantial risks and uncertainties. All statements contained in this press release are forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. The words “could,” “will,” “plan,” “intend,” “anticipate,” “approximate,” “expect,” “potential,” or the negative of these terms or other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements include, among others, statements about Sigyn’s future financial performance, the impact of management changes, any proposed organizational restructuring, results of operations, capital resources to fund operations; statements about Sigyn’s expectations regarding the capitalization, resources and ownership structure of the combined company; statements about the potential benefits of the transaction; the expected completion and timing of the transaction and other information relating to the transaction; and any other statements other than statements of historical fact. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements that Sigyn makes due to a number of important factors, including (i) the risk that the transaction may not be completed in a timely manner or at all, which may adversely affect Sigyn’s business and the price of the common stock of Sigyn, (ii) the failure to satisfy of the conditions to the consummation of the transaction, (iii) the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement, (iv) risks related to the ability to realize the anticipated benefits of the transaction, including the risk that the businesses will not be integrated successfully, (v) the effect of the announcement or pendency of the transaction on Sigyn’s business relationships, operating results and business generally, (vi) risks that the proposed transaction disrupts current plans and operations, (vii) risks related to the combined entity’s ability to up-list to a national securities exchange, (viii) risks related to the combined entity’s access to existing capital and fundraising prospects to fund its ongoing operations, (ix) risks related to diverting management’s attention from Sigyn’s ongoing business operations, (x) other business effects, including the effects of industry, market, economic, political or regulatory conditions, future exchange and interest rates, and changes in tax and other laws, regulations, rates and policies, and (xi) the outcome of any legal proceedings that may be instituted against Sigyn related to the merger agreement or the transaction. Further risks that could cause actual results to differ materially from those matters expressed in or implied by such forward-looking statements are discussed in “Risk Factors” and elsewhere in the previous Reign Resources Corporation Quarterly Report on Form 10-Q for the quarter ended June 30, 2020 and other reports filed with the SEC. The forward-looking statements in this press release represent Sigyn’s views as of the date of this press release. Sigyn anticipates that subsequent events and developments may cause its views to change. However, while it may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to do so. You should, therefore, not rely on these forward-looking statements as representing Sigyn’s views as of any date subsequent to the date of this press release.
Contact Sigyn Therapeutics, Inc.
Released October 19, 2020