HONG KONG, Sept. 2, 2020 /PRNewswire/ — Regent Pacific Group Restricted (“Regent Pacific” or the “Firm” and along with its subsidiaries, the “Group”; Hong Kong inventory code: 00575), a specialist healthcare, wellness and life sciences funding group, has signed legally binding Share Buy Agreements with the shareholders and DLI ESOP award recipients of Deep Longevity, Inc. (“DLI“) to totally purchase DLI for a consideration of roughly US$3.79 million, by the use of the issuance of roughly 422.69 million consideration shares, representing a dilution of roughly 18.70% of the issued share capital of the Firm as to be enlarged by the allotment and concern of the consideration shares. Following the transaction, DLI will likely be a completely owned subsidiary of the Firm.
The variety of consideration shares was decided on the idea of a share value of HK$0.07 per share of the Firm, which was referable to: (i) the closing Share value of HK$0.067 per Share on 29 Could 2020, which was the enterprise day on which a non-legally binding understanding was reached on the respective valuations of every of the Firm and DLI, topic to confirmatory due diligence; (ii) the 5-day common closing Share value of HK$0.071 per Share concluding on 29 Could 2020; and (iii) the 30-day common closing Share value of HK$0.074 per Share concluding on 29 Could 2020, in every case as quoted on the HK Inventory Trade. Based mostly on an expert impartial valuation performed by the Firm, the truthful worth of the fairness of DLI is US$4.30 million. By way of the acquisition, the Board believes that DLI will change into a high-quality progress asset and a key platform for increasing into the rising discipline of longevity drugs.
Strong investor base with knowledgeable AI and biotechnology buyers
Initially incubated by Insilico Medication, DLI closed a Collection A funding spherical on the finish of June 2020 that features among the most credible and world-renowned enterprise capitalists specializing in biotechnology, longevity, and synthetic intelligence (“AI“). Amongst these strategic buyers are such well-known funds as BOLD Capital Companions, ETP Ventures, Human Longevity and Efficiency Affect Enterprise Fund, Longevity Imaginative and prescient Fund, LongeVC, Michael Antonov (co-founder of Fb owned Oculus VR) and different knowledgeable AI and biotechnology buyers. DLI has additionally established a key analysis partnership with one of many world’s main longevity analysis and improvement organizations, Human Longevity, Inc (“HLI“). Underneath this partnership, HLI will present a variety of growing old clocks to a worldwide community of superior physicians and longevity researcher specialists. The Group is delighted to have these biotech and funding specialists as a part of its shareholder combine upon completion of the acquisition.
Jamie Gibson, Chief Govt Officer of Regent Pacific, stated, “Our long-term imaginative and prescient is to rework Regent Pacific into a worldwide end-to-end longevity and wellness biotechnology firm devoted to extending wholesome productive lives of billions of individuals worldwide by growing a long life ecosystem. It is just logical to start out executing on this imaginative and prescient by way of the acquisition of essentially the most refined AI system designed to trace the speed of human growing old and consider the effectiveness of longevity interventions. This technique can be utilized by the longevity and efficiency clinics, insurance coverage corporations, pharmaceutical corporations, and huge employers that deeply care about their workforce.”
“DLI is the unique inventor of deep growing old clocks with granted US patents, high-end clinics as purchasers, nice scientific publications, high AI and longevity scientists, and greater than half of the acquisition worth being held in money from knowledgeable buyers. It’s a nice asset to function a core engine of our longevity ecosystem.”
“Deep growing old clocks” – a software for predicting COVID-19 relevance
DLI is growing explainable and user-friendly AI techniques to trace the speed of growing old on the molecular, mobile, tissue, organ, system, physiological and psychological ranges and techniques for the rising discipline of longevity drugs, enabling physicians to make higher choices on interventions which will decelerate or reverse the growing old processes. DLI has additionally developed Longevity as a Service (LaaS)© resolution to combine a number of deep biomarkers of growing old dubbed “deep growing old clocks” which offer a common multifactorial measure of human organic age.
Additional, there’s an elevated curiosity within the longevity market the place DLI is trying to have first mover benefit with its purposes, together with COVID-19 relevance (the place epidemiological research recommend that age is without doubt one of the most necessary elements of COVID-19 sickness severity). DLI’s deep haematological clocks might be explored as a predictive software for evaluation of COVID-19 optimistic sufferers. The Group, subsequently, believes there’s vital progress potential in buying DLI at this stage of its improvement, and, importantly, on enticing phrases to shareholders.
Mr Gibson added, “DLI will likely be run by essentially the most credible specialists in growing old and longevity with Jim Mellon, the Firm’s chairman and the creator of “Juvenescence” being joined by different famous biotechnology buyers and entrepreneurs together with Dr. Wei-Wu He, chairman of HLI, and Alex Zhavoronkov, PhD, the founder and CEO of DLI and adjunct professor on the Buck Institute for Analysis on Ageing. Collectively these people will mix their efforts to create a devoted and focussed longevity firm.”
“By changing into a part of Regent Pacific, we’re planning to assist it remodel into the primary public firm to change into the engine for the rising longevity ecosystem and assist everybody on the planet dwell longer and higher no matter their nationality, race, gender, or social standing. As a part of Regent Pacific, we goal to service the longevity biotechnology business in addition to the well being and life insurance coverage industries and change into the last word instrument to hedge the longevity threat,”stated Alex Zhavoronkov, PhD, the founder and CEO of DLI.
The Acquisition constitutes a discloseable transaction of the Firm beneath Chapter 14 of the HK Itemizing Guidelines. Subsequently, no shareholder approval is required for the Acquisition and the Share Buy Agreements. Nonetheless, the Firm proposes to hunt an approval of a selected mandate for the difficulty and allotment of the Consideration Shares from the Shareholders on the Extraordinary Common Assembly.
SOURCE Regent Pacific