Document Security Systems, Inc. (NYSE American: DSS), a
multinational company operating businesses focused on brand
protection technology, blockchain security, direct marketing,
healthcare, real estate, and securitized digital assets, today
announced that its target acquisition Company, Impact Biomedical,
published results from its in-vitro testing with Equivir and
Linebacker, its proprietary compounds, and 3F Biofragrance against
COVID-19 in independent laboratory testing. Impact Biomedical and
Global Research and Discovery Group Sciences (GRDG), in independent
Biosafety Level 3 containment facilities, challenged its compounds
with the SARS-CoV-2 virus. Equivir and Linebacker demonstrated
in-vitro success as a treatment, as well as a prophylactic
protecting the cells from infection by the virus.
According to Impact Biomedical, 3F Biofragrance was successful
as a surface disinfectant, killing the virus in concentrations as
low as 1/5000 after 15 seconds in the invitro testing. These in
vitro results confirm the predictions of advanced computational
molecular docking in which Equivir and Linebacker bind with a high
affinity to the COVID-19 helicase and protease. Equivir and
Linebacker also caused transformational change in the host ACE-2
receptor, interfering with the virus' ability to interact and
infect the host cell. The binding affinity of components of 3F
Biofragrance were also observed during molecular docking.
Impact Biomedical designed and patented Equivir as a
prophylactic to be deployed in a manner similar to a vitamin. It
works by impeding virulence while also blocking multiple methods
used by viruses to infect and replicate in host cells.
Impact stated that Linebacker was created to mirror the Panacea
Project, a US Defense Advanced Research Projects Agency (DARPA)
program to provide novel, multi-target therapeutics for unmet
physiological needs. Linebacker is under continuing research
against COVID-19 as it showed efficacy against SARS and MERS in
previous laboratory testing.
Impact Biomedical designed 3F Biofragrance for the Open Air
Defense Initiative, a strategic program for protecting large crowds
such as containment areas, ports of entry, train stations,
airports, convention centers, offices, schools, and hospitals.
3F Biofragrance was developed by Impact Biomedical in
collaboration with Chemia Corporation (Chemia), world-renowned for
the development of fragrances and flavors for personal, household,
and industrial applications.
Impact Biomedical's technology solutions have been developed in
strategic partnership with GRDG. Mr. Chan Heng Fai, Chairman of DSS
stated, "We are pleased with the in-vitro results of Impact
Biomedical’s two lead compounds and their potential as a treatment,
as well as a prophylactic, in the fight against COVID-19. We
continue to progress toward our goal of completing the acquisition
and look forward to providing further updates as additional
milestones are achieved," said Mr. Chan.
DSS announced its acquisition of Impact Biomedical in March
2020. Impact Biomedical’s ownership of a suite of antiviral and
medical technologies has been valued at $382 million by Destum
Partners, known globally for its high level of expertise and
capability in independently valuing and advising on pharmaceutical
technology. On May 26, 2020, Impact Biomedical disclosed that it
received a valuation of $933 million for this suite of technology
from a different independent valuation firm. Unlike
the previous valuation, the new valuation takes into
consideration numerous additional disease applications of the suite
of antiviral and medical technologies. As the value is higher than
the agreed value, the purchase price for the acquisition will be
DSS common stock and convertible preferred stock with an agreed
value of $50 million, as previously announced.
About Impact BioMedical, Inc.Impact BioMedical,
Inc. (“Impact BioMedical”) is a wholly owned direct subsidiary of
Global BioMedical Pte. Ltd., which in turn is a wholly owned direct
subsidiary of Singapore eDevelopment Limited, a company listed on
the Singapore Exchange.
Impact BioMedical strives to leverage its scientific know-how
and intellectual property rights to provide solutions that have
been plaguing the biomedical field for decades. By tapping into the
scientific expertise of GRDG Sciences, LLC and Australian
Exchange-listed Holista CollTech Limited, Impact BioMedical pledges
to undertake a concerted effort in the R&D, drug discovery and
development for the prevention, inhibition, and treatment of
neurological, oncological and immuno related diseases.
About Document Security Systems, Inc.
DSS is a multinational company operating businesses focused on
brand protection technology, blockchain security, direct marketing,
healthcare, real estate, and securitized digital assets. Its
business model is based on a distribution sharing system in which
shareholders will receive shares in its subsidiaries as DSS
strategically spins them out into IPOs. Its historic business
revolves around counterfeit deterrent and authentication
technologies, smart packaging, and consumer product engagement. DSS
is led by its Chairman and largest shareholder, Mr. Fai Chan, a
highly successful global business veteran of more than 40 years
specializing in corporate transformation while managing risk. He
has successfully restructured more than 35 corporations with a
combined value of $25 billion.
For more information on DSS
visit http://www.dsssecure.com.
Investor Contact:
Dave Gentry, CEO RedChip Companies Inc. 407-491-4498
Dave@redchip.com
Safe Harbor Disclosure
This press release contains forward-looking statements that are
made pursuant to the safe harbor provisions 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. Such
forward-looking statements include, but are not limited to,
statements related to the Company's intended use of proceeds and
other statements that are not historical facts. Forward-looking
statements are based on management's current expectations and are
subject to risks and uncertainties that may cause actual results or
events to differ materially from those projected. These risks and
uncertainties, many of which are beyond our control, include: risks
relating to our growth strategy; our ability to obtain, perform
under and maintain financing and strategic agreements and
relationships; risks relating to the results of development
activities; our ability to attract, integrate and retain key
personnel; our need for substantial additional funds; patent and
intellectual property matters; competition; as well as other risks
described in our SEC filings, including, without limitation, our
reports on Forms 8-K, 10-K and 10-Q, all of which can be obtained
on the SEC website at www.sec.gov. Readers are cautioned not to
place undue reliance on the forward-looking statements, which speak
only as of the date on which they are made and reflect management's
current estimates, projections, expectations and beliefs. We
expressly disclaim any obligation or undertaking to release
publicly any updates or revisions to any forward-looking statements
contained herein to reflect any change in our expectations or any
changes in events, conditions or circumstances on which any such
statement is based, except as required by law.
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