Full Press Release Details
Healthcare Acquisition Corp.
on Their Innovative mRNA Vaccine Program, Ocean Biomedical, Inc. and Aesther Healthcare Acquisition Corp. (NASDAQ: AEHA) Recently Announced
Business Combination to Support the Discovery of a New Class of Antimalarial Drugs.
RI and New York, NY, Sept. 22, 2022. Ocean Biomedical and Aesther Healthcare Acquisition Corp. ("Aesther") (NASDAQ: AEHA)
recently announced business combination, once closed, will further Ocean Biomedical's work on the discovery of a whole new class
of antimalarial drugs which target PfGARP and kill malaria parasites.
recent studies published and reviewed in Nature, Ocean Biomedical's Scientific Co-founder, Dr. Jake Kurtis, identified
the parasite protein PfGARP as a target of human antibodies which kill up to 100% of parasites in vitro by inducing apoptosis
or parasite programmed cell death - this discovery forms the basis of Ocean Biomedical's lipid encapsulated mRNA-based vaccine
and therapeutic monoclonal antibodies.
breakthrough approach targets the blood-stage portion of the malaria lifecycle - the stage responsible for all clinical
disease and death, and therefore has the potential of significantly greater efficacy compared with vaccines targeting other stages.
Dr. Kurtis' team has developed a family of small molecule drugs which bind to PfGARP at nanomolar concentrations and kill parasites
by inducing apoptosis. They have demonstrated these drugs: 1) are highly specific for PfGARP binding, 2) are non-toxic in multiple in
vitro and in vivo systems, 3) have excellent pharmacokinetic properties, and 4) rapidly clear parasitemia in animal models.
Ocean Biomedical and Aesther Healthcare are proud to add this significant program to our pipeline.
caused by infection with Plasmodium parasites is the greatest single-agent killer of children on the planet, killing approximately
627,000 individuals last year. Artemisinin-based drug therapy remains the mainstay of treatment, but the spread of parasites resistant
to this family of compounds threatens recent progress achieved by antimalarial campaigns and underscores the urgent need to identify
new anti-malarial drugs. Surprisingly, WHO malaria treatment protocols do not reserve novel classes of antimalarials specifically for
the treatment of severe malaria- a central tenet of antimicrobial stewardship- due to the paucity of available alternative drug classes.
molecule drugs targeting PfGARP have an impressive ability to induce parasite cell death and represent a novel class of anti-malarials,
which we so desperately need as artemisinin resistant parasites spread," commented Dr. Jake Kurtis, Chair of Pathology and Laboratory
Medicine at the Warren Alpert Medical School Brown University; Scientific co-founder.
malaria is a leading cause of death in children world-wide and our global malaria treatment strategy relies almost exclusively on artemisinin-based
drugs. The recent emergence of high grade resistance to artemisinin is an existential threat to this strategy and mandates the development
of novel classes of antimalarials. We are thrilled to announce our discovery of a novel class of antimalarials which have to potential
to save hundreds of thousands of lives " said Dr. Chirinjeev Kathuria, co-founder and Executive Chairman.
Ajjarapu, Chairman and CEO of Aesther, commented, "Aesther is honored to be part of the exciting discovery announced by Ocean Biomedical
today. We look forward to working with Ocean to bring these therapies to patients. This discovery, coupled with the powerful approach
in our malaria vaccine program, will lead to long term shareholder value growth and appreciation."
Aesther Healthcare Acquisition Corp.
is a special purpose acquisition company (SPAC) formed for the purpose of effecting a merger, capital stock exchange, asset acquisition,
stock purchase, reorganization or similar business combination with one or more businesses. Its principals possess public and private
market investing experience and operational knowledge to bring value added benefits to Ocean Biomedical. The Aesther team has substantial
experience investing in and operating businesses in multiple sectors, as well as a significant long-term track record in creatively structuring
transactions to unlock and maximize value.
learn more, visit www.aestherhealthcarespac.com.
Biomedical, Inc. is a Providence, Rhode Island-based biopharma company with an innovative business model that accelerates the development
and commercialization of scientifically compelling assets from research universities and medical centers. Ocean Biomedical deploys the
funding and expertise to move new therapeutic candidates efficiently from the laboratory to the clinic, to the world. Ocean Biomedical
is currently developing five promising discoveries that have the potential to achieve life-changing outcomes in lung cancer, brain cancer,
pulmonary fibrosis, and the prevention and treatment of malaria. The Ocean Biomedical team is working on solving some of the world's
toughest problems, for the people who need it most.
learn more, visit www.oceanbiomedical.com
press release contains certain statements that are not historical facts and are forward-looking statements within the meaning of the
federal securities laws with respect to the merger agreement ("Merger Agreement") between Aesther and Ocean Biomedical and
the proposed merger contemplated thereby (the "Transaction"), including without limitation statements regarding the anticipated
benefits of the proposed Transaction, the anticipated timing of the proposed Transaction, the implied enterprise value, future financial
condition and performance of Ocean Biomedical and the combined company after the closing and expected financial impacts of the proposed
Transaction, the satisfaction of closing conditions to the proposed Transaction, the level of redemptions of Aesther's public stockholders
and the products and markets and expected future performance and market opportunities of Ocean Biomedical. These forward-looking statements
generally are identified by the words "believe," "project," "expect," "anticipate," "estimate,"
"intend," "think," "strategy," "future," "opportunity," "potential,"
"plan," "seeks," "may," "should," "will," "would," "will
be," "will continue," "will likely result," and similar expressions, but the absence of these words does
not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about
future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties.
announcement today is based solely on laboratory and animal studies. Ocean Biomedical has not conducted any studies that show similar
efficacy or safety in humans. There can be no assurances that this treatment will prove safe or effective in humans, and that any clinical
benefits of this treatment is subject to clinical trials and ultimate approval of its use in patients by the FDA. Such approval, if granted,
could be years away.
forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on as,
a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult
or impossible to predict and will differ from assumptions. Many factors could cause actual future events to differ materially from the
forward-looking statements in this communication, including but not limited to: (i) the risk that the proposed Transaction may not be
completed in a timely manner or at all, which may adversely affect the price of Aesther's securities; (ii) the risk that the proposed
Transaction may not be completed by Aesther's business combination deadline; (iii) the failure to satisfy the conditions to the
consummation of the proposed Transaction, including the approval of the Merger Agreement by the stockholders of Aesther, the satisfaction
of the minimum net tangible assets and minimum cash at closing requirements and the receipt of certain governmental, regulatory and third
party approvals; (iv) the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger
Agreement; (v) the failure to achieve the minimum amount of cash available following any redemptions by Aesther's stockholders;
(vi) redemptions exceeding anticipated levels or the failure to meet The Nasdaq Global Market's initial listing standards in connection
with the consummation of the proposed Transaction; (vii) the effect of the announcement or pendency of the proposed Transaction on Ocean
Biomedical's business relationships, operating results, and business generally; (viii) risks that the proposed Transaction disrupts
current plans and operations of Ocean Biomedical; (ix) the outcome of any legal proceedings that may be instituted against Ocean Biomedical
or against Aesther related to the Merger Agreement or the proposed Transaction ; (x) changes in the markets in which Ocean Biomedical's
competes, including with respect to its competitive landscape, technology evolution, or regulatory changes; (xi) changes in domestic
and global general economic conditions; (xii) risk that Ocean Biomedical may not be able to execute its growth strategies; (xiii) risks
related to the ongoing COVID-19 pandemic and response, including supply chain disruptions; (xiv) risk that Ocean Biomedical may not be
able to develop and maintain effective internal controls; (xv) costs related to the proposed Transaction and the failure to realize anticipated
benefits of the proposed Transaction or to realize estimated pro forma results and underlying assumptions, including with respect to
estimated stockholder redemptions; (xvi) the ability to recognize the anticipated benefits of the proposed Transaction and to achieve
its commercialization and development plans, and identify and realize additional opportunities, which may be affected by, among other
things, competition, the ability of Ocean Biomedical to grow and manage growth economically and hire and retain key employees; (xvii)
the risk that Ocean Biomedical may fail to keep pace with rapid technological developments to provide new and innovative products and
services or make substantial investments in unsuccessful new products and services; (xviii) the ability to develop, license or acquire
new therapeutics; (xix) the risk that Ocean Biomedical will need to raise additional capital to execute its business plan, which may
not be available on acceptable terms or at all; (xx) the risk that Ocean Biomedical, post-combination, experiences difficulties in managing
its growth and expanding operations; (xxi) the risk of product liability or regulatory lawsuits or proceedings relating to Ocean Biomedical's
business; (xxii) the risk of cyber security or foreign exchange losses; (xxiii) the risk that Ocean Biomedical is unable to secure or
protect its intellectual property; and (xxiv) those factors discussed in Aesther's filings with the SEC and that that will be contained
in the proxy statement relating to the proposed Transaction .
foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties
that are described in the "Risk Factors" section of the preliminary proxy statement and the amendments thereto, and will
be described in the definitive proxy statement, and other documents to be filed by Aesther from time to time with the SEC and which,
as applicable, are or will be available at www.sec.gov. These filings identify and address other important risks and uncertainties that
could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements
speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and while Ocean
Biomedical and Aesther may elect to update these forward-looking statements at some point in the future, they assume no obligation to