WESTMINSTER, Calif., December 19, 2018 – BioLargo, Inc. (OTCQB:BLGO), developer of sustainable science and technologies and a full-service environmental engineering company, announced today that its partially owned subsidiary Clyra Medical Technologies, Inc. has secured over $1 million in new capital via direct investment and finalized its acquisition of a breakthrough stem cell therapy technology called “SkinDiscTM”. Developed by Scion Solutions, LLC, SkinDiscTM uses a homogenous cocktail to generate a cell-rich bio gel that supports the healing of chronic wounds. The product has been deployed clinically in over 250 patient cases with no adverse side effects, and successfully aided in the salvage of limbs that otherwise may have led to amputation and costly treatments.
In addition to the acquiring the SkinDiscTM product, Clyra
has engaged Scion’s founders to support its commercial strategy, including Dr.
Brock Liden, a renowned wound specialist and expert in diabetic limb salvage,
and Spencer Brown, a medical device industry veteran with more than 35 years of
experience working in medical sales, account management, and distribution in
the medical device industry. In addition to Dr. Liden and Mr. Brown, Scion’s
founders include Tanya Rhodes, former VP of Innovation at Smith & Nephew,
and a current Clyra consultant. The details of the Scion transaction were
previously reported in a Form 8-K filed with the Securities and Exchange
Commission on October 2, 2018 (link here).
Dennis P. Calvert, CEO of BioLargo commented, “Our core
technologies are the foundation upon which we are building a successful company,
and this is just one example. By funding Clyra through direct investment, we have
secured dedicated capital to complete its products’ journey to market while
also creating value for BioLargo’s shareholders through ownership in Clyra and
its ongoing licensing arrangement. In this same vein, we intend to pursue
direct investment for our BioLargo Water subsidiary in 2019. These developments
serve to enhance the fundamental value of BioLargo while also helping to
conserve capital.”
Calvert continued, “The completion of the Scion transaction is
important for many reasons. First, a fairness opinion report written by an
independent evaluator suggested that there is good evidence, based on
comparable company analysis, that the combined value of Clyra and Scion would
be approximately $33 million following this transaction. Second, the two
technical platforms - Clyra antimicrobial products and the SkinDiscTM - represent
substantial product platforms upon which to build an internationally
competitive wound care company. Finally, Scion’s founders have successfully
launched multiple products into the medical industry and bring crucial
expertise on positioning our products in those markets. Of course, we remind
our shareholders that we cannot predict the timing of the approval of our
current application before the FDA, but that we are highly encouraged with the continued
interaction with the FDA staff and believe we are on the right track to be
successful soon.”
Clyra Medical’s antimicrobial technology feature a broad-spectrum of
antimicrobial efficacy with no known acquired resistance, sustained release,
biofilm efficacy, and bioharmony for skin and tissue. While Clyra realizes the
need and opportunity across many medical disciplines, the initial targeted
commercial markets will be in the areas of general wound therapy, infection
control for the orthopedic surgery, and dental. The Clyra technology presents
the potential for multiple additional product designs.
About BioLargo, Inc.
BioLargo, Inc. is an innovative technology developer and environmental
engineering company driven by a mission to "make life better" by delivering robust, sustainable
solutions for a broad range of industries and applications, with a focus on
clean water, clean air, and advanced wound care. We develop and commercialize
disruptive technologies by providing the capital, support, and expertise to
expedite them from "cradle" to "maturity" (www.biolargo.com). Our engineering
division features experienced professional engineers dedicated to integrity,
reliability, and environmental stewardship (www.biolargoengineering.com). Our industrial
odor control division, Odor-No-More (www.odornomore.com) features CupriDyne
Clean Industrial Odor Eliminator (www.cupridyne.com), which eliminates
the odor-causing compounds and VOCs rather than masking them, and is now
winning over leading companies in the solid waste handling and wastewater
industries and other industries that contend with malodors and VOCs. Our
subsidiary BioLargo Water (www.biolargowater.ca) develops the
Advanced Oxidation System "AOS," a disruptive industrial water
treatment technology designed to eliminate waterborne pathogens and
recalcitrant contaminants with better energy-efficiency and lower operational
costs than incumbent technologies. Our subsidiary Clyra Medical (www.clyramedical.com) features effective and gentle solutions for
chronic infected wounds to promote infection control and regenerative tissue
therapy.
Dennis Calvert President and CEO BioLargo, Inc. 949-643-9540 x2
Safe Harbor Disclosure
This press release includes “forward-looking statements” within
the meaning of the safe harbor provisions of the United States Private
Securities Litigation Reform Act of 1995. Actual results may differ from
expectations, estimates and projections and, consequently, you should not rely
on these forward-looking statements as predictions of future events. Words such
as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,”
“intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,”
“potential,” “continue,” and similar expressions are intended to identify such
forward-looking statements. These forward-looking statements involve
significant risks and uncertainties that could cause the actual results to
differ materially from the expected results.
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