RETRANSMISSION: Sixth Wave to Enhance Research Team by Acquiring Assets & Personnel of Aurora Analytics
Vancouver, British Columbia--(Newsfile Corp. - April 14, 2020) - Sixth Wave Innovations Inc. (CSE: SIXW) (OTC PINK: ATURF) (FSE: AHUH) ("Sixth Wave" or the "Company") is pleased to announce that it has executed a Letter of Intent ("LOI" or "Letter of Intent")) for the acquisition of critical assets and intellectual property of Aurora Analytics, LLC of Baltimore, MD ("Aurora") and the migration of all Aurora's key staff to become employees of Sixth Wave.
Under the terms of the non-binding LOI dated April 13, 2020, all prior research, development and intellectual property of Aurora, including intellectual property pertaining to the detection and sequestration of viruses, biogenic amines and their associated markers (the "IP") will be transferred to Sixth Wave upon signing of definitive agreements. Further to the LOI, Aurora's Co-Founder and Managing Member, Aristotle Kalivretenos, will be appointed as Chief Scientific Officer of Sixth Wave ("CSO"), subject to regulatory approval, and key employees of Aurora will transfer to Sixth Wave as Company research staff.
"We're excited to expand upon Sixth Wave's already substantial research team with the proposed acquisition of Aurora," said, Dr. Jonathan Gluckman, President & CEO of Sixth Wave. "Dr. Kalivretenos and his staff bring valuable experience in molecular engineering and biotechnology which will serve the Company well as we work to develop fast and effective solutions targeting the COVID 19 crisis and beyond. Sixth Wave's recent patent applications for the use of Molecularly Imprinted Polymers/MIPS for the rapid detection of viruses will leverage a unique skill set that few research organizations could provide. Aurora provides just such a skill set, and fits well with Sixth Wave's vision of leadership in the field of molecular engineering."
About Aurora Analytics
Founded in 2004, Aurora is an innovative life sciences company, using its expertise in chemical synthesis and analysis for the creation of novel consumer and research diagnostic products for education, food safety and healthcare.
Dr. Kalivretenos co-founded and has worked as CEO of Aurora for 16 years, focused on the creation of novel research and diagnostic products based on proprietary solid-phase amine detection technology. His efforts resulted in the commercialization of Si-HOBt products with applications in amine modification and diagnostics, as well as the G-Mark product line of reference standards for alcohol use detection.
Before founding Aurora, Dr. Kalivretenos was employed by Senseonics from 1998 until 2004, focusing on the design and development of novel polymer-based fluorescent glucose recognition chemistry as part of the development of an implantable continuous glucose sensor/monitor for diabetics. Prior to this, he was a faculty member in the Department of Chemistry and Biochemistry at UMBC in 1992 until 1998, Dr. Kalivretenos' research focused on bio-organic studies of channel forming peptides, including the development of solid-phase and solution-phase synthetic methodology for amine/peptide/protein synthesis and modification. A practical outcome of this work has been the ongoing development of diagnostic agents for the detection of biogenic amines.
Aurora has worked as a primary sub-contractor in collaboration with Sixth Wave for seven years on multiple projects that have resulted in commercialized MIP technologies for explosives detection, metals extraction and currently the Sixth Wave Affinity technology for cannabinoid processing. At the present time the majority of Aurora's capacity is devoted to the servicing of contracts with Sixth Wave.
The senior researchers of Aurora complement Sixth Wave's existing capabilities in detection and sequestration of biological material utilizing MIPs and other chemistry that are critical for the development of Sixth Wave's core technologies. Aurora's experience in biogenic amines, glucose detection, and work in detection of proteins is of particular relevance to Sixth Wave and its proposed development of the Accelerated Detection MIPs ("AMIPs") technology for the rapid detection of viruses such as COVID 19. Aurora does not currently have a technology for the detection of Covid-19.
Further to the non-binding Letter of Intent, upon signing of definitive agreements, the Company will acquire specific assets of Aurora, including all laboratory equipment, all IP associated with the detection of virus and biogenic amines, and assume certain liabilities of Aurora, property leases for Aurora's laboratory and research centre. Consideration for the acquisition will be USD$145,000 plus 500,000 common shares of Sixth Wave, together with the employment of key individuals currently employed by Aurora. The parties have agreed to negotiate a definitive purchase agreement, with a targeted closing date of June 1, 2020. The purchase price is the result of an arm's length negotiation.
The proposed AMIPs technology targets the detection and identification of viruses utilizing the specific shape and surface structures of the virus itself. By targeting the virus, AMIPs technology aims to detect the presence of viruses within minutes of exposure to Sixth Wave's proprietary test media. This methodology has a potential advantage over other types of virus detection technologies, which typically rely upon the identification of antibodies, antigens, and DNA/RNA strands, and which have drawbacks in terms of accuracy, development time to market, and flexibility of use in addressing critical testing requirements. The AMIPs technology may allow for improved response to a pandemic/new virus and equally important testing that could allow decision makers to confidently end/ease response measures and allow citizens to return to work and normal activities.
In order to provide complete diagnostic capabilities, future AMIPs variants are planned to be compatible with detecting other components unique to a particular virus, including DNA, RNA, proteins, small molecules, and antibodies. This platform would give scientists, clinicians, and decision makers multiple pathways to identify a virus to provide the best performance and diagnostic capabilities. These additional pathways will play an important role as countries begin to shift toward understanding the populations continued vulnerability to Covid-19. The Company aims to develop an initial prototype within six months.
"This is a logical step for us as we continue to grow Sixth Wave's capabilities to meet challenges such as Covid-19," said Gluckman. "We have a long history of utilizing Aurora Analytics as a research subcontractor dating back to the development of our Explosive Detection Wipes. The key employees have relevant experience both inside Aurora, and back to their doctoral research. Aurora has been a force multiplier for the Sixth Wave, and we've grown accustom to the professionalism and quality of work that Aurora has brought to the Company."
About Sixth Wave
Sixth Wave is a development stage nanotechnology company with patented technologies that focus on extraction and detection of target substances at the molecular level using highly specialized molecularly imprinted polymers (MIPs). The Company is in the process of commercializing its AffinityTM cannabinoid purification system, as well as, IXOS®, a line of extraction polymers for the gold mining industry.
Sixth Wave can design, develop and commercialize MIP solutions across a broad spectrum of industries. The company is focused on nanotechnology architectures that are highly relevant for detection and separation of viruses, biogenic amines and other pathogens, for which the Company has products at various stages of development.
For more information about Sixth Wave, please visit our web site at: www.sixthwave.com
The acquisition of the assets of Aurora and the employment of Aurora staff will be subject to the approval of the Canadian Securities Exchange.
ON BEHALF OF THE BOARD OF DIRECTORS
Jonathan Gluckman, Ph.D., President & CEO
For information, please contact the Company:
Phone: (801) 582-0559
This press release includes certain statements that may be deemed "forward-looking statements" including statements regarding the planned features of the AMIPs technology as well as the planned acquisition of certain assets and personnel of Aurora Analytics, LLC. Aurora Analytics does not currently have a technology for the detection of Covid-19. All statements in this release, other than statements of historical facts, that address future events or developments that the Company expects, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual events or developments may differ materially from those in forward-looking statements. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause the Company's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. In particular, successful development and commercialization of the AMIPs technology are subject the risk that the AMIPs technology may not prove to be successful in detecting virus targets effectively or at all, uncertainty of medical product development, uncertainty of timing or availability of required regulatory approvals, lack of track record of developing products for medical applications and the need for additional capital to carry out product development activities. The value of any products ultimately developed could be negatively impacted if its patent application is not successful. The Company has not yet completed development of a prototype for the product that is subject of its patent application and has not yet applied for regulatory approval for the use of this product from any regulatory agency.
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